Energy Sector's Business Models Categorization and Their Defining Elements

Abstract

Innovation in the energy sector’s business models is crucial in driving progress and development, enabling companies to incorporate new technologies, improve efficiency, adapt to market changes and energy demands, and promote sustainability. This study aimed to survey and categorized business models in the energy sector based on available literature, discussing their different perspectives and structures. Three product-oriented and 14 service-oriented business models were identified through a systematic literature review. In addition to the nine classic elements of the business model Canvas, four additional elements were observed in the conceptual analysis of business models, allowing a new classification into four distinct groups. The main characteristics of the new models stand out as the search for renewable energy supply, the reduction of electricity costs for the consumer, the need for information and communication technology structures, and the use of the Internet of Things, resulting in hybridization between product and service-oriented models. This research identifies trends in the literature and highlights the perceived relevance of these models, providing insights into current research and development directions.