A key factor driving the growth of the market is the growing popularity of EVs. EVs are witnessing an increase in usage due to the need to reduce dependence on fossil fuels and control vehicle emissions. Moreover, favorable government policies, that encourage vehicle owners and municipalities to purchase EVs for a clean environment will drive the growth of EVs. Also, growing concerns about climate change and pollution along with strict government policies related to harmful emissions caused by vehicles will drive the popularity of EVs. Therefore, the growing demand for EVs will drive the need for charging stations which in turn will drive the electricity retailers market during the forecast period.
As per Technavio, the innovations in electricity retailing among players will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global electricity retailing market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electricity Retailing Market: Electricity Retailing is Driving Innovation Among Players
Technological developments and innovations in the power generation sector are driving the electricity retailing market. Energy and water retailers utilize and develop digital technologies to engage with customers. Several developments in the electricity market are pushing retailers to drive innovation. For instance, the increasing popularity of EV and self-generation of energy has led consumers to produce their electricity with renewable sources of energy. These have also led to the proliferation of localized energy generation. Similarly, in April 2018, OVO launched Vehicle-to-Grid Charger, which is a bi-directional charger. The charger gives options to discharge and sell extra electricity from their EV batteries back to the grid. Therefore, such technical advancements in the electricity sector are expected to drive the electricity retailing market during the forecast period.
“Apart from growing innovation among players, the increased focus on renewable energy and energy storage systems are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Electricity Retailing Market: Segmentation Analysis
This market research report segments the global electricity retailing market by application (industrial, commercial, residential, and others) and geographical regions (APAC, Europe, North America, ROW).
The APAC region led the market in 2018, followed by Europe, North America, and ROW respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to favorable government policies towards renewable energy along with rapid urbanization.
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Five Forces Analysis
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