The global smart demand response (DR) market is to increase to $51m by 2015, according to a study by Transparency Market Research.
The report “Smart Demand Response Market By End User – Residential, Commercial, and Industrial) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2025” forecasts that growing power demands will foster installations of smart grid technologies, including smart meters and communication systems.
Policies by governments will also be a driving factor that will stimulate growth and investments in the global DR market, states the report.
Although the price of DR programmes and limited awareness of them by energy consumers are likely to depress the growth, technological advancements will further accelerate the market.
The industrial end-user segment will dominate the DR market, despite the residential end-user segment is expected to grow at the highest rate in the future.
DR programmes are designed primarily to shift or curtail load for a short period of time and allow customers control of loads.
At the moment, the US is dominating the DR market by 80%, followed by Europe and Asia Pacific.
This week, the Californian government signed a DR legislation to increase DR management programmes in the state and in order to meet the growing electricity need.
The study can be downloaded here: http://www.transparencymarketresearch.com/smart-demand-response.html