Industry-leading analysis firm Transparency Market Research has announced a new market report, detailing the global smart demand response market. The report, titled ‘Smart Demand Response Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2025’, explains key trends in the market.
The report estimates the smart demand response market to reach a total valuation of US$51,479 million by the end of the forecast period at a CAGR of 21.6%.The report forecasts that the constantly increasing amount of power required in the modern world will inevitably lead to demand response programs. Government policies for smart demand response will aid the global market; the increasing deployment of smart grids all over the world is a factor expected to boost the global smart demand response market.
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Demand response refers to technologies and devices used to reduce the peak electricity consumption of a consumer. This is more economically beneficial than adding electricity generators to supplement the existing supply. During peak demand periods, smart demand response systems manage the electricity consumption of a device or set of devices to minimize the amount of electrical power consumed by that unit. So far, the market for demand response has largely been limited to voluntary participation from the consumer, but the advent of smart grids is expected to revolutionize the process, automating demand response and thus boosting the global smart demand response market.
The major end-use sectors of smart demand response are industrial, commercial, and residential. Due to its high volume of electricity consumption, the industrial sector led the total demand for smart demand response in 2013. The rising application of smart grids in the developed world will help expand the volume of residential end users of smart demand response systems in the forecast period.
Growing awareness about smart demand response among responsible citizens has the potential to overcome price barriers restraining the global smart demand response market at present. Since smart technology is a recent innovation, it is currently prohibitively expensively for much of the developing world. Awareness of the environmental impact as well as the long-term economic benefits of smart demand response will thus help gain demand from currently uninitiated sections of the global population.The report analyzes all these driving and restraining factors acting on the global smart demand response market and describes the potential impact on the market in the forecast period.