energy saving

Demand response market to rise to $3.5 Billion by 2025 aided by IoT-enabled systems

The rise of smart cities will accelerate the adoption and growth opportunities of demand response (DR) solutions in the residential segment, finds a new report by Frost & Sullivan.
Demand response market to rise to $3.5 Billion by 2025 aided by IoT-enabled systems

Europe has the required infrastructure to implement customer-centric demand response (DR) programmes. However, the region is showing slow adoption rates due to the lack of homogenous regulations and consumer awareness. Nevertheless, utilities are starting to perceive DR as a useful resource rather than a complication. Aided largely by the advances in ICT, DR can demonstrably help the European Union (EU) achieve close to 40 percent of its 2020 energy savings and CO2 emission reduction targets.

Frost & Sullivan’s recent analysis, European Demand Response (DR) Market, 2018–2025, includes revenue forecasts, discussion on the competitive structure, and market share analysis. The base year of the study is 2017, and the forecast period is 2018 to 2025.

“The rising installation of smart meters, influx of new energy service companies (ESCOs) and specifically technology-savvy start-ups are expected to play a huge role in impelling the $0.9 billion market toward $3.5 billion by 2025” said Swagath Navin Manohar, Research Analyst, Energy & Environment. “As smart cities are mushrooming all over the region, DR systems with Big Data, predictive analytics, Artificial Intelligence (AI) and the Internet of Things (IoT) will inevitably attract greater interest from utilities, aggregators, and other software companies.”

Utilities and DR aggregators will invest substantially in innovative DR technologies and predictive tools to reduce power generation costs as well as grid failures and outages. DR will especially thrive in the residential sector, electric vehicles (EVs), and data center application segments. Their combined share is projected to increase from 5 percent in 2017 to 15 percent by 2025.

ESCOs or aggregators looking to establish a strong presence in this market need to target countries or regions with a wide installed base of renewable energy systems (RES), high electricity prices, and favourable policies and regulations.

European Demand Response (DR) Market, 2018–2025 is part of Frost & Sullivan’s global Distributed Energy Growth Partnership Service program.

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