Blockchain in Energy Market: Innovative Technology to Bolster the Future of Energy & Power Industry

The global blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.

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.

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  • Market Dynamics

    • Drivers

      • Increasing Popularity of the Blockchain Technology in the Energy Sector

      • Manages Infrastructure and Other Business Functions Through High Transaction Speed and Immutability

      • Low Cost of Bandwidth and Computing

      • Rising Security Concerns Across the Globe

    • Restraints

      • Lack of A Common Set of Regulatory Standards and Uncertain Regulatory Landscape

      • Concerns Related to the Authenticity of Users

    • Opportunities

      • Increasing Venture Funding and Investments in the Blockchain Technology

      • Innovation Across International Trade and Supply Chain Management

    • Challenges

      • Lack of Awareness and Technical Understanding About the Blockchain Technology

      • Opposition From Incumbents

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Target Audience:

  • Blockchain security providers

  • Blockchain technology vendors

  • Communication service providers

  • Consultants/consultancies/advisory firms

  • Energy associations

  • Government agencies

  • Independent software vendors

  • Infrastructure and protocol providers

  • Managed Service Providers (MSPs)

  • Network solution providers

  • Payment gateway providers

  • Support and maintenance service providers

  • System integrators and implementation service providers

  • Third-party service providers

  • Trading software providers

  • Value-Added Resellers (VARs)

“Asia Pacific: The fastest growing market for blockchain in energy market”

The Asia Pacific is expected to be the largest market for blockchain in energy market in 2023 and is projected to grow at the highest CAGR during the forecast period. Australia accounted for the largest share of the blockchain in energy market in the Asia Pacific in 2017 as it is one of the early adopters of the blockchain technology in the region. For instance, Origin Energy, one of the leading energy providers of Australia, in a partnership with Power Ledger plans to adopt new energy trading platforms to maintain the record of buying and selling energy. The Australian government is also planning to invest more to gain the benefits of blockchain in energy market.

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The blockchain in energy market is dominated by a few major players that have a wide regional presence. The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).

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