Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Smart Demand Response Market Size, Share & Trends Analysis Report By Application (Residential, Commercial, Industrial), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
This market analysis report reveals that the global smart demand response market size is projected to experience significant growth, reaching an estimated value of USD 88.79 billion by the end of the year 2030. This growth trajectory represents a robust Compound Annual Growth Rate (CAGR) of 17.4% from 2023 to 2030. The principal drivers influencing this growth include advancements in grid deployment and increasing adoption of smart grid technologies coupled with real-time metering systems.
With a focus on enhancing grid operations and managing electricity consumption during peak hours, demand response is proving to be an essential element in the energy sector. The report identifies significant opportunities for infrastructure vendors as grid technologies continue to advance, providing both consumers and suppliers with critical information about consumption in real time.
Key Highlights from the Smart Demand Response Market Report:
- Residential Segment to Experience Rapid Growth: The residential segment of the smart demand response market is expected to outpace the overall market average in terms of CAGR, thanks to monetary incentives and rebates extended by utility companies to encourage household participation in direct load control programs.
- Industrial Segment Dominates Revenue Share: In 2022, the industrial sector accounted for over 52% of the market revenue. This is largely because of demand response programs aimed at optimizing power use through the adoption of energy-efficient drives and motors, complemented by attractive financial rewards for industrial customers.
- Asia Pacific to Lead with Highest Regional Growth: Forecasted to register a CAGR of 21.0%, the Asia Pacific region leads the way in terms of growth. The increased implementation of smart meters and the onset of smart grid projects in countries such as India, China, and Japan are key contributing factors to the regional market expansion.
- Market Trends: The proliferation of wireless networks, internet access, and the integration of sophisticated technology into large-scale building management systems such as HVAC and industrial controls are boosting the automated demand response market. The participation of smart buildings in DR programs is anticipated to alleviate grid strain during peak demand periods while concurrently reducing energy costs for building owners.
Despite the market's highly fragmented nature, with a multitude of players operating on a regional scale, strategic mergers and acquisitions have seen companies expand their global footprint. This trend is facilitated by burgeoning smart grid projects in various countries across regions such as Asia Pacific and Latin America, as well as the Middle East and Africa.
The report's insights serve as a critical resource for analyzing the smart demand response domain, providing a comprehensive evaluation of market dynamics, sector growth, and advancement of related technologies. Stakeholders in the energy and utility sectors, as well as policymakers and investors, stand to gain valuable information from this analysis to navigate the evolving market landscape.
As countries around the globe push towards smarter and more efficient energy systems, the importance of the smart demand response market becomes increasingly critical in achieving sustainability and efficiency goals within the energy sector.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $23.81 Billion |
| Forecasted Market Value (USD) by 2030 | $88.79 Billion |
| Compound Annual Growth Rate | 17.4% |
| Regions Covered | Global |
Companies Mentioned
- ABB
- Eaton
- Enel X S.r.l.
- General Electric
- Honeywell International Inc.
- Johnson Controls
- Oracle Energy and Water
- Siemens
- Schneider Electric
- Itron Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pc8pyk
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