The global Smart Demand Response Market size is projected to value at USD 24.71 billion by 2022, according to a new report published by Million Insights. The growing grid development is anticipated to positively impact the industry growth. The demand response plays a vital role in electric grid operation by lowering electricity usage during peak hours.
The launch of grid technologies is likely to create new opportunities for conventional energy infrastructure players. Smart grids when combined with metering systems; offer real-time information regarding consumption to the suppliers and customers.
The spread of universal wireless networks and internet access, coupled with the rising level of intelligence built into HVAC systems, lighting networks, industrial controls, and different big building loads is anticipated to boost the automated DR market.
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Further key findings from the report suggest:
• The residential segment is expected to register a higher CAGR than the overall average which is a direct effect of financial rebates and incentives provided by utilities to local customers to influence them in the involvement of various direct load control programs. The involvement of smart buildings in demand response programs to safeguard electrical grids for the time of peak energy requirement is likely to lower energy loads at times of high-cost periods, thus reducing electric bills.
• Industrial segment contributed above 50% of the global revenue in 2014. This can be imputed to the DR programs facilitated by various utilities for enhancing power usage by adopting variable speed motors and drives. Industrial consumers are further motivated to engage in these programs owing to attractive financial incentives provided to them.
• The Asia Pacific region contributed above 15% of the revenue in 2014. The DR programs are anticipated to grow substantially in several countries in this region. Power utilities provide initiatives to lower the peak load requirement of power grids. The elements of the program include Time-of-Use (TOU) metering programs, expansion of transformation to thin-tube (T8) lamps, promotion of compact fluorescent lamps (CFLs), and high-efficiency refrigerators which are predicted to drive market growth.
• The industry is scattered with no company being dominant in terms of revenue share. The market is identified by organizations with a foothold over a region with minimal or no impact at a global level. However, some key players have expanded with strategies like mergers & acquisitions. The forthcoming smart grid programs countries including Australia, Japan, China, and India have influenced established players in these regions.
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Million Insights has segmented the global smart demand response market on the basis of application and region:
Smart Demand Response Application Outlook (Revenue, USD Billion, 2012 – 2022)
Smart Demand Response Regional Outlook (Revenue, USD Billion, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
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