Demand Reaction Management System Market (DRMS) is analysed to grow at a CAGR of 15.3% during the forecast 2021-2026 to reach $2.24 billion by 2026. Demand response management system (DRMS) is a software application which is designed to permit utilities to cope all features of the demand response programs with the help of an integrated system. DRMS is both scalable and reliable and offers a supporting feature to several hundred thousand endpoints per customer class. It is secure, web-based interface allows access from multiple locations with role-based access and full auditing of system activities. One of the driving factors for the demand response management system market is the increasing adoption of smart grids which has enhanced the application of AMI meters further driving the DRMS market growth across the globe. Moreover, with the integration of Internet of Things (IoT) and Information and Communications Technology (ICT) for maintaining an efficient energy management system has brought tremendous growth in the demand of automated DRMS solutions, further propelling the Demand Reaction Management System Market growth.
Demand Reaction Management System Market Segment Analysis – By Type
By Type, the Demand Reaction Management System Market Report is segmented into Residential DRMS, Commercial DRMS and Industrial DRMS. Industrial DRMS is analysed to hold highest share 45.11% in 2020 owing to the increasing demand of highly efficient energy management systems across various industries. Moreover, ongoing adoption of smart grid technologies across various parts of the globe is analysed to create a huge impact on the market growth of Industrial Demand Reaction Management systems during the forecast period. Increasing investments across various parts of the world in Industrialization and adoption of automation technologies tend to drive the Industrial DRMS market growth. For instance, according to World Bank Reports, in 2020, $21.94 trillion was invested in industrialization across the globe including construction. This increasing investment will enhance the adoption of automation technologies for various energy management applications in the industrial sector, further driving the market growth during the forecast period.
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Demand Reaction Management System Market Segment Analysis – By End-Use Industry
By End-Use Industry, the Demand Reaction Management System Market Report is segmented into Manufacturing, Agriculture, Commercial buildings, Education, Healthcare, Energy & Power and Others. Energy & Power segment is analysed to hold the highest share 16.2% during the forecast period 2021-2026. Increasing penetration of automation technologies and adoption of Industry 4.0 across Energy & Power sector is analysed to significantly drive the market growth of Demand Reaction Management systems during the forecast period. For instance, according to International Energy Agency (IEA), a total of $1520 billion was invested in 2020 across the globe for various energy producing industries. These huge investments tend in Energy & Power sector tend to propel the DRMS market in this sector. Moreover, ongoing adoption of smart grid technologies in Energy & Power sector to actively manage the grid with greater reliability and efficiency tend to drive demand reaction management system market growth during the forecast period.
Demand Reaction Management System Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 35% in 2020 for the Demand Reaction Management System Market owing to the increasing industrialization investments in this region to automate various technologies and achieve a highly efficient energy management system. Moreover, the demand of energy management system for smart grid is analysed to remain high due to presence of highly populated countries such as China, India which requires huge electricity demand. This further enhances the market growth of the demand reaction management system in this region. Moreover, according to World Bank Reports, industrialization investments elevated from $8.5 trillion in 2017 to $9.25 trillion in 2020 in the Asia-Pacific region. This increasing investment tends to drive the DRMS Market growth during the forecast period.
Demand Reaction Management System Market Drivers
Increasing smart grid infrastructure across the globe will enhance the demand of Demand Reaction Management System
Increasing investments in adopting smart grid infrastructure across various parts of the globe is a major driving factor for the growth of Demand Reaction Management System Market during the forecast period. Smart grid technologies are being applied across power systems, including generation, transmission, distribution, services and consumption. With the successful widespread of smart grids, it is easy for power industries to distribute high-quality electric power service with better system reliability and improved quality of service. Thus, maximized energy usage and energy savings, higher penetration, and greater use of renewable energy sources can be enabled. With the incorporation of DRMS technologies, these applications can be easily carried out which tend to increase its demand in smart grid sector. For instance, according to United Nations Conference on Trade and Development (UNCTAD), investments done in Electricity sector for production and distribution across the globe elevated from $92 billion in 2019 to $113 billion in 2020. This tends to enhance the application of DRMS technologies for energy management systems further driving its market growth.
Introduction of cloud based DRMS is analysed to propels the Demand Reaction Management System Market
The introduction of cloud-based DRMS across various end-use industries is analysed to bring significant growth in its market size during the forecast period. The introduction of cloud-based Demand Reaction Management System can automatically adjust the power consumption of heavy appliances at the users end by examining data based on the usage pattern, weather condition, room occupancy and such other factors that are recorded on a day-to-day basis. The data collected by home network is analysed, based on which the appliances are programmed to be turned off during hours of peak consumption. These features tend to maintain a highly efficient energy management system in commercial buildings and other sectors. Continuous improvement in DRMS for efficient energy conservation is expected to favorably impact the adoption of DRMS during the forecast period, further driving its market growth.
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Demand Reaction Management System Market Challenges
Lack of awareness and limited adoption in small scale industries is analysed to hamper Demand Reaction Management System Market growth:
One of the major factors restraining the market growth of Demand Reaction Management System Market is the lack of awareness among various end-users. Leading energy providers does not implement DRMS technologies in their system due to lack of awareness of its operation. Moreover, the presence of conventional energy monitoring systems tends to restrain the adoption of demand reaction management system in these sectors. In addition the Demand Reaction Management system is applicable only for large energy consumers such as industries, manufacturing units, huge commercial buildings, which tend to limit its adoptability. This tends to bring major challenges in its market growth during the forecast period
Demand Reaction Management System Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Demand Reaction Management System Market. In 2020, the market of Demand Reaction Management System industry outlook has been fragmented by several companies. Demand Reaction Management System top 10 companies include
Honeywell International Inc
Johnson Control Inc
Schneider Electric SA
In June 2019, the UK energy distribution company Western Power Distribution selected demand response management system of battery storage provider Anesco Ltd. This agreement helped in the market growth of DRMS technology in European Market.
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- Increasing demand of efficient energy management systems across various Energy & Power industries and increased penetration of renewable energy across the globe is analysed to significantly drive the Demand Response Management System Market during the forecast period 2021-2026.
- Industrial DRMS is analysed to hold significant share in 2020 owing to its operational flexibility and increasing demand of highly efficient energy management system across various industries.
- Energy & Power is analysed to hold the highest market share in the forecast period among other end-use industries owing to its increasing industrial applications and adoption of smart grid technologies across various parts of the world.
- Asia-Pacific is analysed to hold the highest share in 2020 owing to the increasing industrialization in renewable energy sector and increasing demand of electricity across various parts of this region.
Relevant Report Titles:
Industrial Energy Management System Market
Business Rules Management System Market
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