The utility and energy management sector has faced a lot of changes in the past couple of years. With more countries embracing new sustainability policies, utility companies are expected to remodel their approach to consumers and the market.
Transition to clean and renewable energy is accelerated by the changing consumer needs, funding, and the regulatory part.
Consumers are more conscious about where their energy is coming from. Finance institutions navigate financing and investment to sustainable and green initiatives, while governments and regulators put new regulations and incentives for energy service providers.
But it’s only a few aspects of the changing utility and energy industry.
The European utility market is one of the most progressive worldwide, and in 2020, the sector increased its market value by €74.1 billion in the third quarter. Steady growth is also predicted in the upcoming years, followed by fresh trends in the utility sector.
We prepared a list of the key utility service trends to follow in 2021.
Utility and energy trends 2021
Clean and renewable energy
The European Union Green Deal is set to reduce carbon emission to neutral by 2050.
Energy providers are in the spotlight because fossil fuel used for energy is one of the biggest polluters on earth. European countries such as Poland still rely on fossil fuel, but that isn’t expected to last long.
Utility companies that want to compete for a place in the market need to rethink their energy usage. Not only are unsustainable companies very likely to lose financing, but local and EU regulators also have prepared fines and penalties to control unsustainable activities.
The waste management sector also embraces sustainability, as more service providers install sustainable and eco-friendly cleaning systems. Next-generation waste management systems can clean even the smallest plastic particles and filtrate dissolved plastic. This technology is likely to become an important part of fighting plastic and chemical pollution.
Solar and wind energy rentals
For a long time, solar energy panels were the main way for private house owners to contribute to a cleaner environment.
But in the past years, energy providers have increased solar and wind energy rental activities, meaning that people living in apartments and those who can’t afford to install their own equipment will have the chance to use clean energy.
The infrastructure of solar and wind turbine farms is improving, as well as more market participants are initiating such infrastructure construction to make clean energy accessible for everyone interested.
Consumers are eager to use this opportunity because many governments provide incentives to support the transition to solar and wind energy. Additionally, renewable energy is often cheaper and if household owners have their own solar panels, they can sell the excess energy, saving even more.
Opening markets and increasing competition
For decades, countries like Lithuania had pretty much a monopolized energy market, meaning that one or two providers had the majority of consumers in their possession That raised many concerns such as the fairness of energy prices as well as geopolitical concerns about where the energy is coming from.
Countries initiate demonopolization of energy markets and ask residence owners to choose service providers individually. With new rules on energy sources, sustainable businesses offering clean energy sources have an advantage in the current market.
Electrification of public transportation
Electrification of public transportation started years ago, especially in European countries. Each year, the market adds a few thousand new electric vehicles.
This year, the process was hindered by the pandemic. But with the Green Deal on the way, European countries should expect a surge in electric public transportation and new infrastructure development.
With a developing and maturing consumer base, utility companies need to be more flexible. Consumers want clear and accessible information about their energy usage, meaning that service providers have to establish platforms to share data.
In the upcoming years, utility service providers should pay more attention to establishing user platforms to present energy consumption and usage information, help consumers analyze and understand it, as well as create communication channels.
Utility field service management solution
Field service utility companies are expected to face many new developments and changes, clean energy and more competition being only a few of them.
Expedite your transition to sustainability and business process digitization with Tasker. Tasker field service management solution helps utility companies simplify their operations, make technicians more autonomous, and adapt to the ever-changing market.
See it for yourself, book a free demo to try the Tasker solution.
How do you think your business will adapt and embrace new challenges?
Let us know in the comments section below.