According to the report, the global blockchain in energy market was valued at around USD 208 million in 2017 and is expected to reach approximately USD 11,899 million by 2024, growing at a CAGR of above 78.20% between 2018 and 2024.
Blockchain can be also termed as decentralized ledger technology. It has no core system or a central server. The authentication of these servers is handled publicly. It helps people to trade energy among themselves. The applications of blockchain in the energy market include payment schemes, grid management, governance risk, and compliance management, energy trading, and supply chain management.
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The blockchain in energy market is developed and able to fulfill the increasing power demand across the globe. These systems are beneficial, as they offer fast and secure transaction at a low cost without involving any conventional intermediates. This, in turn, is likely to drive this market in the future. The power and utility companies are exploring different ways to develop and implement blockchain technology, as it provides efficient ways to record and process data and the customers can afford streamlined and accurate access to their bills. This system can provide effective access to various energy sources and accurate utilization of the service data. These features of the blockchain energy are gaining more popularity in the power sector, and thus, are likely to drive this technology in the power sector in the future. However, the lack of a clear set of regulatory standards and uncertainty of the regulatory landscape might hinder this market. Nevertheless, advancements in the international trade and supply chain management are expected to provide many opportunities for the key players working in the global blockchain in energy market.
The global blockchain in energy market is segmented based on type, component, application, and end-user. By type, this market is bifurcated into private and public. The component segment includes platform and services. The application of global blockchain in energy market includes grid management, energy trading, government risk, and compliance management, payment schemes, supply chain management, and others. By end-user, this global market is divided into power and oil and gas sectors. In 2017, the power sector dominated the market and is expected to continue the trend over the forecast time period. This can be attributed to the rising demand for renewable energy around the globe.
By region, the global blockchain in energy market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe held the most significant share of the blockchain in energy market, in terms of volume, in 2017. This can be due to the presence of major market players that are contributing to substantial developments in this regional market. The North American blockchain in energy market is expected to witness significant growth in the upcoming years, due to huge investments in blockchain technologies by various companies in the region.
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Some major players operating in the global blockchain in energy market are SAP SE, BigchainDB, BTL Group Limited, Deloitte, Grid+, Infosys, Microsoft, Nodalblock, IBM, AWS, Oracle, Accenture, Power Ledger, WePower, and Lo3 Energy, Inc., among others.
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