An integrated centralized automated platform used by utility sector to manage their demand response is called as a demand response management system (DRMS).
Major factors driving growth of the global demand response management systems market are increasing deployment of smart grid networks and technology across the globe and increasing adoption of advanced metering systems. In addition, increasing penetration and adoption of cloud based services is another factor driving growth of the target market. Major factors hampering growth of the global demand response management systems market are high initial cost and lack of awareness in developing and underdeveloped countries.
The global demand response management systems market is segmented on the basis of technology, component, application, and region. On the basis of technology, the global market is segmented into conventional demand response and automated demand response. The conventional demand response segment accounts for highest market share in the global market; whereas the automated demand response is expected to witness highest growth over the forecast period.
On the basis of component, the global market is segmented into hardware and software. The software segment is expected to witness highest growth over the forecast period. On the basis of application, the global market is segmented into residential, commercial, and industrial. The industrial segment accounts for largest revenue share; whereas the residential segment is expected to witness highest growth owing to increasing adoption of demand response management system in this sector.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest share in terms of revenue in the global market. The market in Asia Pacific is expected to witness highest growth, owing to increasing deployment of smart grid networks in countries in this region.
Key players in the global market Siemens AG, EnerNoc Inc., Honeywell International Inc., Comverge Inc., General Electric, Schneider Electric SA, ABB Group, Eaton Corporation, Johnson Controls Inc., Opower Inc. and other prominent players.