According to a recent report from Navigant Research, global spending for demand response technologies is expected to total $6.2 billion from 2015 to 2024.
A recent report from Navigant Research analyzes the global demand response market, including global market forecasts for demand response sites and technology spending, through 2024.
As regulatory trends and economic factors continue to change the energy landscape, system operators are increasingly relying on demand response to provide reliability to the grid.
Advanced technologies like automated demand response are being used to speed the transition from traditional central power plants to distributed energy resources that are being used to address future energy needs.
“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 demand response and advanced demand response 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 demand response that can help lessen the risks and effects of widespread outages caused by severe weather.