A new report from Navigant Research 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.
The availability of energy usage data and the creation of software platforms with data analytics have recently given way to new forms of DSM. Behavioral and analytical DSM, which focus on consumer education, individual participation, and finding opportunities for energy savings through equipment monitoring and data analytics, have the potential to deliver greater results to consumers than traditional programs. Click to tweet: According to a new report from Navigant Research, global behavioral and analytical DSM spending is expected to grow from $214.7 million in 2015 to $2.5 billion in 2024.
“Behavioral and analytical DSM methods have recently emerged as discovering and promoting energy savings tools with the potential to reduce costs for energy consumers,” says Paige Leuschner, research associate with Navigant Research. “In addition to being a tool for energy savings, utilities are also using these types of DSM as a means for expanding solution offerings and enhancing customer engagement and satisfaction.”
The growth of the smart grid and smart meter deployments have driven interest in behavioral and analytical DSM, according to the report. The resulting intelligence has become a tool for promoting energy conservation and cost reduction, leading to greater customer satisfaction for utilities and furthering investment in DSM programs.
The report, Behavioral and Analytical Demand-Side Management, examines the global behavioral and analytical DSM market, with a focus on two sectors: residential and commercial and industrial (C&I). The study provides an analysis of utility case studies and market issues, including drivers and barriers, associated with behavioral and analytical DSM. Global market forecasts for spending, segmented by category (behavioral and analytical), sector, and region, extend through 2024. The report also looks at the competitive landscape of behavioral and analytical DSM to identify and highlight the strengths and challenges of key players in the market. An Executive Summary of the report is available for free download on the Navigant Research website.