Blockchain technology is a relatively new technology that has the potential to transform the way energy industry operates by shifting away from a centralized structure towards a decentralized system. With the implementation of blockchain in energy industry operations, third party intermediaries, whose services are needed today in almost most energy industry operations are no longer needed. This can effectively increase the speed of energy industry processes and at the same time reducing the cost of operations. Through blockchain technology, the energy industry operations will become more flexible and can also effectively contibute toward accelerating the speed of changes taking place in the energy industry.
The blockchain in energy industry is expected to expand at a 74.45% CAGR during the forecast period and is expected to reach USD 5,032.6 Million by 2023. Europe region is the largest market with a share of 46.23% and closely followed by North America with 40.60% and Asia Pacific with 9.26% share.
The global blockchain in energy market is segmented on the basis of technology type, by platform type, by implementation type, by end-use industries, by applications and by regions. Based on technology type the market is segmented as open blockchain, closed blockchain, consortium blockchain and hybrid blockchain. Based on platform type the market is segmented as Ethereum, Hyperledger, Tendermint, Interbit and Others. By implementation type the market is segmented as Service and solution, development platforms and industry-specific. By end-use industries the market is segmented as power and utilities, renewable energy and oil and gas industries. Furthermore, based on application, the market is segmented as grid management, energy trading, control and security, payment schemes and supply and logistics.
The blockchain in energy market is driven by factors as increased growth in decentralized energy generation, disintermediation and the requirement for increased automation with data integrity and security. However, regulatory protocols and lack of prominent players may hinder the growth of the market.
• Rest of the World: 3.91%
Key Leading Countries
• U.S.
• U.K
• Germany
• Australia
Key Market Drivers
• Growth in decentralized energy generation
• Disintermediation – No influence of any central intermediary
• Increased Automation with Data integrity and security
Key Market Opportunities
• Development of new business models
• Enable real-time transactions
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Global Blockchain in Energy Market Research Report: Forecast to 2023
Key Vendors
• Power Ledger (Australia)
• WePower UAB (Republic of Lithuania).
• LO3 Energy, Inc. (U.S)
• Grid + (U.S)
• BTL Group Ltd.
