Blockchain in Energy Market to Undertake Strapping Growth by 2023
The 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 report segments the 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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The blockchain in energy market, by end-user, is segmented into power and oil & gas. The power segment is estimated to be the fastest growing segment during the forecast period as it has the largest number of implemented blockchains in energy projects and R&D investments. Whereas for the oil & gas sector, the use of blockchain technology is still emerging.
Europe: The leading market for blockchain in energy
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 market in the region.
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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