Demand Response Management System (DRMS) aims at ensuring energy efficiency with cumulative participation of users and service providers by changing the usage pattern of the consumers during peak demand. High energy prices during peak consumption hours pushes the users to participate in the program and minimize the peak hour consumption using Demand Response (DR) enabled solutions and are given incentives for participation.
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There are several factors that have propelled the growth of the DRMS market, such as growing smart grid roll-outs, energy price volatility, and switching rates of customers. With the growth of smart grids, the application of Advanced Metering Infrastructure (AMI) smart meters has increased substantially which provides consumer data such as usage patterns to the utilities on real-time basis. This also helps the utilities in providing feedbacks to the consumers and accordingly conduct programs on energy efficiency and DR. However, due to lack of regulations, particularly in Europe, the penetration of DR solutions and services is low. Nevertheless, cloud-based deployment of solutions is expected to provide growth opportunities for the market.
The DRMS market presents enormous growth opportunities for the technology vendors, which has resulted in the major penetration of different strategic measures such as mergers & acquisitions, partnerships and collaborations, and product developments among different classes of technology vendors to increase their share in the market. In line with this, Opower signed a strategic agreement with Hydro Ottawa to deploy its Behavioral Demand Response (BDR) solution, helping the customers save energy and cost during the hot summer days. Similarly, Schneider Electric acquired Invensys PLC, a global automation player with a large installed base and software presence to expand its market share in providing efficiency solution integrating power and automation.
The DRMS market has been segmented into solutions, services, and verticals. DRMS solutions include commercial DRMS, industrial DRMS, and residential DRMS solutions. The services have been segmented into curtailment services, system integration and consulting services, managed services, and support & maintenance services. Furthermore, the verticals include the penetration of DRMS in manufacturing, offices and commercial buildings, municipal, university, school & hospital systems (MUSH), energy and power, and agriculture.
The North American market, being the early adopter of DR solutions, has the largest DRMS market penetration due to the technological advancements in the region. In the near future, MarketsandMarkets expects the DRMS market to rise in the emerging economies, especially Asia-Pacific, due to the increasing demand and adoption of DRMS technology. It has a huge population and therefore, energy constraints are severe. The total DRMS market is expected to grow from USD 8.06 billion in 2015 to USD 31.69 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 31.5% from 2015 to 2020.