Blockchain in Energy Industry Market Transforming Rapidly |CAGR 29%

Market Scenario

The global energy industry in recent years has been witnessing uncertainties, such as the unexpected drop in oil prices. But, the industry has identified Blockchain technology as the single most uncertainty within the digitization elements that can have a far greater impact than the oil price drop. This is chiefly because, the global energy industry has been playing a major role in fueling the global economy since the industrial revolution. Digitization has continuously been changing the global energy industry dynamics along with the consumer inclination. The Blockchain technology in energy sector is expected to take it to the next step as it has the potential to change the fundamental way the global energy industry operates.

Until now, the global energy industry has been operating on the underlying model of centralized structure, where all records and every transaction have to go under various exchanges, authorization agencies and trading platforms. For instance, transport of oil from the extraction point to the consumer point is a legal and logistical nightmare as several transaction and verification activity has to be carried out at every point. All these transactions are usually retained in a centralized database, which can then be accessed by energy companies and government agencies. Digitization has enabled the energy industry to move on from centralized systems to decentralized systems of operations, and now Blockchain is expected to lead the way.

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Market Research Analysis

Grid management and peer-to-peer energy trading services are expected to command a major market share

The global blockchain in energy industry is segmented based on technology type, platform type, implementation type, end-use industries, and by applications across the different regions of the world. With the ability to monitor and facilitate decentralized applications, blockchain implementation in energy industry is expected to create new business models, such as peer-to-peer energy trading facilities. With this, customers can choose whom they want to share the energy generated by them and it can be done without any third party or consortiums intervention. This is highly beneficial, especially in regions and places where there is more distributed energy sources such as solar power generation and small-scale wind. Hence peer-to-peer application is expected to show rapid growth rate. Besides, in the energy sector, the power and utilities operations is witnessing a number of blockchain based projects as more and more utilities and blockchain players are teaming with investment collaboration to check and expand the potential of this technology. On the other hand, major oil and gas companies, such as BO, Shell, and Statoil are all joining forces to create a common blockchain based platform for oil and gas operations. Blockchain in energy industry has huge potential as it can considerably remove the intermediary processes along with faster and secure implementation of operations.

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Key Players

The key players of global blockchain in energy Industry market are Power Ledger (Australia), Conjoule (Germany), Grid+ (U.S), Grid Singularity (Germany), Impact PPA (U.S), Exergy (LO3 energy) (U.S), The Sun Exchange (Pty) Ltd (South Africa), WePower UAB (Republic of Lithuania), and BTL Group Ltd.(Canada). Global blockchain (Canada), Electron (Chaddenwych Services Limited) (U.K), PONTON GmbH (Germany), Stedin Group (Netherlands), OURSOLARGRID (ITP Innovative Technology Projects GmbH) (Germany), and Omega Grid (U.S) are among others.

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