The Smart Demand Response Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Demand Response Global Market Report 2024, The smart demand response market size has grown rapidly in recent years. It will grow from $27.13 billion in 2023 to $31.4 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to energy policy and regulation, grid reliability concerns, environmental awareness, pilot programs and demonstrations, energy price volatility.
The smart demand response market size is expected to see rapid growth in the next few years. It will grow to $52.62 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to renewable energy integration, policy support and incentives, electric vehicle adoption, resilience and grid modernization, energy storage integration. Major trends in the forecast period include digitalization and iot, technological advancements, grid modernization initiatives, dynamic pricing models, expansion of iot and smart devices.
The rapid increase in energy costs is expected to propel the growth of the smart demand response market going forward. Energy costs refer to the expenses associated with obtaining and using various forms of energy, such as electricity, fuel oil, gasoline, heating oil, and natural gas. The rapid increase in energy costs contributes to the growth of smart demand response due to the financial incentive it creates for consumers and businesses to participate actively in demand response (DR) programs. For instance, in February 2021, according to the Office for National Statistics, a UK-based intergovernmental organization, 25 energy suppliers faced closure, with one entering particular administration, primarily due to significant increases in wholesale energy prices. Further, consumer prices for gas and electricity experienced a notable uptick of 17.1% in 2021. Therefore, the rapid rise in energy costs is driving the growth of the smart demand response market.
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The smart demand response market covered in this report is segmented –
1) By Type: Voluntary Demand Response, Contractual Mandatory Demand Response
2) By Technology: Automated Demand Response, Direct Load Control, Dynamic Pricing
3) By Application: Residential, Commercial, Industrial
Major companies operating in the smart demand response market are increasing their focus on launching new electric grid-optimized products to increase their profitability in the market. Electric grid-optimized products in smart demand response refer to technologies and services designed to enhance efficiency and reliability by intelligently managing and adjusting electricity consumption based on real-time demand fluctuations. For instance, in September 2022, Rheem Manufacturing Company, a US-based water heater and ventilator manufacturer, launched a demand-response-enabled smart electric water heater. The water heater is engineered to meet new energy standards, facilitating seamless integration with the power grid. The product has a UEF of up to 93, proving to be an efficient choice for residents aiming to reduce energy expenses. The water heater is designed for maximum energy efficiency, featuring built-in capabilities for demand response, scheduled operation based on time-of-use, real-time energy consumption tracking, and advanced EcoNet Wi-Fi technology.
The smart demand response market report table of contents includes:
1. Executive Summary
2.Smart Demand Response Market Characteristics
3.Smart Demand Response Market Trends And Strategies
4.Smart Demand Response Market analysis
5.Smart Demand Response Market Size And Growth
6.Smart Demand Response Segmentation
7.Smart Demand Response Regional And Country Analysis
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27.Smart Demand Response Competitive Landscape And Company Profiles
28.Smart Demand Response Key Mergers And Acquisitions
29.Smart Demand Response Future Outlook and Potential Analysis
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