The global smart remand response market is exhibiting a CAGR of 21.6% between 2014 and 2025. The market has numerous factors working in favor of this growth rate and could boost it to US$51.48 bn by the end of 2025. The data is provided in a research report compiled by Transparency Market Research, titled “Smart Demand Response Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2025.”
The global smart demand response market is primarily driven by the positive attitude shown by most government bodies in favor of implementing these systems. The ever-increasing power consumption is expected to bolster the demand for smart demand response systems. Another factor working in favor of the global smart demand response market is the increasing adoption of smart grids around the world.
The report provides a segmented analysis of the global smart demand response market using the categories of end-users, capacities, and regions.Within the various end-users, the global smart demand response market was dominated by the industrial sector in 2013, in terms of demand. This high demand is owed mostly to the high volume of electricity that the industrial sector consumes. Meanwhile, the growing adoption of smart grids is expected to improve the market share of the residential and commercial sectors over the next few years.
One of the major restraints on the global smart demand response market is the high cost of implementation and adoption of these systems. This is being overcome in developed economies through a growing level of awareness of the system’s advantages, especially in terms of assuming responsibility of one’s own power consumption. This will be difficult to apply to developing economies currently, as the high cost of the smart demand response systems cannot yet be outweighed by their utility in terms of savings.
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However, increasing awareness is the major trend that can facilitate the growth of the global smart demand response market in the near future, as improvements in technology help increase the benefits of implementing these systems.
Geographically speaking, the global smart demand response market was dominated by North America, which held nearly 80% of the market in 2013. The region led this market on account of a high rate of consumer prosperity along with the early presence of the demand for energy conservation methods in the U.S. and Canada. The report expects North America to maintain its lead throughout its forecast period.
The Asia Pacific smart demand response market is also studied in detail, as the report provides details on nations such as India, Indonesia, Myanmar, Vietnam, the Philippines, and Thailand.
The key players in the global smart demand response market are Siemens AG, Schneider Electric, Opower, Inc., Landis+Gyr, Itron, Inc., Johnson Controls, Inc., Honeywell International, Inc., General Electric, EnerNOC, Inc. Eaton Corporation Plc, Comverge, Inc., and ABB.
Key segments of the Global Smart Demand Response Market
- Global Smart Demand Response Market: End User Analysis
- Global Smart Demand Response Market: Capacity Analysis
- North America
- Asia Pacific
- Rest of Asia Pacific (China, Japan, Australia, Singapore, South Korea, and New Zealand)
- Rest of the World (RoW)