Press release
Demand Response System Market Projected to Gain Significant Value by 2024
The Demand Response System market across the globe is expected to show a substantial growth with a double digit increase in CAGR by the year 2019. Demand response system motivates its customers to reduce the energy usage during the peak hours. Demand response provides a virtual power plant which add a stability to the grid and lowers the demand of electricity.
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The factors such as consumer pull for demand response and price volatility are expected to be some important driving factors for the market. Some of the factors restraining the market growth includes regulatory framework. The market is having opportunities in residential market and in regions such as Asia Pacific including countries such as India, Australia and New Zealand.
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The Demand Response System market can be segmented into categories such as industry, services, devices, solutions and geography. By Industry the market can be segmented into manufacturing, agriculture, energy, power and commercial purposes. By services the market can be segmented into categories such as system integration, consulting, and managed services. By device the market can be segmented into smart thermostats, smart plugs, control switches and networked home energy management. By solutions the market can be segmented into residential demand response and automated demand response. The market is segmented geographically into Europe, North America, APAC and Rest of World (RoW).
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Some of the key players in the demand response system market are Honeywell International Inc., Schneider Electric SA, Siemens Ag, Comverge Inc., Eaton Corp., ABB Corp., General Electric Corp. and many more.
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