- These devices are used to collect, monitor, and analyze electricity consumption and ensure accurate electricity bills.
- These benefits are encouraging consumers to adopt smart devices, which will drive the demand for demand response systems in the coming years.
- Demand response systems consist of smart appliances, which are able to respond to signals that are sent by utility companies to optimize electricity usage during peak hours.
Demand response systems improve grid efficiency and reduces electricity price by shifting loads to off-peak hours. The global demand response system market is anticipated to progress at a high CAGR of 21% over the forecast period (2019-2029).
Demand response systems consist of smart appliances, which are able to respond to signals that are sent by utility companies to optimize electricity usage during peak hours. These devices are used to collect, monitor, and analyze electricity consumption and ensure accurate electricity bills. These benefits are encouraging consumers to adopt smart devices, which will drive the demand for demand response systems in the coming years.
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Key Takeaways of Demand Response System Market Study
Need for electricity distributors to manage peak loads and maintain reliability of supply is anticipated to drive the growth of the demand response system market during the forecast period. Importance of optimization of grid-based generation or transmission and continued rise in adoption of distribution networks are significant factors that are driving growth of the demand response system market.
Automated demand response systems, offering balance supply with demand, are expected to gain significant traction. Asia Pacific excluding Japan is anticipated to dominate the global demand response system market, owing to increase in adoption of smart electronic devices to save additional electricity cost.
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“Implementing advanced metering infrastructure such as smart grid technology has boosted the adoption of demand response systems in the residential sector, and has unlocked significant growth opportunities for the market,” says a PMR analyst.
Demand response system solution providers are focusing on strategic alliances/collaborations with other technology providers for product upgrades to offer a wide range of solutions to customers.
For instance, in December 2019, Baltimore Gas & Electric partnered with Oracle Utilities to leverage the firm’s Opower Behavioral Load Shaping Cloud Service to engage customers with a proactive, personalized experience, designed to help them save on their utility bills. The new service encourages customers to shift their biggest everyday energy loads, such as running energy-intensive appliances and electric vehicle charging, to off-peak times.
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Persistence Market Research, puts forward an unbiased analysis of the global market for demand response system market, providing historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. To understand the opportunities in Demand Response Systems, the market is segmented on the basis of component (hardware, demand response management system platforms, and services), system type (conventional demand response systems and automated demand response systems), and end user (residential, commercial, and industrial), across seven major regions.