Blockchain in Energy Market Revenue to Hit $7,110.1 Million 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%. Increasing popularity of the blockchain technology in the energy sector and the rising security concerns across the globe are likely to drive the blockchain in energy market.
The services segment led the blockchain in energy market in 2017, as most of the companies are tying up with various blockchain startups to implement blockchain operations such as energy trading, grid management, and supply chain management. Energy trading includes peer-to-peer energy trading, smart contracts, and real-time pricing, which would help increase transparency between transactions, data management, data visibility, and inter-system communications.
The private segment led the blockchain in energy market in 2017 and is projected to have the largest market share during the forecast period. The private segment provides more security as compared to public blockchain as it is wholly controlled and operated by a single organization. Only predetermined users can make and verify transactions. It exhibits greater efficiency and runs significantly faster.
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The power segment is one of the major end-users of the blockchain in energy market. Also, this segment is expected to hold the largest market share during the forecast period. 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.
Europe: The leading market for blockchain in energy market
In this report, the blockchain in energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. 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.
Some of the top players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).
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