The demand response management system market in the global market is expected to grow at a high CAGR of 6.86% from 2024-2032, and is expected to reach a value of USD 97.49 billion during the end of the forecasted. The global market was valued at a sum of USD 53.66 billion in 2024.
Demand Response Management System (DRMS) as a prominent aspect of the market can be understood as one of the crucial peak load management tools with considerable benefits in reducing the imbalance between energy supply and demand. Demand Response (DR) and Energy Efficiency (EE) collectively in the global market help in Demand-Side Management (DSM) of energy that encourages consumers to modify their levels and patterns of electricity consumption, along with other advantages like improved grid reliability. DR and EE programs prevailing at the right time can defer the need to build highly cost-intensive power plants for electricity generation that are also detrimental to the environment.
In March 2024, a pioneer in AI-enabled electricity demand management solutions, DemandQ, introduced the Real-time Demand (RTD) Hub. Suppliers, demand response aggregators, ISOs and utilities may now autonomously perform demand response and economic dispatch programs on a large scale but also maintain preset comfort levels.
Catalyst Power Holdings LLC ("Catalyst Power") has introduced demand response programs for New York companies since January 2024 that are integrated suppliers of cleaner energy solutions in the commercial and industrial sectors.
In February 2023, Tata Power launched an AI-based smart energy management system with AutoGrid in order to encourage behavioral demand response among residential as well as commercial and industrial users in Mumbai. This program aims to address high energy demands while aiding India’s shift to renewable energy and Net Zero Goals. There is also a target of including fifty-five thousand home customers along with six thousand major commercial/industrial clients.
CPower acquired the U.S. demand response division of Centrica in July 2022. Centrica is involved in integrated energy services business specializing in customer load management activities for commercial and industrial customers who are located within ISO-NE, NYISO, PJM and ERCOT territories, respectively. By purchasing this entity CPower seeks to leverage customer-powered distributed energy resources so it becomes America's topmost provider for grid flexibility and reliability.
Across the nation, during June 2022, CPower initiated four programs that were purposely meant to cater for any increase or decrease in power supply during summer. CPower already manages over 5.3 GW of distributed resource capacity across America. It connects assets from nearly 2k customers located at over twelve k places, hence forming virtual power plants that meet the real-time supply requirement needs of the grid itself.
In May 2022, Virtual Peaker, together with FortisBC, made public its inaugural pilot program on demand response, which had been implemented in Canada before then. For example, using Virtual Peaker’s distributed energy resource management system (DERMS), utilities such as FortisBC can adequately handle their distributed energy resources, which include solar on rooftops, residential battery storage systems and electric vehicles. Utilities can tailor and expand their operations by implementing demand response software to accommodate the growing prevalence of renewable energy sources.
These included TCS Clever Energy, Intelligent Power Plant and TCS Envirozone, which were unveiled by Tata Consultancy Services (TCS) in February 2022 for its sustainability offering set, enabling it to know how much of the power is wasted. Demand response, among others, is one of the key features provided by TCS Clever Energy.
| Report Attribute/Metric | Details |
| Â Â Market Size 2023 | Â USD 50.01 Billion |
| Â Â Market Size 2024 | Â USD 53.66 Billion |
| Â Â Market Size 2032 | Â USD 97.49 Billion |
| Â Â CAGR | Â Â 6.86%CAGR (2024-2032) |
| Â Â Base Year | Â Â 2023 |
| Â Â Forecast Period | Â Â 2024-2032 |
| Â Â Historical Data | Â Â 2019 & 2022 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Service, Solution and End-use |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â ABB (Switzerland), Enel X North America, Inc. (U.S.), Siemens AG (Germany), Eaton (Republic of Ireland), Schneider Electric (France), Honeywell International Inc. (U.S.), Opower, Inc. (U.S.), Comverge, Inc. (U.S.), and Johnson Controls, Inc. (U.S.) |
| Â Â Key Market Opportunities | Growing Demand From Residential Sector New product launches and R&D amongst major key players |
| Â Â Key Market Drivers | Increasing Use Of Smart-Grids Change In Energy Pricing |
Demand Response Management System Market Highlights:
Frequently Asked Questions (FAQ) :
The demand response management system market in the global market is expected to grow at a high CAGR of 6.86% during the end of the forecasted period from 2024 to 2032 and is expected to reach a value of USD 97.49 billion.
The demand for the global demand response management system is likely to expand during the period that ends in 2032.
Honeywell International Inc. (U.S.), Comverge, Inc. (U.S.), Opower, Inc. (U.S.), and Johnson Controls, Inc. (U.S.) are some key players of the demand response management system market.
The high requirement for smart grids can propel the demand response management system market growth.
The high adoption of demand response management system across industries in North America can prompt the demand response management system market growth.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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