The demand response management system market Size is expected to register a CAGR of more than 6.8% during the forecast period, 2022-2030. The COVID-19 pandemic temporarily disrupted the market in the form of difficulties in equipment sourcing and installation. Furthermore, the pandemic caused disruption in the operation of commercial and industrial facilities, which in turn served as a blow to the demand response management system market. In terms of growth of the market, factors such as enhanced cybersecurity, integration of sources of power generation, and scope of financial incentives are expected to act as drivers of the market. However, concerns such as hacking or extraction of data related to the end-user industries may restrain the market growth during the forecast period.
Key Highlights
- The automated demand response management system is expected to witness significant growth during the forecast period, owing to the increasing deployment of smart grids all over the world.
- The advent of industrial 4.0 and the integration of smart grid technologies in the existing grid structure are expected to create ample opportunities for the market players in the coming years.
- Asia-Pacific is expected to witness significant growth during the forecast period, with the majority of the demand coming from countries like Japan, India, etc.
Key Market Trends
Automated Demand Response Management System Type to Witness Significant Growth
- The automated demand response management system helps simplify communication during the event, which leads to faster reaction times and more energy savings. This rapid reaction helps limit distortions between the wholesale and retail markets and helps keep prices lower for everyone.
- Automated demand response can be used by commercial, government, industrial and institutional enterprises to maximize energy savings or develop an additional source of revenue.
- Automated demand response management systems, coupled with on-site generation such as geothermal, solar, wind, biomass, or landfill-gas-to-energy, provide the off-grid power needed to keep facilities running while reducing the use of energy from the grid. Moreover, automated demand response management systems offer the greatest control, allowing customers to automatically or remotely manage energy consumption at peak demand.
- In June 2021, Tata Power-DDL partnered with energy management solution provider Autogrid to pilot the acceptability of consumer demand response. The first phase of the program ran for three months till the end of September 2021, and involved 4,000 residential customers with smart meter connections. Based of the acceptance and outcomes, the program will be extended in a phased manner to other areas. One of these is automated demand response management systems, leveraging residential air conditioning systems and HVAC systems at commercial and industrial sites.
- Furthermore, this segment witnessed the OpenADR Alliance, which was created to standardize, automate, and simplify demand response. This alliance is enabling rapid development in automated demand response management systems.
- On the other hand, the Australian government plans to reduce 26-28% of the greenhouse emissions by 2030, from the level of 2005, by promoting the integration of cleaner energy sources into the grid and energy efficiency measures, such as smart grid and ADRMS implementation, to effectively manage the increasing peak load in the country.
- Thus, based on the above-mentioned factors, the automated demand response management system type is expected to witness significant growth during the forecast period.
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