The North America automated demand response system market is expected to grow at a CAGR of 26.5% during the forecast period. Factors, such as need for efficient energy management system is expected to drive the market. However, the privacy concern and the inability of some industries to comply with the reduction in demand at the need of the hour is likely to act as a restraint for the market.
– Increased penetration of renewable energy is expected to drive the market during the forecast period.
– The Integrated Demand Side Management (IDSM) is expected to provide a great opportunity for the studied market. The use of IDSM, closely coordinating multiple demand side resources, offer a more forward-thinking and smarter approach to building energy management, and help customers to maximize cost-effective savings and control opportunities.
Click Here to Download Sample Report >> https://www.sdki.us/sample-request-87957
Key Market Trends
Increased Penetration of Renewable Energy to Drive the Market
– Renewable energy power sources are intermittent, and they fluctuate over time. For Instance, solar power and wind power plants are heavily dependent on weather conditions.
– Implementation of demand response management system can help by ensuring that when such disruptions happen, demand can be reduced, in order to meet the supply demand balance. In contrast to energy storage, which aims to reallocate supply to times of greater demand, DRMS aims to reallocate demand to times of increased supply-demand gap, hence, addressing the problems on the both sides.
– Demand response controls coupled with on-site generation using geothermal, solar, wind, biomass, or landfill-gas-to-energy provide the off-grid power needed to keep facilities running, while reducing energy use from the grid. Demand response present potentially important sources of bulk power system services that can aid in integrating variable renewable generation.
– Apart from that, some utility companies have expanded the scope of demand-response system, by proving the dynamic electricity prices for their consumers for not only consumption but also for selling electricity back to the grid. For example, during peak hours, the consumers can get higher prices for selling the electricity back to the grid system. The enhanced scope of the demand-response system is expected to help integrating not only the utility-scale but also small, residential renewable sources in the power generation system.
United States To Drive the Market
– Demand response programs typically offer customers a rebate or lower energy costs for reducing energy use during specified hours or allowing the utility to cycle their air-conditioning systems when needed.
– Advanced meters are the most prevalent type of metering deployed throughout the United States, accounting for more than 50% of all meters installed and operational in the country. Adding to this, the total number of customers enrolled under the demand response programs in the United States reached around 9.75 million (including residential, commercial, industrial, and transportation), representing an increase of 6.1% from 2013’s value. Of all the customers enrolled for the demand response program, residential customers accounted for more than 93% in 2018 and the remaining share was distributed among the industrial and transportation customers.
North America Automated Demand Response Management System Market Size: Industry Analysis, Size, Share, Growth, Trends and Forecast 2022-2031
China Thermal Power Plant Market Size Revenue, Industry Growing Demand, Size, Share, Business Opportunities, Top Companies, Regional Outlook 2022-2031
Asia-Pacific Thermal Power Plant Market Size Consumption Sales By Type, Product Specifications, Research Methodology, Forecast 2022-2031
Asia-Pacific Coal Market Size Leading Growth Drivers, Emerging Audience, Segments, Industry Sales, Profits and Regional Analysis 2022-2031
North America Rooftop Solar Market Size : Analysis and In-depth Study on Size Trends, Emerging Growth Factors and Regional Forecast 2022-2031