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Building-To-Grid Technology Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Building-To-Grid Technology Global Market Report 2024
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According to The Business Research Company's, The building-to-grid technology market size has grown rapidly in recent years. It will grow from $51.85 billion in 2023 to $57.34 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to increasing energy demand, rising renewable energy adoption, growing grid reliability issues, increasing urbanization trends, and growing energy independence goals.
The building-to-grid technology market size is expected to see rapid growth in the next few years. It will grow to $86.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to advancements in energy storage, rising smart grid development, increasing climate change initiatives, growing building energy efficiency, and rising electric vehicle adoption. Major trends in the forecast period include increasing development of building-integrated photovoltaics, rising integration of renewable energy sources in buildings, growing evolution of smart building technologies, increasing vehicle-to-grid (V2G) applications, and rising emphasis on energy resilience and reliability.
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Market Drivers and Trends:
The increasing electricity demand is expected to propel the growth of the building-to-grid technology market going forward. Electricity demand is growing due to increased urbanization, technological advancements, and the rising use of electric devices and renewable energy systems. Building-to-grid technology optimizes electricity use by allowing buildings to supply excess energy back to the grid and respond to grid demand fluctuations. For instance, in June 2024, according to the Department for Energy Security and Net Zero, a UK-based governmental department, in the first quarter of 2024, electricity demand increased by 1.2% compared to the same period in 2023, reaching 86 terawatt-hours (TWh). Therefore, the increasing electricity demand is driving growth in the building-to-grid technology market.
Major companies operating in the building-to-grid technology market are focused on developing advanced analytics solutions to enhance energy efficiency and grid interaction. Advanced analytics solutions refer to the use of sophisticated data analysis tools to optimize energy management and improve interactions between buildings and the grid. For instance, in April 2022, CPower, a US-based electric utility company, launched the Building Management System as a Service (BMS-aaS) in New York City to foster efficient, grid-interactive buildings. This innovative solution offers commercial property owners and managers an intelligent building management system at no upfront cost. It empowers them to optimize energy use, cut carbon emissions, and provide demand flexibility to the grid. The BMS-aaS facilitates dynamic interaction between buildings and the grid, enhancing demand response and energy management.
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Major Key Players of the Market:
Hitachi Ltd., Siemens AG, General Electric Company, International Business Machines Corporation (IBM), Cisco Systems Inc., EnBW Energie Baden-Württemberg AG, RWE AG, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Parker Hannifin Corp, Emerson Electric Co., Sunrun Inc., WAGO Kontakttechnik GmbH & Co. KG, Schweitzer Engineering Laboratories Inc., Itron Inc., Landis+Gyr AG, Bloom Energy, Ingeteam S.A., S&C Electric Company, Sunnova Energy International Inc., Stem Inc., Doosan GridTech Inc., Smarter Grid Solutions Inc., AlphaStruxure, Sunverge Energy Inc.
Building-To-Grid Technology Market 2024 Key Insights:
• The building-to-grid technology market size is expected to see rapid growth in the next few years. It will grow to $86.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Electricity Demand Fuels Growth In Building-To-Grid Technology Market
• Enhancing Grid Interaction And Energy Efficiency With Advanced Analytics Solutions
• Europe was the largest region in the building-to-grid technology market in 2023
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