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.
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Demand Response Market visit here: 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.
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here : https://www.grandviewresearch.com/industry-analysis/smart-demand-response-market/request/rs1
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.
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