The market is expected to generate an incremental $ opportunity of US$ 1,410.5Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : November 2022 ID: CVC-00531 Format: PDF Pages: 300
Distributed Energy Resource Management System Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Distributed Energy Resource Management System Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 351.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 17.5% and is expected to reach a valuation of US$ 1,761.7Mn by 2032 end.
Energy demand has increased due to the tremendous progress in industry and urbanization worldwide. Massive investments in renewable energy production have been made due to the increasing energy demand to support the world’s current standard of living.
Demand for distributed energy resource management systems has increased due to the growth of the renewable energy sector and distributed generating (DERMS). Distributed energy resource management uses software and networking to maintain remotely, control, analyze, and manage energy resources, including solar, wind, and CHP.
RISING NEED TO PRODUCE ENERGY USING RENEWABLE SOURCES, COUPLED WITH SUPPORTING GOVERNMENT MANDATES AND RENEWABLE ENERGY POLICIES
An easily replenishable natural source of energy is renewable energy. Countries worldwide are concentrating on producing power from renewable sources to decarbonize the power distribution system and assure environmental preservation. The annual installation of renewable capacity surpassed 280 GW in 2020, the largest year-over-year growth since 1999.
Despite the significant effects of pandemics on the global supply chain, the addition of renewable capacity increased by more than 45% in 2020 compared to 2019. The increase in wind capacity expansions worldwide increased by 90%. This record growth was supported by a 23% increase in new solar PV installations, expected to reach approximately 135 GW in 2020. This will probably increase the demand for distributed energy resource management systems.
HIGHER INITIAL INSTALLATION COST OF DISTRIBUTED ENERGY RESOURCE MANAGEMENT SYSTEM
Deploying a distributed energy resource management system requires a significant upfront investment. To transform infrastructures, both local and national governments play a crucial role. The transmission network between clients and the smart grid must be established using expensive technology.
Additionally, a successful deployment calls for major process change, strict oversight, and strong cooperation beyond conventional organizational boundaries. After deployment, high operations and maintenance costs are a major worry for utility suppliers. Decreasing the need for increased oil recovery as a result.
INCREASING INVESTMENTS FOR MODERNIZING AGING GRID INFRASTRUCTURES
Increased investments in the grid’s digitalization through cutting-edge communication technologies will drive the market expansion for distributed energy resource management systems. As part of its development plan for urbanization, China intends to invest USD 6 trillion in infrastructure over the following ten years. The estimated value of the corporate and public investments for the urbanization of the infrastructure in the UK is USD 375 billion. As a result, the market for distributed energy resource management systems is given chances by these investments.
Market Segments Covered in Report
By Region and Country:
Why is the Software segment expected to grow the fastest during the forecast period?
The software category was the market for distributed energy resource management systems with the fastest increasing market. The market expansion for software components is related to ongoing predictive solution monitoring, communication device management, and real-time data configuration.
Why is the solar pv units segment projected to register a higher cagr during the forecast period?
Compared to the wired segment, the solar PV units segment is anticipated to increase more quickly. The market for distributed energy resource management systems is driven by the growing need to produce energy from renewable sources, clear government mandates and renewable energy policies, rising investments in distributed energy resources, and a strong focus on decarbonization.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Several major players in the market support distributed energy resource management software and systems. The key firms are working to improve software through various technological means to boost security and dependability. Virtual power plants are the main focus of the bulk of market participants. The competitive environment is expected to change as the renewable energy sector expands due to rising energy demand and consumer sustainability awareness.
The recent developments in the Global Distributed Energy Resource Management System Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Component, Application, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|