The global smart
demand response market size is expected to reach USD 24.71 billion
by 2022, according to a new study by Grand View Research, Inc.
Increasing grid deployment is expected to favorably
impact market growth. Demand response plays an important role in electric grid
operation by reducing electricity usage during peak hours.
Introduction of grid technologies is expected to open
avenues for the traditional energy infrastructure vendors. Smart grids when
coupled with metering systems; provide information on real time consumption to
the customers as well as suppliers.
Spread of ubiquitous wireless networks as well as
internet access, along with the growing level of intelligence built into HVAC
systems, industrial controls, lighting networks and varied other big building
loads is expected to drive the automated DR market.
Browse full research report on Smart Demand Response Market: https://www.grandviewresearch.com/industry-analysis/smart-demand-response-market
Further
key findings from the study suggest:
- Residential segment is poised to grow at a CAGR higher than the
global average, which is a direct consequence of financial incentives and
rebates offered by utilities to domestic customers to persuade them in the
participation of several direct load control programs. The participation
of smart buildings in DR programs to protect electrical grids for the
duration of peak energy demand is expected to reduce loads during
high-cost periods, thereby reducing bills.
- Industrial applications contributed to over 50% of the revenue in
2014; this large share can be attributed to DR programs offered by several
utilities for maximizing power utilization through adoption of high
efficiency variable speed drives and motors. Industrial customers are also
encouraged to participate in such programs on account of lucrative
financial incentives offered to them.
- Asia Pacific contributed to over 15% of the market revenue in 2014.
DR programs are expected to increase significantly in the countries of
Asia Pacific. Power utilities offer initiatives to reduce peak load demand
on power grids. Components of the initiative include expansion of
transformation to thin-tube (T8) lamps, Time-of-Use (TOU) metering
programs, high efficiency refrigerators, and promotion of compact
fluorescent lamps (CFLs) which are expected to boost the DR market growth.
- The market is highly fragmented, with no particular company
occupying a majority of the revenue share. The industry is characterized
by companies having a strong hold over a particular region with little or
no influence globally. However, through mergers & acquisitions, key
participants have started expanding globally. Upcoming smart grid projects
in countries such as Australia, India, China, and Japan have attracted
prominent players in these regions.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/electronic-devices
Grand
View Research has segmented the global smart demand response market on the
basis of application and region:
Smart
Demand Response Application Outlook (Revenue, USD Million, 2012 - 2022)
- Residential
- Commercial
- Industrial
Smart
Demand Response Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
& Africa (MEA)
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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