Smart Demand Response Market 2019 —
Demand Response is an approach used by electric utilities to reduce the consumption of electricity or to shift the energy consumption during the peak hours of the day to meet the demands later. Since electricity grids need to be in constant balance to meet the power requirements of the consumers, this concept has helped companies keep up with the demand in power supply. The technology is being used in residential, commercial and industrial sectors. Many countries adopt this technology and introduce programs that reward customers following the approach and penalize those that do not adhere to the policies. This has shown to encourage the end-users in changing their approach towards power consumption. The technology has been effective in reducing the threat posed by power demand outpacing power supply.
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A study was conducted to analyse the global status of Smart Demand Response and to assess its key market and players. The future forecast for the technology was conducted for the years 2019 to 2025. The reference data for the study was taken from the years 2014-2018, with 2018 as the base year. The main markets studied were the United States, Europe and China to understand their development plan and strategies in grid modernization and demand response. The report displays data that reveals the important factors influencing the use and growth of Smart Demand Response market such as market drivers, restraints, challenges and growth opportunities.
The market segmentation of the Global Smart Demand Response report was done based on the type and the industry of application. The type of Demand Response is divided into voluntary and contractually-mandatory response. The voluntary type is price-based and involves the change in energy consumption by end-users in response to the change in price. The contractually-mandatory response is incentive-based and is established by electricity grid companies or utilities. In this type of response, the end-users were paid to reduce their daily electricity consumption. By application, Demand Response is segmented into its use in residential, commercial and industrial sectors.
The report for Global Smart Demand Response Market Size, Status and Forecast 2019-2025 also contained data on market segmentation by region. The United States, Europe, China, Japan, Southeast Asia, India, and Central & South America were used to study the market size of Demand Response, to analyse the growth opportunity of the technology, and to assess the developments and future forecasts. The regions in North America contribute the majority in the global market share. Countries in the Asia-Pacific region are also displaying good growth in the Demand Response market.
The technology has been in use for years now to support the stability of electric grids and to meet the increasing demand for power supply. Technological advancements in grid modernization are helping it gain more attention. Many customers from the key markets are signing up for smart thermostat programs that allow utility companies to take control of the Wi-Fi-controlled thermostats of the user.
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