|By PR Newswire||
|August 26, 2014 10:30 AM EDT||
ALBANY, New York, August 26, 2014 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Smart Demand Response Market By End User - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2025", Global Smart Demand Response Market was valued at USD 5,041.4 million in 2013 and is expected to reach 51,478.9 million by 2025, growing at a CAGR of 21.6% from 2014 to 2025.
Burgeoning power demand drives the adoption of demand response programs. The roll-out of smart grid technologies, including smart meters and communication systems are likely to propel growth in the global smart demand response market. Increasing demand for power supplemented by capacity constraints is projected to boost growth in the global smart demand response market. Furthermore, policies that encourage demand response programs are expected to accelerate market's growth. Additionally, increasing installations of smart meters and other smart grid technologies are estimated to bolster growth in the global smart demand response market. Albeit, limited customer awareness of demand response programs and their benefits can hinder market's growth. Moreover, high cost of technology and equipment for implementing demand response programs is likely to dampen the market's growth. However, technological advancements and developments by leading market players are likely to further accelerate the market's growth.
Browse the full Smart Demand Response Market Report at http://www.transparencymarketresearch.com/smart-demand-response.html
The market has been analyzed based on the end-users of demand response programs that include: residential/commercial/industrial. Industrial end user segment is estimated to dominate the global smart demand response market over the coming years. Growth in the industrial end user segment is driven by the demand for a cost-effective and environmentally sensible means to meet the needs of electricity system. The residential end user segment is anticipated to grow at the highest rate in the future. Roll-out of smart grid technologies including smart meters and communication system is likely to allow utilities to control residential loads. Additionally, lucrative financial incentives for commercial/industrial end user segment are expected to bolster growth in these segments.
North America is estimated to dominate the global smart demand response capacity market in 2013, accounting more than 80% of the global market share. Electricity markets are increasingly recognizing the need for demand response programs to manage scheduled or emergency downtime for power plants. Furthermore, demand response in North America is also recognized as a mechanism to mitigate higher wholesale prices and lower overall grid costs. Thus, the factors mentioned above are likely to drive growth in the North America's smart demand response capacity market. Asia Pacific's demand response capacity is estimated to rise at the highest rates in the future. Increased adoption of demand response in Asia Pacific is estimated to drive growth in the regions' demand response capacity market.
The global smart demand response market was dominated by North America followed by Europe and Asia Pacific. Ongoing development in the utility industry is estimated to drive growth in North America's smart demand response market. Significant smart demand response expenditure is estimated to accelerate growth in Europe's smart demand response market. Asia Pacific's smart demand response market is expected to grow at the highest rates in the future. High energy consumption and developments in the manufacturing sector is anticipated to drive growth in Asia Pacific's smart demand response market.
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Key players in the market include Honeywell International, Inc., EnerNOC, Inc., Eaton Corporation PLC., Landis+Gyr, Itron, Inc. Schneider Electric, General Electric, and Siemens AG among others. Other major market players analyzed in this report includes: Johnson Controls, Inc., ABB, Comverge, Inc., and Opower, Inc. The research study analyzes and estimates the market size in terms of revenue (USD Million) and demand response capacity (MW). The report covers the end users of smart demand response program, and provides both regional-wise and country-wise data (Asia Pacific) in terms of market revenue. The report provides detailed analysis, historical data (2011-2013) and statistically refined forecast (2014-2025) for end-users, demand response capacity, and geographical segments. The research also provides comprehensive analysis of key market players that are dealing in the smart demand response market. The research study has been segmented as below:
- Global Smart Demand Response Market: End User Analysis
- Global Smart Demand Response Market: Capacity Analysis
o North America
o Asia Pacific
- Rest of Asia Pacific (China, Japan, Australia, Singapore, South Korea, and New Zealand)
o Rest of the World (RoW)
- Global Smart Demand Response Market: Regional Analysis
o North America
o Asia Pacific
- Rest of Asia Pacific (China, Japan, Australia, Singapore, South Korea, and New Zealand)
o Rest of the World (RoW)
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Browse Press Release "Smart Demand Response Market is Estimated to Reach USD 51,478.9 million in 2025"
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