Blockchain in Energy Utilities Market | Fortune Business Insights

Author: Rahul Gadve

The global blockchain in energy utilities market size is projected to reach USD 1,564.0 million by the end of 2026. According to a report published by Fortune Business Insights, titled "Blockchain in Energy Utilities Market Size, Share & Industry Analysis, By Offerings (Vertical Solutions, Blockchain-as-a-Service), By Deployment (Proof of Concept, Pilot, and Production) and Regional Forecast, 2019-2026," the market size was USD 127.5 million in 2018 and will exhibit a CAGR of 37.6% during the forecast period, 2019-2026.

The increasing adoption of concepts such as blockchain as a service (BaaS) has created several growth opportunities for the companies operating in the market. The demand for blockchain technologies has risen dramatically in recent years, owning to its exceptional properties and ability to enable optimum business operations. The growing demand for BaaS will have a direct impact on the growth of the market in the forthcoming years. Increasing government investment as well as initiatives towards the use of blockchain across several industrial domains will fuel the demand for the product across the world.

The report provides an in-depth analysis of the global Blockchain in Energy Utilities market. It highlights key aspects of the market, including leading product types, major companies and areas that have witnessed the highest applications. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.

Increasing Number of Company Mergers Have Subsequently Yielded Several New Products

The report encompasses several factors that have constituted an increase in the Blockchain in Energy Utilities market size in recent years. Among all factors, the mergers and acquisitions have made the highest impact on the overall market. In November 2018, Bharat Petroleum and Shell announced a collaborative launch of a new oil trading platform. The system will help optimize the overall business operations and allow seamless trading activities. The system is developed by Vakt and caters to low-cost, no-intermediary, and secure transactions. The report includes major company collaborations, similar to this and gauges their impact on the global market.

Europe and North America to Witness Considerable Growth Driven by Increasing Government Initiatives

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the markets in North America and Europe are estimated to witness considerable growth in the coming years. The increasing government initiatives aimed at promoting business deployment methods will lead to a subsequent rise in the demand for the product in this region. Further, focus on promoting green energy and the deployment of numerous green purchase programs will constitute growth of the Blockchain in Energy Utilities market in Europe. Besides Europe, the market in Asia Pacific is likely to witness considerable growth in the coming years, owing to growing incorporation of blockchain technology in applications across diverse industries. As of 2018, the market in Asia Pacific was worth USD 21.9 million and the region is projected to emerge as the fastest growing region during the forecast period.

Some of the leading companies that are operating in the global Blockchain in Energy Utilities market are:

  • IBM Corporation
  • Greeneum
  • Oracle Corporation
  • Microsoft Corporation
  • EnergiMine
  • Accenture PLC
  • Infosys Limited
  • SAP SE
  • LO3 Energy Inc.
  • The Sun Exchange (Pty) Ltd.

Key Industry Developments:

November 2018: Shell and Bharat Petroleum announced the launch of a blockchain oil trading platform. The system is developed by Vakt and recommended for low-cost, no-intermediary, and secure transactions.