Overview and Scope
Smart demand response refers to a technology-driven approach to managing electricity consumption in response to changes in the supply-demand balance within the power grid. It is crucial in reducing peak demand, balancing the power grid, and improving energy efficiency.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the smart demand response market in 2023. The regions covered in the smart demand response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the smart demand response market report are Enel S.p.A., Hitachi Ltd, Siemens AG, General Electric Company, Cisco Systems Inc, Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc, ABB Ltd., Johnson Controls, Toshiba Corp, Eaton Corporation Plc, Con Edison Solutions, Itron Inc, Landis+Gyr, Aclara, EnerNOC, LS Power Development LLC, Opower Inc., Comverge Inc., GridPoint, Uplight, Bidgely, Echelon Corporation, AutoGrid, Blue Pillar, Virtual Peaker, Axiom Exergy, Powerley</b
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 – Macro Economic Scenario
5. Global Smart Demand Response Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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