Industrial Demand Response Management Systems Market Size
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | > 11.20 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Industrial Demand Response Management Systems Market Analysis
Industrial demand response system (also known as load response or industrial DRS) is expected to growth at a CAGR of over 11.2%. DRS is for end-use customers for reducing their use of electricity in response to power grid needs, economic signals from a competitive wholesale market or special retail rates. Moreover, technology giants of the respective countries are leading the market space, with smaller companies supporting them with constant innovations and smarter software products. This scenario acts as a driver for the adoption of demand response management systems for utilities and customers. However, privacy concerns regarding the consumers as there is a threat of hacking or extracting data related to the end-users are expected to hinder the growth of the market studied.
- The automated demand response management system is expected to witness significant growth during the forecast period owing to the increasing deployment of smart grids across the globe and advancement in automated demand response system including software technology.
- The integration of smart technologies in the existing grid structure is expected to create an ample amount of opportunities for the market players in the coming years.
- Asia-Pacific is the fastest-growing market with China expected to be the largest market in the region owing to many upcoming renewable projects to decrease the share of the coal in the power generation.
Industrial Demand Response Management Systems Market Trends
This section covers the major market trends shaping the Industrial Demand Response Management Systems Market according to our research experts:
Automated Demand Response System Likely to Drive The Market
- Industrial demand response is a dynamic energy infrastructure management program designed to support the stability of the electricity grid, and meet the global growing demand for energy with the assistance of large and very large energy users in both the industrial and commercial sectors who agree to switch off certain production processes or turn down certain electrical loads during periods of peak demand.
- Developed countries are implementing large-scale smart grid technologies and many developing countries are also in the process of adopting various smart grid components such as automated demand response system into their power systems.Demand-side management is the need of the hour for any grid. With a rise in smart grid technologies and automated demand response system, industrial DRMS is a key demand-side management strategy that is expected to provide a cost-effective alternative to traditional supply-side solutions, to address growing electricity demand during times of peak load or when prices are high.
- Therefore, the industrial demand response system is expected to grow because of the ability of automated demand response to the greatest control on the electricity consumption, allowing customers to automatically manage energy consumption at times of peak demand.
Asia-Pacific to Witness a Significant Growth
- The market for industrial demand response management system in the Asia-Pacific region is expected to witness significant growth during the forecast period.
- China, as a large industrial nation with a forecasted peak load of more than one terawatt by 2020,.China is a potentially large market for industrial demand response management systems. The country has experienced shortages in power availability because of rapid economic growth, a situation that has ebbed in recent years. To manage this mismatch in electricity demand and supply, large industrial customers were instructed to undertake administratively rationed, uncompensated load reductions to reduce peak demand.
- Adding to this, the Japanese demand response management systems market is likely to witness robust growth in the near future, on account of structural reforms in the country's power sector, which is aimed at market liberalization. Furthermore, the planned closure of nuclear power plants in the country is necessitating the industrial demand response programs in the country.
- The Japanese government is planning to modernize the country's power sector, by creating a competitive consumer market. For Japan, an open market is vital in creating the change that is essential for developing a sustainable energy sector. Since 2016, the Japanese electricity market has undergone a massive transformation through deregulation. The regulated tariff is scheduled for phase-out by 2020.
- Therefore, factors such as increasing efforts to modernize the power sector across the regions by the governments of respective countries are expected to drive the market studied during the forecast period.
Industrial Demand Response Management Systems Industry Overview
The industrial demand response system market is moderately fragmented due to many companies operating in the industry. The key players in this market include Schneider Electric SE, Eaton Corporation PLC, Hitachi Ltd, EnerNOC Inc.,GE Energy, ABB Ltd, and others.
Industrial Demand Response Management Systems Market Leaders
Hitachi Ltd
ABB Ltd.
General Electric Company
EnerNOC Inc.
Eaton Corporation PLC
*Disclaimer: Major Players sorted in no particular order
Industrial Demand Response Management Systems Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast, in USD billion, until 2025
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4.3 Recent Trends and Developments
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4.4 Market Dynamics
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4.4.1 Drivers
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4.4.2 Restraints
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4.5 Supply-Chain Analysis
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4.6 Porter's Five Forces Analysis
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4.6.1 Bargaining Power of Suppliers
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4.6.2 Bargaining Power of Consumers
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4.6.3 Threat of New Entrants
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4.6.4 Threat of Substitutes Products and Services
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4.6.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Conventional Demand Response
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5.1.2 Automated Demand Response
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5.2 Geography
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5.2.1 North America
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5.2.2 Asia-Pacific
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5.2.3 Europe
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5.2.4 South America
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5.2.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Schneider Electric SE
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6.3.2 Siemens AG
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6.3.3 Hitachi Ltd
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6.3.4 Mitsubishi Electric Corporation
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6.3.5 ABB Ltd.
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6.3.6 Alstom SA
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6.3.7 General Electric Company
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6.3.8 Eaton Corporation PLC
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6.3.9 Silver Spring Networks Inc.
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6.3.10 EnerNOC Inc.
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6.3.11 REGEN Energy Inc.
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6.3.12 Autogrid Systems Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Industrial Demand Response Management Systems Industry Segmentation
The industrial demand response management systems market report include:
Type | |
Conventional Demand Response | |
Automated Demand Response |
Geography | |
North America | |
Asia-Pacific | |
Europe | |
South America | |
Middle-East and Africa |
Industrial Demand Response Management Systems Market Research FAQs
What is the current Industrial Demand Response Management Systems Market size?
The Industrial Demand Response Management Systems Market is projected to register a CAGR of greater than 11.20% during the forecast period (2024-2029)
Who are the key players in Industrial Demand Response Management Systems Market?
Hitachi Ltd , ABB Ltd., General Electric Company, EnerNOC Inc. and Eaton Corporation PLC are the major companies operating in the Industrial Demand Response Management Systems Market.
Which is the fastest growing region in Industrial Demand Response Management Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Demand Response Management Systems Market?
In 2024, the North America accounts for the largest market share in Industrial Demand Response Management Systems Market.
What years does this Industrial Demand Response Management Systems Market cover?
The report covers the Industrial Demand Response Management Systems Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Demand Response Management Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Demand Response Management Systems Industry Report
Statistics for the 2024 Industrial Demand Response Management Systems market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Industrial Demand Response Management Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.