A new report from Guidehouse Insights (formerly Navigant) examines the online energy marketplace landscape and shows that utility revenue from these online platforms could grow from $118.2 million in 2020 to $468.0 million by 2029.
Guidehouse said that customers are growing comfortable with smart home products and continue to look for ways to improve energy management and bring comfort to their homes. This awareness has spurred recent developments in utility online energy marketplaces, which create the opportunity for utilities to deepen engagement with customers and serve as an energy ally.
Online marketplaces hosted by utilities can help their customers purchase small energy management items such as smart thermostats and energy efficient appliances. Taken to an extreme, some experts see a future in which utilities can advise homeowners on an EV purchase via an online marketplace.
“Customers are seizing opportunities to interact with their utility online,” says Jessie Mehrhoff, research analyst with Guidehouse Insights. “Evolving partnerships, merger and acquisition activity, and efforts to serve small business customers are all changing the utility online energy marketplace landscape.”
According to the report, online energy marketplace business models are expected to differ between existing markets in North America and Europe due to differences in energy market structure. There is little evidence of nascent markets in the other global regions; however, utility online energy marketplaces are expected to appear in Asia Pacific before 2029.
The report provides an analysis of market issues including drivers and barriers. Profiles of key industry players across North America and Europe are also included.