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Distributed Energy Resources Management System (DERMS) Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Distributed Energy Resources Management System (DERMS) Market
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According to The Business Research Company's, The distributed energy resources management system (DERMS) market size has grown rapidly in recent years. It will grow from $0.81 billion in 2023 to $0.95 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing penetration of renewable energy, rising investments in smart grid infrastructure, supportive government policies, and increasing investments in the digitalization of the grid.
The distributed energy resources management system (DERMS) market size is expected to see rapid growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to increasing focus on decarbonization and sustainability, rising energy demand and need for energy efficiency, and increasing adoption of internet of things (IoT) technologies. Major trends in the forecast period include increased focus on development of new product, emerging new markets, technological advancements, launches of new products and services, and integrating smart grid technologies.
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Market Drivers and Trends:
The increasing adoption of renewable energy sources is expected to propel the growth of the distributed energy resources management system (DERMS) market going forward. Renewable energy sources refer to natural sources or processes that are constantly replenished and can be used to generate electricity or heat. Some renewable energy sources include solar power and wind power. The adoption of renewable energy sources is rising significantly due to environmental concerns, cost competitiveness, policy support, technological advancements, and public demand for sustainable energy solutions. Distributed energy resources management systems (DERMS) optimize the integration and control of various energy sources, such as wind turbines and solar panels, to increase grid dependability and efficiency and contribute to producing renewable energy. For instance, in January 2024, according to the U.S. Energy Information Administration, a US-based statistical and analytical agency, solar power generation will increase by 75%, rising from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025. Similarly, wind power generation is expected to grow by 11%, climbing from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the increasing adoption of renewable energy sources drives the distributed energy resources management system (DERMS) market.
Major companies operating in the distributed energy resources management system (DERMS) market are focused on developing innovative platforms such as distributed energy resource management systems (DERMS) platform, to improve the integration and management of distributed energy resources (DERs) within the grid. A Distributed Energy Resource Management System (DERMS) platform is a software solution designed to facilitate the management, coordination, and optimization of distributed energy resources (DERs) within a power distribution network. For instance, in February 2022, Swell Energy, a US-based energy management and smart grid solutions company, launched GridAmp software, a distributed energy resource management system (DERMS) platform. It integrates distributed energy resources (DERs) such as solar and battery storage into virtual power plants (VPPs), enhancing utility grid capabilities. It employs optimization algorithms and machine learning to maximize revenue across utility and customer streams, co-optimizing multiple grid services and supporting various energy objectives at customer, utility, and wholesale market levels. GridAmp enhances value and customer engagement in renewable electricity generation, consumption, and transactions through advanced VPP management.
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Major Key Players of the Market:
Enel S.p.A., Siemens AG, General Electric Company, Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Emerson Electric Co., Doosan Corporation, Generac, Engie SA, Itron Inc., Open Access Technology International Inc., Uplight Inc., AutoGrid Systems, Opus One Solutions, EnergyHub, Spirae LLC, Kitu Systems, PXiSE Energy Solutions, Connected Energy, Blue Pillar
Distributed Energy Resources Management System (DERMS) Market 2024 Key Insights:
• The distributed energy resources management system (DERMS) market size is expected to see rapid growth in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
• Impact Of Renewable Energy Adoption On The Distributed Energy Resources Management System (DERMS) Market
• Innovative Technologies In The Distributed Energy Resources Management System (DERMS) Market
• North America was the largest region in the distributed energy resources management system (DERMS) market in 2023
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