A recently added report by TMR Research, titled, â€œDemand Response Management System Market â€" Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017â€"2025,â€ sheds light on important aspects of the market such as its size, competitive dynamics, and growth prospects.
Demand response is a series of programs, primarily power grid sponsored, to enable end users in the residential or commercial sectors or companies to be on call for slashing electricity consumption, when a grid gets stressed to its capacity. In the eventuality when the demand for energy exceeds the generating capacity of the plant, a demand response management system enables power plants cope by adjusting the demand for power instead of adjusting the power supply.
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Other benefits of demand response management systems are allowing customers to adjust their power consumption or demand by deferring certain tasks that may guzzle a lot of power. In addition, it also allows one to switch to alternate sources till equilibrium is achieved. Energy efficiency (EE) and Demand Response (DR) together help in management of energy demand by showing consumers means to change volume and pattern of electricity consumption and better grid reliability as well. Demand response management system has both price-based and incentive-based options to enable consumers to cut their energy consumption during peak hours.
The popularity of smart grid is one of the prime reasons boosting the demand for demand response management system. Although utilities and DRMS providers are primarily banking upon industrial and commercial customers, the rollout of smart meters in numerous countries are giving rise to attractive opportunities for ushering residential DR programs.
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Others factors serving to stoke growth in the demand response management system market are volatility of prices of energy and customer switching. The development of automated DR has also proved beneficial for the market.
Proving counterproductive to the market is the complexity and cost involved in the implementation of DR. However, the cost-effectiveness of software-as-a-service (SaaS) and deployment of cloud-based DRMS is helping to overcome such challenges by opening up new avenues for growth.
Depending upon the type of solution, the global demand response management system market can be segmented into commercial and industrial DRMS, and automated DRMS. Depending upon the type of device, the key segments of the market are smart thermostats, smart appliances, load control switches, smart plugs, and networked home energy management.
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