Market Overview:
The Global Blockchain in Energy Market is expected to increase from USD 180.3 Mn in 2017 to more than USD 5,000 Mn by 2023. Businesses are utilizing blockchain for data management and to track financial transactions and interactions. Moreover, it offers a secure channel for businesses to manage data.
The use of blockchain technology in the energy sector allows energy companies the chance to make substantial cost-saving and process efficiencies which is a significant advantage that is expected to be derived from the implementation of blockchain in energy. However, the preliminary potential of blockchain technology in the energy industry proves its potential to be that of a robust technology in its imminent energy industry applications.
As blockchain technology is a relatively new technology that has the potential to transform the way energy industry operates while moving away from a centralized structure towards a decentralized system. Through blockchain technology, the energy industry operations are expected to be more flexible and can also efficiently contribute toward fast-tracking the speed of changes taking place in the energy industry.
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Regional Analysis:
Geographically, The Global Blockchain in Energy Market has been segmented into five main regions across the world namely; APAC, North America, Europe, Latin America, and Rest of the World (RoW).
The European region is one of the forefront regions in the adoption of the blockchain technology. Germany had accounted for the most significant market share of 55.88% in 2017, with a market value of USD 46.6 million and is projected to grow at the highest CAGR of 81.49% during the forecast period.
The North American region is one of the principal markets for the blockchain in the energy industry. Furthermore, the region is witnessing rapid growth in blockchain based energy projects as renewable-based energy generation sources are progressively contributing to the rising power demand of the region. The U.S. accounted for the most significant market share of 76.16% in 2017, with a market value of USD 55.8 million and is estimated to develop at the high CAGR of 77.68% during the forecast period.
Intended Audience:
• Utility infrastructure providers
• Renewable energy power developers
• Service providers
• Consulting companies of the energy and power sector
• Environmental and regional energy associations
• Government and research organizations
• Investment banks
• Venture Capitalists and Investors
• Blockchain solution providers
Market Segmentation:
The Blockchain in Energy Market is segmented on the basis of end-use industries, technology type, platform type, implementation type, and application type.
By technology type, the market is segmented into closed blockchain, open blockchain, hybrid blockchain and consortium blockchain. Closed Blockchain is accredited for a significant market share of 77.71% in 2017, and is projected to develop at the highest CAGR of 76.88% during the forecast period.
The platform type basis of segmentation of the market comprises of hyperledger, ethereum, tendermint, and interbit. Ethereum is responsible for the leading market share of 76.89% in 2017, with a market value of USD 138.6 and is likely to develop at the highest CAGR of 78.56% during the forecast period.
The market segmentation of the market on the basis of implementation type comprises of development platforms, service & solution, and industry specific.
The end use industries based segmentation of the market includes power & utilities, renewable energy, and oil & gas.
The applications based segmentation of the computer vision market consists of grid management, energy trading, control & security, payment schemes, supply chain and logistics.
Global Key Players:
The key players of global Blockchain in Energy Market are; WePower UAB (Republic of Lithuania), Conjoule GmbH (Germany), Power Ledger Pvt. Ltd. (Australia), LO3 Energy, Inc. (U.S.), Grid + (U.S.), BTL Group Ltd. (Canada), Enosi Foundation (Australia), The Sun Exchange Pvt. Ltd. (South Africa), and Electron (Chaddenwych Services Limited) (U.K).
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