Building-to-Grid Technology Market to Garner USD 7.0 Bn by 2031 Registering at a CAGR of 21.7% Says, TMR

Wilmington, Delaware, United States, June 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The building-to-grid technology market was valued at US$ 1.2 Billion in 2022 and is projected to reach at US$ 7.0 Billion by 2031 & to grow at a CAGR of 21.7% from 2023 to 2031.

Continuous advancement in communication standards for Grid-interactive Efficient Building (GEB) is strengthening the pace of building-to-grid integration activities. For instance, standards for communication between the facilities and the grid are rapidly improving in order to support energy management programs. A number of demand response-based programs for building-to-grid integration have been implemented which deliver a multitude of benefits such as significant utility bill savings for the end-customer, boost grid stability, bridge peak power shortage, and enhance grid reliability.

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Market Snapshot:

Considerable investments in smart grid infrastructure, such as smart metering solutions, are generating significant revenue opportunities for companies in the region

North America and Asia Pacific are projected to offer lucrative opportunities in the next few years due to efforts of governments in these regions to scale up renewables and Distributed Energy Resources (DERs) across the grid.

Key Findings of Study

• Rise in Implementation of Smart Metering Technology: Based on technology, the smart metering is anticipated to constitute dominant market share from 2023 to 2031. Surge in demand for smart meters by building owners can be ascribed to the two-way communication capability (between the building and the grid) of the metering technology. Smart metering technology offers significant business opportunities for companies in the building-to-grid technology market. The collection and analysis of the data through the technology is used by electricity suppliers/retailers to bill customers accurately and offer variable tariffs. On the other hand, end-customers or consumers of electricity benefit from smart metering infrastructure to shift their consumption pattern in response to market- and grid conditions and save on energy bills.
• Rapid Advancement in Smart Grid Infrastructure to Bolster Building-to-Grid Technology: Smart grid infrastructure planners and operators are implementing demand response programs for customers to balance supply and demand and lower their cost of electricity generation. These programs are anticipated to pave the way to a fully integrated buildings-grid ecosystem, which is likely to augment the building-to-grid technology market development. Steady implementation of intermittent and variable generation sources in smart grids has boosted market size. Surge in electricity demand is encouraging building owners to look for untapped energy savings through the adoption of smart sensing, metering, and control technologies in commercial, residential, institutional, and industrial buildings.

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Competition Landscape

The business landscape is consolidated, with only a few large-sized vendors. Prominent companies in the building-to-grid technology market are Siemens, Schneider Electric, ABB, General Electric, Honeywell International Inc., S&C Electric Company, Landis+Gyr, AlphaStrxure, Bloom Energy, and Eaton.

Key Drivers

• Considerable initiatives by governments and utility companies for smart optimization and control of grid operations are expected to drive the building-to-grid technology market. A number of demand- and supply-side activities (related to the electric power grid) are promoting the integration of commercial, residential, and industrial buildings with the electric power grid. Smart grid initiatives offer utility companies and end-use customers (the final consumer of electricity) several benefits.
• The pressing need to integrate Distributed Energy Resources (DERs) and renewable energy sources with the modern grid is propelling investment in smart grid infrastructure. Steady focus of governments in numerous countries toward development of grid modernization technologies is a key factor expected to drive the building-to-grid technology industry. Recent trends indicate that rise in investment in smart grids is spurring market development.
• A number of R&D programs on smart grids aim at balancing supply and demand, improving the efficiency of resources used in electricity production and bolstering the reliability of grids. These initiatives are positively influencing market evolution.
  

Regional Growth Dynamics

North America is anticipated to account for leading market share from 2023 to 2031. Significant investments in smart grid infrastructure and adoption of advanced communication standards are propelling the market in North America. An instance is the latest standards by the U.S. National Institute of Standards and Technology (NIST) for integrating Grid-interactive Efficient Building (GEB) technologies.

Asia Pacific is a lucrative market for building-to-grid technology. Surge in electricity demand in numerous countries, such as India, Japan, China, and South Korea, is anticipated to spur industry growth. Surge in number of initiatives by grid operators to adopt Variable Renewable Energy (VRE) (or intermittent renewable energy sources) is expected to augment market outlook in the region. Rapid implementation of smart grid technologies is likely to fuel market growth in the overall region. An instance, a number of buildings-to-grid (B2G) objectives by government in India in recent years has boosted the market size in Asia Pacific.

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Building-to-Grid Technology Market Segmentation

By Technology

• Smart Sensing
• Smart Metering
• Control Technology
• Energy Storage
• Others
  

End-use

• Commercial
• Industrial
• Residential
  

Region

• North America
• Latin America
• Middle East & Africa
• Asia Pacific
• Europe
  

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