North America puts Global Smart Demand Response Market on Path to Success
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.
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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.
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.
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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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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