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Smart Demand Response Market - Wordlwide Industry Analysis, Share, Growth, Forecast 2025
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Propelled by the augmenting need for power, the opportunity in the global market for smart demand response is expected to rise at an exponential CAGR of 21.60% between 2014 and 2025, increasing from US$8.5 bn in 2015 to US$51.4 bn by the end of the forecast period. The industrial sector has emerged as the key end user of smart demand response technology and is expected to remain so over the next few years. Analysts estimate the contribution of this segment to the overall revenue to reach US$4.3 bn by 2025.
Asia Pacific to Present Most Lucrative Growth Opportunities to Market Participants
North America, Asia Pacific, Europe, and the Rest of the World are considered as the main geographical segments of the global smart demand response market. North America has been the leading contributor to this market over the last few years. Researchers predict the region to witness steady growth on account of the ongoing advancements in the North America utility industry.
Although North America is expected to remain the leader throughout the forecast period, other geographical segments are likely to register growth at a faster pace in the coming years. Asia Pacific, particularly, is anticipated to present the most attractive growth opportunities to market players in the near future due to the burgeoning energy demand in countries, such as Japan, China, India, Singapore, Malaysia, and South Korea. According to the study, the market for smart demand response in Asia Pacific will reach an opportunity worth US$12.9 bn by the end of the forecast period.
Uncertainty in Energy Supply with Respect to Demand to Fuel Need for Smart Demand Response Technology
The whole world is witnessing an increased demand for power, mainly due to a significant rise in the global population and increasing industrialization in emerging economies, such as Brazil, India, China, Russia, and South Africa. The rising number of applications in the industrial sector, coupled with an increasing deficit between electricity production and consumption, is likely to boost the demand for electricity during peak hours.
“The uncertainty in the energy supply with respect to its demand is likely to increase the adoption of smart demand response technology across the world over the next few years,” says an analyst at TMR. Apart from this, the increasing deployment of smart grids is also projected to boost the market for smart demand response, globally, notes the study.
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Lack of Awareness Regarding Demand Response Programs to Hamper Market’s Growth
While the growth prospects of the global smart demand response market look bright, the lack of awareness among consumers regarding demand response programs and their advantages may hamper the progression of this market over the years to come. The high cost associated with this technology and equipment needed for the implementation of demand response programs is also expected to limit their uptake in the near future, states the research report.
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