The mass rollout of smart grids across Europe is expected to contribute to significant growth in the market for demand response management system (DRMS) technology.
According to a new analysis by MicroMarket Monitor, the DRMS market in Europe was worth $1.36 billion in 2014 and will expand at a compound annual growth rate (CAGR) of 36.3% over the coming years, swelling to a value of $6.38 billion by 2019.
Globally, the DRMS market is expected to increase at a CAGR of 29.8%, growing from $6.77 billion in 2014 to $25.0 billion in 2019.
The market is primarily driven by the rise of smart grids and energy price volatility, the research firm said.
