LONDON–(BUSINESS WIRE)–#IndependentPower–The global electricity trading market 2019-2023 is expected to post a CAGR close to 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report.
Currently, the increasing share of renewable energy in the energy mix has resulted in a decline in the quality of electrical power supply due to the intermittent nature of renewable energy. Hence, to attain high-quality electricity using renewable energy sources, energy storage systems are being used to smooth the intermittent supply of energy from renewable energy sources. For instance, the rising deployment of renewable energy in the U.S. is increasing the number of advanced energy storage installations. The country has also set a state-wide target to increase the share of advanced energy storage. As a result of such initiations, the market for energy storage systems is expected to rise, which in turn is expected to boost the market for electricity trading during the forecast period.
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As per Technavio, the use of blockchain for P2P energy trading will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electricity Trading Market: Use of Blockchain for P2P Energy Trading
At present, blockchain has attracted the attention of the power industry with its potential to start an energy revolution in which both consumers and utilities will generate and sell electricity. For instance, in August 2018, with the support of Australian Renewable Energy Agency, the P2P trading of solar electricity started in White Gum Valley, a residential apartment in Western Australia. This apartment has rooftop PV for P2P trading comprising of 63.6 kilowatts (kW) of solar PV system with 160 kW lithium-ion battery energy storage system. It will use Power Ledger, a blockchain-based technology that will enable residents to sell their surplus energy to each other. Using blockchain technology for P2P energy trading will thus benefit the producers as well as consumers and drive the growth of the global electricity trading market during the forecast period.
“Apart from the use of blockchain for P2P energy trading, the rise in the entry of new players, increase in cross-border trading, and the rise in vendor collaboration are some factors expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Electricity Trading Market: Segmentation Analysis
This market research report segments the global electricity trading market by type (day-ahead trading and intraday trading) and geographical regions (EMEA, APAC, Americas).
The EMEA region led the market in 2018, followed by APAC and the Americas, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing vendor collaboration in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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