Residential Demand Response Management Systems Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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.
Residential Demand Response Management Systems Market Trends
This section covers the major market trends shaping the Residential Demand Response Management Systems market according to our research experts:
Automated Demand Response System Expected Drive the Market
- Residential 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 energy users in residential sectors who agree to turn down certain electrical loads during periods of peak demand.
- Rapid economic development (over the past two decades) has led to a surge in the world's energy consumption, and this trend is expected to continue in the future. The global electricity domestic consumption in 2018 was 24,643 TWh, which is around 75% higher than the consumption in 2000. By 2030, the electricity demand is set to proliferate. Hence, in order to meet the increasing demand, the governments, worldwide, have begun to pay unprecedented attention to energy efficiency and grid stability.
- Developed countries are implementing large-scale smart grid components into their power systems such as Automated demand response system (ADR). ADR system is one such energy management solution, which is expected to help utilities across the world, to maintain grid reliability and keep cost low automatically. With rising smart grid activities across various countries, the demand for Automate demand response system is rising, and hence RDRMS is expected to witness growth in coming future.
- Therefore, the residential demand response management system is expected to grow because of its ability tothe greatest control, allowing customers to automatically or remotely manage energy consumption at times of peak demand.
Asia-Pacific to Witness a Significant Growth
- The market for residential demand response management system in the Asia-Pacific region is expected to witness significant growth during the forecast period.
- As a largest population nation with a forecasted peak load of more than one terawatt by 2020, China is a potentially large market for residential 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 residential customers were shifting toward RDRMS to uncompensated load reductions to reduce peak demand with bills.
- Adding to this, the Japanese residential 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.
Residential Demand Response Management Systems Industry Overview
The residential demand response system market is moderately fragmented due to many companies operating in the industry. The key players in this market include Schneider Electric, Inc., Siemens, Hitachi Ltd, Mitsubishi Electric Corporation,GE Energy, ABB Ltd, and others.
Residential Demand Response Management Systems Market Leaders
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Schneider Electric
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Siemens AG
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Hitachi Ltd
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Mitsubishi Electric Corporation
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GE Energy
*Disclaimer: Major Players sorted in no particular order
Residential 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 Europe
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5.2.3 Asia-Pacific
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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 Honeywell International Inc.
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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
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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
Residential Demand Response Management Systems Industry Segmentation
The residential demand response management systems market report include:
| Type | |
| Conventional Demand Response | |
| Automated Demand Response |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Residential Demand Response Management Systems Market Research FAQs
What is the current Residential Demand Response Management Systems Market size?
The Residential Demand Response Management Systems Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)
Who are the key players in Residential Demand Response Management Systems Market?
Schneider Electric , Siemens AG , Hitachi Ltd , Mitsubishi Electric Corporation and GE Energy are the major companies operating in the Residential Demand Response Management Systems Market.
Which is the fastest growing region in Residential 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 Residential Demand Response Management Systems Market?
In 2024, the North America accounts for the largest market share in Residential Demand Response Management Systems Market.
What years does this Residential Demand Response Management Systems Market cover?
The report covers the Residential Demand Response Management Systems Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Residential Demand Response Management Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Residential Demand Response Management Systems Industry Report
Statistics for the 2024 Residential Demand Response Management Systems market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Residential 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.
