Revenue generated by utilities through trading on the online energy marketplace is expected to increase from $118.2 million in 2020 to $468.0 million by 2029, according to Guidehouse Insights.
Three key factors driving the market include:
- Evolving partnerships
- merger and acquisition activities
- Priority market shifts and utility efforts to serve small business customers
Utility focus on the use of emerging technologies and business cases to optimise consumer services, engagement and comfort in smart homes is expected to drive the market.
“Customers are seizing opportunities to interact with their utility online,” says Jessie Mehrhoff, research analyst with Guidehouse Insights.
Online energy marketplace business models are expected to differ between existing markets in North America and Europe due to differences in energy market structure and are expected to appear in the Asia Pacific before 2029.
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