Demand Response Management System Market will expand with steady pace by 2016-2024
Zion Market Research, the market research group announced the analysis report titled ‘Demand Response Management System Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016-2024’
Global Demand Response Management System Market: Overview
The demand response (DR) management is not a new concept it was used in the US during the year 1970. Owing to the increase in the complexity of the DR programs the choices for the communication devices and protocols has increased and also the operational reliability has become more vital. The need for more centralized control and management has become necessary in the electricity market. An important role is played by the demand response management system in the changing resources mix, low carbon regulations and policies, and utility business models.
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Global Demand Response Management System Market: Segmentation
The demand response management system market is segmented globally into solution, services, and vertical. On the basis of the solution, the global market is segregated into residential DRMS, commercial DRMS, and industrial DRMS. Based on the services, the market is categorized into system integration & consulting services, support & maintenance, curtailment services, and managed services. Depending on the verticals, the market is divided into office & commercial buildings, energy & power, manufacturing, municipal, university, school, & hospital systems (MUSH), and agriculture.
Global Demand Response Management System Market: Growth Factors
The demand response management system helps the consumers in unlocking the DR prospects with the existing assets. The retailer has the provision to provide new solutions and enhance the customer satisfaction and the loyalty. With the help of demand response management system, electricity suppliers provide optional measures for the source power thus huge investments in the peak plants are avoided. The major factor that is driving the market growth is the volatile energy prices. Another factor that has contributed to the market growth is the roll outs of the smart grid. The increase in the population is also a factor that has contributed to the market growth owing to the reason that the demand of energy has increased.
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Global Demand Response Management System Market: Regional Analysis
Geographically, the demand response management system market is diversified into Latin America, Asia-Pacific, Europe, North America, and the Middle East and Africa. The region that dominated the demand response management system market is the North America. The factors that attributed to this growth are the investments made in the development of the system, the increase in the adoption of the system in the different business verticals. North America is followed by Europe and Asia-Pacific region. The cloud-based deployment in these regions has increased the demand for the demand response management system.
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Global Demand Response Management System Market: Competitive Players
The major market players in the demand response management system market include Honeywell, Siemens, EnerNOC, Johnson Controls, Schneider Electric, GE, ABB, EnerNOC, and Comverge.
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