Press release
Smart Demand Response Market Expansion Continues, with Forecast Valuation of $58.27 Billion by 2029
Smart Demand Response
Smart Demand Response Market Size Growth Forecast: What to Expect by 2025?
In recent times, the size of the smart demand response market has been on a fast-paced growth trajectory. It is projected to escalate from a valuation of $31.4 billion in 2024 to reach $36.03 billion by 2025, equating to a Compound Annual Growth Rate (CAGR) of 14.7%. The historic development can be traced back to factors such as energy policies and regulations, concerns related to grid reliability, increased environmental consciousness, pilot schemes and demonstrations, as well as energy price volatility.
How Will the Smart Demand Response Market Size Evolve and Grow by 2029?
In the ensuing years, the market size of intelligent demand response is predicted to experience accelerated expansion. It is projected to surge to $58.27 billion by 2029, with a compound annual growth rate (CAGR) of 12.8%. The growth during the forecast period can be attributed to several factors such as the integration of renewable energy, support and incentives from policies, adoption of electric vehicles, improvements in resilience and grid modernization, and the incorporation of energy storage. Key trends for the forecast period consist of digitalization and the Internet of Things (IoT), advancements in technology, initiatives for modernizing the grid, dynamic pricing models, and the proliferation of IoT and smart appliances.
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What Drivers Are Propelling the Growth of Smart Demand Response Market Forward?
The smart demand response market is projected to grow as energy costs continue to soar rapidly. Energy costs encompass the monetary implications of acquiring and utilizing different types of energy, including electricity, fuel oil, gasoline, heating oil, and natural gas. The drastic surge in energy costs paves the way for the expansion of smart demand response, as it offers financial motivation for consumers and businesses to actively participate in demand response (DR) programs. For example, in April 2023, as per Eurostat, a Belgium-based regulatory authority, in the latter half of 2022, the average electricity prices for households in the EU saw a significant increase compared to the same period in 2021, jumping from €23.5 per 100 kWh ($24.58) to €28.4 per 100 kWh ($29.92). Simultaneously, the average gas prices picturesquely soared from €7.8 per 100 kWh ($8.34) to €11.4 per 100 kWh ($12.27) within the same timeframe, indicating strong upward stress on energy costs. Hence, the steep increase in energy costs is fueling the progression of the smart demand response market.
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Which Emerging Trends Are Transforming the Smart Demand Response Market in 2025?
Leading firms in the smart demand response market are concentrating on creating innovative solutions like grid-balancing solutions. Such solutions encompass strategies and technologies that balance the electricity supply and demand on the power grid, ensuring its stability and reliability. For example, in June 2022, CPower Energy, an American energy solutions provider, rolled out four demand response programs across the country. The goal of these new initiatives is to leverage the company's progress in offering grid-balancing solutions as the summer begins. These demand response programs provide compensation to energy users for reducing their energy consumption during periods of maximum usage.
What Are the Key Segments in the Smart Demand Response Market?
The smart demand responsemarket covered in this report is segmented -
1) By Type: Voluntary Demand Response, Contractual Mandatory Demand Response
2) By Technology: Automated Demand Response, Direct Load Control, Dynamic Pricing
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Voluntary Demand Response: Incentive-Based Demand Response, Emergency Demand Response
2) By Contractual Mandatory Demand Response: Capacity Market-Based Demand Response, Regulatory Demand Response
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Who Are the Key Players Shaping the Smart Demand Response Market's Competitive Landscape?
Major companies operating in the smart demand response market report are Enel S.p.A., Hitachi Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls, Toshiba Corp, Eaton Corporation PLC, Con Edison Solutions, Itron Inc., Landis+Gyr, Aclara, EnerNOC, LS Power Development LLC, Opower Inc., Comverge Inc., GridPoint, Uplight, Bidgely, Echelon Corporation, AutoGrid, Blue Pillar, Virtual Peaker, Axiom Exergy, Powerley
What Geographic Markets Are Powering Growth in the Smart Demand Response Market?
Asia-Pacific was the largest region in the smart demand response market in 2024. The regions covered in the smart demand response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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