Published on : Aug 17, 2017
Albany, New York, August 17, 2017: The comprehensive report on global demand response (DR) market offers in-depth insights into key drivers and restraints, notable opportunities, current and estimated share and size of various segments, emerging applications, regulatory landscape in key countries, and competitive landscape. The research highlights major technological advancements and recent developments in the energy and power sector expected to bolster the demand for advanced technologies in various end users. Major end-user segments are residential, commercial, and industrial.
The study highlights recent favorable governmental regulations in key nations and evaluates their impact on the uptake among utility companies. Furthermore, it takes a closer look at the implementation of smart devices by players in the power and energy sector in major regions such as the Americas, Asia Pacific (APAC), and Europe, the Middle East, and Africa (EMEA). The global demand response market is projected to rise at a CAGR of 15.85% from 2017 to 2021.
The demand for DR among various utility companies is primarily driven by the several benefits it offers to providers by regulating their energy consumption during peak demand. The adoption of demand response modification among energy consumers is driven by the significant cost-savings and improved incentive payments.
The need for preventing superfluous investment on building new power plants in order to meet the burgeoning energy demands in emerging economies has led them to reduce peak energy demands. This has boosted the implementation of demand response modifications. Furthermore, the growing inclination of utility companies in introducing dynamic pricing for traffic systems, commercial buildings, universities, and hospitals, is anticipated to bolster the demand for DR.
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The global demand response market is primary driven by the growing popularity and adoption of smart devices and advanced analytics software in the management of energy requirements across various industrial sectors. The use of smart thermostats and automatic control switches has substantially improved the capability of electric networks and help providers and end users keep a track of energy consumption in real time. This has catalyzed the growth of the DR market.
The growing grid modernization efforts by government agencies in several developed and developing nations has boosted the implementation of smart meters. This has catalyzed the DR market. Implementing DR modifications leads to a seamless management of the usage and consumption of electricity, which has led to their popularity among utility providers. Combined with high-end software analytics, data-driven response has been instrumental in providing impetus to the delivery of personalized DR services. For instance, DR is proving helpful for building a robust model for energy usage by aggregators, which is helpful in energy forecasting.
The demand response market is moderate competitive and prominent players opt for mergers and acquisitions to consolidate their market shares. Key vendors operating in the demand response market include Siemens, Schneider Electric SE, Honeywell International Inc., Alstom, EnerNOC, CPower, and ABB Group.
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