Digital Technologies as Drivers of Business Model Change in the Renewable Energy Firms

Abstract

Digitalization is increasingly reshaping business models, yet the mechanisms through which specific digital technologies influence business model transformation in renewable energy remain insufficiently understood. Unlike prior research that treats digitalization and business models separately or focuses on macro-level impacts, this study examines how digital technologies affect business model components—value creation, value delivery, and value capture—in renewable energy firms and the extent to which they drive business model adaptation, evolution, or innovation. It aims to combine insights from the literature on digitalization, sustainability, and business models. Through a systematic literature review following the four-phase PRISMA methodology, 32 peer-reviewed studies were analyzed using a combination of descriptive, bibliometric, and Gioia-based thematic coding analyses to identify structures and patterns across the dataset. The analysis introduces a functional grouping perspective, linking digital technologies to business model components, and business model changes. Findings reveal that the same technology can enable multiple, overlapping transformation pathways and that outcomes vary depending on how technologies are implemented and embedded within firm operations. This study contributes theoretically by integrating a functional technology lens and sustainability lens with business model change typologies—a novel integrative framework absent from the prior literature. It practically provides a framework to help renewable energy firms move toward sustainability-oriented reconfiguration of business models by prioritizing and integrating digital tools effectively, thereby enhancing competitive advantage and accelerating value capture from digitalization. This paper closes with directions for future research on technology-enabled business model change.