Residential Demand Response Management Systems Market Size

Residential Demand Response Management Systems Market Analysis

The residential demand response management system market expected to grow significantly with CAGR 5.4% during the forecast period due to automation and the advancement of the electricity grid system. Demand response system (also known as load response or 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. Most of the demand response action today is in the commercial and industrial sectors. Moreover, with the increasing applicability of demand response management system (DRMS), focus on the participation of residential customers is gaining importance. However, lack of awareness among customers (especially in developing countries) about residential demand response (RDRMS) programs and their benefits along with a huge initial installation cost of devices for the adoption of RDRMS, interoperability issues and privacy (personal data) concern are some restraint expected to hinder the market during the forecast period.

• The residential 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 & software technology with rising need for energy conservation.
• 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. North America hold largest share in residential demand response management system market.