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Smart Demand Response Market - Burgeoning Power Demand Propels The Adoption of Demand Response Programs
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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.
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Regionally, the global market is segregated in the report into North America, Europe, Asia Pacific, and Rest of the World. Within the national markets in Asia Pacific, the markets for smart demand response in Indonesia, Malaysia, India, Vietnam, Myanmar, Thailand, and the Philippines are examined in detail. Due to high consumer prosperity and acknowledgment of the need to conserve energy, North America, led by the U.S. and Canada, accounted for a whopping 80% of the global market for smart demand response in 2013 and is expected to keep up its high share in the forecast period.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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