global blockchain in energy market is expected to exceed the valuation of USD 5,000 Mn by 2023 at a stellar CAGR (74.45%) through the forecast period.
— Smart Energy Grid Models to Drive Blockchain in Energy Market Demand
Market Research Future (MRFR) has announced a new release on the global blockchain in energy market. The report provides detailed information on the market’s probable future trajectory based on an analysis of the market’s historical and present conditions. The leading segments and key players in the Global Blockchain in Energy Market are also assessed in the report in order to provide readers with an accurate overview of the market’s internal dynamics. The future growth trajectory of the global blockchain in energy market is elaborated upon in the report with detailed analysis of the key factors making the market tick. The global blockchain in energy market is expected to exceed the valuation of USD 5,000 Mn by 2023 at a stellar CAGR (74.45%) through the forecast period.
Blockchain technology is a transaction storage technology where information is stored on a continuously growing set of records known as blocks. The design of the storage makes it inherently immune to data corruption, making the system secure inherently. The commercial scope of blockchain technology in the energy sector has not yet been explored fully, with the energy sector being slow to realize the benefits of blockchain technology and its utility in a modern, digitally connected, smart energy sector. The increasing complexity of transactions within the energy sector and the increasing need for a reliable large-scale data storage mechanism to handle the same is likely to drive the global blockchain in energy market over the forecast period.
The growing adoption of renewable energy generation mechanisms across the world is likely to be a major driver for the global blockchain in energy market over the forecast period. The increasing adoption of renewable energy and the need to integrate emerging renewable energy generation platforms into the mainline grid have led to an increasing realization of the applicability of blockchain in the energy sector. Blockchain technology can help the energy sector keep track of various energy producers and their figures for generation and provision of the produced energy. This is likely to be a key driver for the global blockchain in energy market over the forecast period.
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Leading players in the global blockchain in energy market include
• Power Ledger Pty Ltd
• LO3 Energy Inc
• BTL Group Ltd
• Conjoule GmbH
• Electron (Chaddenwych Services Limited)
• Enosi Foundation
• The Sun Exchange (Pty) Ltd
• WePower UAB
The global blockchain in energy market is segmented on the basis of Technology Type, Platform Type, Implementation Type, End-Use Industry, Application, and Region.
On the basis of Technology Type
• Open blockchain
• Closed blockchain
• Consortium blockchain
• Hybrid blockchain
By Implementation Type
• Service and solution
• Development platforms,
• Industry-specific implementation
By End-Use Industry
• Power and utilities
• Renewable energy
• Oil and gas
• Grid management
• Energy trading
• Control and security
• Payment schemes
• Supply chain
Regionally, the global blockchain in energy market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Europe is likely to emerge as a leading player in the global blockchain in energy market over the forecast period due to the widespread adoption of a number of renewable energy sources in the region. Incorporation of renewable energy generation into the mainline grid has been a major agenda for governments in the region over the last few years, resulting in a highly complicated, diverse electricity distribution network containing several sources and types of energy. This has led to a stark need for an efficient technology to handle the increasing amounts of data being generated in the sector. This is likely to drive the blockchain in energy market in the region over the forecast period.
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