According to the latest report by IMARC Group, titled "Smart Demand Response Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global smart demand response market reached a value of US$ 28.9 Billion in 2022. Smart demand response provides an opportunity for consumers to reduce or shift their electricity consumption during peak periods in response to time-based rates or other forms of financial incentives. It is also used by electric system planners and operators as a resource option for balancing demand and supply. It is an agreement between the utility management authority and consumers that enables automatic management of electricity consumption and load on the smart grid at the time of blackouts and congestion. It is gaining widespread prominence across the globe since it aids in reducing overall operating and installation costs.
Global Smart Demand Response Market Trends:
The global market is primarily driven by the increasing demand for power generation in the industrial sector. With the widespread emergence of smart grids, there has been a considerable rise in the demand for better system reliability, high-quality electric power service and better quality of service, thereby providing a thrust to the market. Along with this, numerous initiatives undertaken by the governments of several countries to reduce the consumption of coal-based power generation due to an enhanced focus on sustainable development are impacting the market growth favorably. Besides this, large-scale deployment of electric vehicles (EVs) has significantly escalated the need for managing the troughs and peaks in the total supply and demand, thus boosting the growth of the smart demand response market on the global level. Other factors, including the increasing demand for rural electrification, rapid industrialization, the rising spending toward smart city development, augmenting electricity costs and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 57.4 Billion by 2028, growing at a CAGR of 12% during 2023-2028.
- On the basis of the application, the market has been segmented into residential, commercial and industrial.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are ABB Ltd, Eaton Corporation plc, Enel S.p.A., General Electric Company, Hitachi Ltd, Honeywell International Inc., Itron Inc., Johnson Controls International plc, Oracle Corporation, Schneider Electric SE and Siemens AG.
|Base Year of the Analysis
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd, Eaton Corporation plc, Enel S.p.A., General Electric Company, Hitachi Ltd, Honeywell International Inc., Itron Inc., Johnson Controls International plc, Oracle Corporation, Schneider Electric SE and Siemens AG
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