$9.4 bn for Energy Apps for Consumers
A recent report analyzes the behavioral and analytical demand-side management (DSM) market, including the residential and commercial and industrial (C&I) sectors with global market forecasts through 2024, according to Navigant Research.
Demand-side management focuses on effecting change in consumers' and suppliers' choices in their energy usage, and the main path to achieving this is through the development of new, smarter apps and tools for managing power usage.
Behavioral and analytical DSM are both relatively new methods of increasing energy savings beyond what traditional DSM systems can achieve. Behavioral DSM tends to focus on educating consumers to encourage more energy savings, while analytical DSM uses equipment monitoring and data analytics to locate areas where additional savings can be found. According to a recent report from Navigant Research, behavioral and analytical DSM spending is expected to total $9.4 billion from 2015 to 2024.
“Studies have shown that giving customers simpler ways to access energy information from their power providers can boost customer satisfaction and loyalty,” says Brett Feldman, principal research analyst with Navigant Research.
“More often, and in the energy industry specifically, customers prefer to learn about new services through digital channels like email, web portals, and mobile apps; these digital communications grant another avenue to further the utility-customer relationship.”
Some utilities are resistant to the changing energy landscape and the introduction of technologies that empower customers to better control their energy consumption and bills, according to the report. Natural skepticism and a resistance to change in the evolving energy space can cause a major barrier to the wider implementation of behavioral and analytical DSM programs.
Key Questions Addressed:
- What is behavioral and analytical demand-side management (DSM)?
- What are the primary applications of behavioral and analytical DSM?
- What are the key drivers and barriers in these markets?
- Who are the companies/vendors involved in this space?
- What technologies are involved in behavioral and analytical DSM?
- How much is being spent on behavioral and analytical DSM?
- Which regions will see the most growth in spending in this space?
Who would benefit from this report?
- Behavioral and analytical demand-side management (DSM) vendors
- Energy management hardware and software providers
- Thermostat vendors
- Small and medium businesses (SMBs)
- Large commercial and industrial (C&I) power users
- Retail electricity suppliers and utilities
- Investor community