Blockchain in Energy Market is Growing at a CAGR of 78.32% from 2018 to 2023 — Global Outlook
The global blockchain in energy market is projected to reach USD 7,110.1 Million by 2023 from an estimated USD 394.3 Million in 2018, at a CAGR of 78.32% from 2018 to 2023.
The global blockchain in energy market growth can be attributed to the Increasing popularity of the blockchain technology in the energy sector, the need to manage infrastructure and other business functions through high transaction speeds and immutability, and the rising security concerns across the globe.
The blockchain technology in the power sector plays a major role in managing distributed energy resources and provides companies with more cost-effective and efficient solutions to record and process transactional data. In addition, the power sector has the largest number of implemented blockchain in energy projects and R&D investments. Whereas for the oil and gas sector, the use of blockchain technology is still emerging.
The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems.
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Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.
The Asia Pacific is estimated to be the fastest growing market for blockchain in energy sector during the forecast period. The region has been segmented, by country, into Japan, Singapore, Australia, New Zealand, and rest of the Asia Pacific. The blockchain in energy market in the region is primarily driven by the increasing demand for energy and power that could create a huge opportunity for the adoption of blockchain in the energy market. Moreover, most of the energy-based companies of the region have tied up with blockchain technology providers to develop technologies to provide an accurate record of every transaction and ensure trustworthy relationships between all parties.
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The blockchain in energy market, by component, is segmented into platform and services. The platform segment is estimated to be the fastest growing segment during the forecast period. The blockchain platform offers decentralized storage to record all transactional data and provides peer-to-peer transaction to end-users. It enables users to set up private, public, and consortium-based blockchain environments along with the capabilities to develop their blockchain applications and solutions.
The leading players in Blockchain in Energy Market are Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).
Blockchain in Energy Market is Growing at a CAGR of 78.32% from 2018 to 2023 — Global Outlook was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.