The Automated Demand Response Management Systems (ADRMS) Market is expected to grow at a CAGR of approximately 27% during the forecast period of 2019
Market Overview The Automated Demand Response Management Systems (ADRMS) Market is expected to grow at a CAGR of approximately 27% during the forecast period of 2019 – 2024. The major factors driving the market studied include the need for efficient energy management systems, increased penetration of renewable energy which propels the need for ADRMS to manage the load, and increasing number of smart grid systems.
New York, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automated Demand Response Management Systems Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05865911/?utm_source=GNW However, the privacy concern and the inability of some industries to comply with the reduction in demand at the need of the hour is likely to act as a restraint for the market.
- Moreover, Integrated Demand Side Management (IDSM) defined as any two or more of Energy Efficiency as a Resource (EE), Demand Response (DR), Distributed Generation (DG), and Storage (ST). The use of IDSM, closely coordinating multiple demand-side resources, can offer a more forward-thinking and smarter approach to building energy management, and help customers to maximize cost-effective savings and control and it is likely to act as an opportunity in the future. - Asia-Pacific is the fastest growing market with China expected to be the largest market in the region owing to a large number of upcoming renewable projects to decrease the share of the coal in the power generation. Furthermore the uncertainty in the power generation through renewables propel the demand for the ADRMS in the country.
Key Market Trends Increased Adoption of Smart Grid Technologies
- Smart grid technologies are being applied across power systems, including generation, transmission, distribution, services, and consumption. With the successful and widespread development of smart grids, countries can expect high-quality electric power service, better system reliability, and improved quality of service. Thus, maximized energy usage and energy savings, higher penetration, and greater use of renewable energy sources (to capture environmental benefits) can be enabled. - One of the key features of smart grids is that they provide consumers and suppliers with real-time knowledge on system performance, energy consumption, and decision-making tools that empower stakeholders to provide quality power supply and optimum usage of energy resources. Thus, smart grids are also an important element for expanding the use of ADRMS. Smart grids can enable demand flexibility and consumer participation in energy systems through ADRMS. - Electricity providers are bombarded with challenges in maintaining grid stability and keeping the power supply consistent. Peak-load variability is on the rise, and solutions, like building more fossil fuel-fired peaking plants (which were once common), are no longer defaults for solving energy issues. - To meet these challenges, smart grid networks have encouraged widespread adoption and applicability of ADRMS. - Developed countries are implementing large-scale smart grid technologies and many developing countries are also in the process of adopting various smart grid components into their power systems. Demand side management is the need of the hour for any grid. With a rise in smart grid technologies, ADRMS is a key demand-side management strategy that is expected to provide a cost-effective alternative to traditional supply-side solutions, to address growing electricity demand during times of peak load or when prices are high. Asia-Pacific to Dominate the Market
- Asia-Pacific region is expected to register a CAGR of approximately 39.6% during the forecasted period. The government emphasis to reduce dependence on coal-based power generation has propelled the demand for the renewable market. Additionally, the urbanization in countries like China & India has led to an increase in electricity demand, which has created the demand for the smart grid system and in turn the ADRMS market in the region is expected to increase. - Since China has been undergoing rapid urbanization and industrialization, coupled with the large-scale deployment of electric vehicles in the country, a significant load is expected to be added to the electricity grid, and in turn, is expected to supplement the need for managing the peaks and troughs in the total load profile across the various end-user sectors, resulting in increased demand for ADRMS in the country. - Furthermore, 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.
Competitive Landscape The automated demand response management systems market is consolidated. The major companies include Itron Inc., Hitachi Ltd, Mitsubishi Electric Corporation, Eaton Corporation PLC, and General Electric Company
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