The availability of energy usage data and the creation of software platforms with data analytics have recently given way to new forms of analytical demand-side management (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. According to a new report from Navigant Research, global behavioral and analytical DSM spending is expected to grow from US$214.7 million in 2015 to US$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," said 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.
