Increasing demand for grid reliability during natural disasters is expected to drive market, report finds
A recent report from Navigant Research analyzes the global demand response (DR) market, including global market forecasts for DR sites and technology spending, through 2024.
As regulatory trends and economic factors continue to change the energy landscape, system operators are increasingly relying on DR to provide reliability to the grid. Advanced technologies like automated DR (ADR) are being used to speed the transition from traditional central power plants to distributed energy resources (DER) that are being used to address future energy needs. Click to tweet: According to a recent report from Navigant Research, global spending for DR technologies is expected to total $6.2 billion from 2015 to 2024.
“For years, utilities have had to rely on operators of different sites to manually turn off equipment or run programs that gave customers little choice in how they participated,” says Brett Feldman, senior research analyst with Navigant Research. “Customers today expect more help from technology and are calling for more flexibility from utilities, and advancements in DR and ADR can help meet these demands.”
Hurricane Sandy left millions in the dark after hitting the Atlantic Seaboard in 2012, and as a result, more utilities, governments, and businesses are backing efforts to ensure the electric grid can still operate in the face of natural disasters. According to the report, this presents a great opportunity for grid operators to use strategies such as DR that can help lessen the risks and effects of widespread outages caused by severe weather.
The report, Demand Response Enabling Technologies, analyzes the global DR market, with a focus on three main categories of DR enabling technologies: metering, communications, and controls. The study provides an analysis of the market issues, including drivers and challenges, associated with DR enabling technologies. Global market forecasts for DR sites and spending, segmented by application (residential and commercial and industrial, or C&I), type, and region, extend through 2024. The report also examines DR adoption trends by country and provides profiles of key residential and C&I DR providers. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Ellie Stutts
* The information contained in this press release concerning the report, Demand Response Enabling Technologies, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.