Market drivers include market liberalization and integration of variable renewable generation
BOULDER, Colo., May 18, 2023 /PRNewswire/ — A new report from Guidehouse Insights evaluates the global market for power trading platforms—software applications, architectures, or tools that facilitate the purchase or sale of physical electricity either through bilateral contracts or a market exchange.
As the market for the software that facilitates power trading develops, and the number of power exchanges where platforms can be employed expands, the market for power trading platforms is expected to grow steadily. According to a new report from Guidehouse Insights, the global market for power trading platforms is expected to grow from $586 million in 2023 to nearly $900 million in 2032, at a compound annual growth rate (CAGR) of 3.1%.
“Increased deployment of variable renewable resources has resulted in the need to develop more flexible market transactions and has compelled shorter periods between market trades and dispatch of the actual electricity being traded,” said Christopher Cooper, senior research analyst with Guidehouse Insights. “These power trading platforms, in turn, increase the volume of electricity traded through power exchanges and enable traders to make progressively faster and more complex transactions.”
A prerequisite to demand for power trading platforms is the existence of a functioning, competitive market in which to trade power. Consequently, the report notes that the single greatest driver of the market for power trading platforms is whether a country or market has liberalized the production, transmission, and distribution of electricity and opened these sectors to free competition.
The report, Power Trading Platforms Market, summarizes the functions of power trading platforms and segments the market by platform capabilities and the types of power markets in which the platforms are intended to operate. After analyzing the major issues driving and impeding the growth of this market, the report examines the current vendor landscape, explores the development of liberalized power markets in more than 15 developed and emerging economies, provides growth outlooks for several regional markets, and evaluates potential new markets opening in Asia Pacific, Latin America, and the Middle East & Africa. The conclusion includes recommendations for software providers, platform vendors, traders, and policymakers to advance public policy, make more strategic investments, and optimize returns. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
∗ The information contained in this press release concerning the report, Power Trading Platforms Market, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights
