Market Size (2016)
2016
$104.60M
Energy & Power
Blockchain in Energy Market
By Segment, By Region, And Segment Forecasts, 2016 – 2023
Vertical: EnPBase Year: 201710 Sections
Executive Summary
Blockchain in Energy Market — Snapshot
Projected (2023)
2023
$5.03B
CAGR (2016–2023)
73.9%
73.9%Key Players
108+
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.
TABLE 1 MARKET SYNOPSIS
Market Size
• 2017: USD 180.3 Million
• 2023: USD 5,032.6 Million
CAGR
• 74.45%
Key Geographies
• Europe: 46.23%
• North America: 40.60%
• Asia Pacific: 9.26%
• 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
P a g e | 15 Copyright © 2018 Market Research Future.
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.
Source: MRFR Analysis
Key Insight
The Blockchain in Energy Market market is projected to grow at a CAGR of 73.9% from 2016 to 2023.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 4 regions: Asia Pacific, Europe, Rest of the World, North America.
- Market Segmentation: The market is analyzed across 4 segments: Closed Blockchain, Consortium Blockchain, Open Blockchain, Hybrid Blockchain. Forecasts are provided for each segment from 2016 to 2023.
- Competitive Landscape: 108 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Blockchain in Energy Market — Growth Trajectory
Blockchain is a distributed data management technology, which is an open source that can facilitate tracking all kinds of transactions and interactions. All these transactions and interactions through blockchain technology are completely secure, and transparent. This is mainly due to the fact blockchain technology by design guarantees such reliability and information once entered are difficult to tamper with and they are permanently stored. In the digitization era of 21st century, blockchain technology rapidly is becoming foundational piece for new enterprise technologies which when adopted can have significant impact on factors such as operational costs, capital expenditure, risk management, and security.
Blockchain in Energy Market — Growth Trajectory
Closed Blockchain
Consortium Blockchain
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View Subscription PlansMarket Dimensions
How this market is segmented
- Technology Type Technology Type is broken down into: Open Blockchain, Closed Blockchain, Consortium Blockchain, Hybrid Blockchain.
- Platform Type Platform Type is broken down into: Ethereum, Hyperledger, Tendermint, Interbit, Others.
- Implementation Type Implementation Type is broken down into: Service & Solution, Development Platforms, Industry Specific.
- End-Use Industries End-Use Industries is broken down into: Power & Utilities, Renewable Energy, Oil & Gas.
- Application Application is broken down into: Grid Management, Energy Trading, Control & Security, Payment Schemes, Supply Chain & Logistics.
Geographic Analysis
Regional market breakdown
- Asia Pacific Asia Pacific market size reached $10.30M in 2016 and is projected to reach $319.10M by 2023, growing at a CAGR of 63.3%.
- Europe Europe market size reached $47.00M in 2016 and is projected to reach $2.68B by 2023, growing at a CAGR of 78.2%.
- Rest of the World Rest of the World market size reached $4.80M in 2016 and is projected to reach $77.40M by 2023, growing at a CAGR of 48.8%.
- North America North America market size reached $42.60M in 2016 and is projected to reach $1.96B by 2023, growing at a CAGR of 72.8%.
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View Subscription PlansResearch Methodology
Blockchain in Energy Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2016 – 2017
Forecast Period
2017 – 2023
Primary Interviews
150+
Research Process
Historical data (2016–2017) and forecast period (2017–2023)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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Regional Breakdown
Regional market breakdown for Blockchain in Energy Market.
Regional Market Size (USD Mn)
Market estimates by geography (2023)
USD Mn
InsightEurope leads with $2.68B by 2023.
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View Subscription PlansRegional Market Data
| REGION | 2016 | 2017 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $10.30M | $72.40M | $319.10M | 63.3% | 6% |
| Europe | $47.00M | $468.50M | $2.68B | 78.2% | 53% |
| Rest of the World | $4.80M | $23.10M | $77.40M | 48.8% | 2% |
| North America | $42.60M | $375.10M | $1.96B | 72.8% | 39% |
| Total | $104.70M | $939.10M | $5.03B | 73.9% | 100% |
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View Subscription PlansSegment Revenue (2023)
Closed Blockchain
Consortium Blockchain
Open Blockchain
Hybrid Blockchain
01173234635194692
Segment Market Share
- Closed Blockchain85%
- Consortium Blockchain14%
- Open Blockchain1%
- Hybrid Blockchain0%
Total Market Size
$5.03B
Market by Segment (2023)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Closed Blockchain | $4.27B | 73.9% | 88% |
| Consortium Blockchain | $710.50M | 73.9% | 81% |
| Open Blockchain | $50.10M | 73.9% | 72% |
| Hybrid Blockchain | $6.60M | 73.9% | 88% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Blockchain in Energy Market — Key Findings
Analytical insights on Blockchain in Energy Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Blockchain in Energy Market market is projected to reach $5.03B by 2023, growing at 73.9% CAGR. The Closed Blockchain segment holds the largest share.
Market Drivers
The global blockchain industry is at an early stage of its innovation and major technological operators are still experimenting and exploring its capabilities. Though blockchain has its roots and major presence in the financial sector, the energy industry is not far behind in implementing blockchain technology for its applications. The major factor for this is that the energy industry is quite advanced when compared to the other sectors and is much regulated in its operations. There is significant potential for blockchain technology in energy industry as blockchain technology is expected to speed up the transformation of energy towards decentralization.
Market Opportunities
The wider implementation of blockchain technology is expected to result in a much more direct relationship between power producers and consumers. There is an increased chance of strengthening market participation from small energy producers and consumers. As grid operations eventually evolve towards decentralized operations, blockchain technology could enable the generation of automatic smart contracts, which is made directly between energy producers and consumers with no ISO regulators. Industry experts have identified managing smart grids, microgrids, and development of peer-to-peer trading platforms for a specific neighborhood, payment systems, and electric vehicle charging, which can all be performed by blockchain technology. Other significant areas of potential blockchain deployment could be asset management and energy transportation. In applications such as LNG transportation and consumption, blockchain technology can show its strength in maintaining provenance of the asset and its data
Market Restraints
The global energy sector operations are highly regulated across the value chain with detailed information and requirement flowing from energy producers, transmission operators and also to end-users. However, the approach by regulators and governments towards blockchain technology still remains unclear. Blockchain technology implementation and its integrated approach can enable cross-border transactions as the data can be stored and located anywhere in the world. However, some jurisdictional issues arise as regulations tend to vary from country to country. Even in regions such as the European Union, where cross-national regulation is on priority, the actual coordination is limited. In developed markets such as U.S., individual states play a lead role in energy regulation along with the federal laws, which further add to the jurisdictional complications.
A greater coordination between regulators is essential and would play a crucial role if blockchain has to achieve its full potential in the energy industry. As blockchain can deliver greater transparency and enable real-time access to information, it can help regulatory bodies by simplifying regulatory reporting. Data integrity is one of the key characteristics of blockchain technology and it can enable regulators and ISOs to have higher transparency in their operations.
One of the possible ways of overcoming the regulatory hindrances could be by through incorporating regulatory requirements directly into the design and specification of blockchains. For instance, Ofgem’s Innovation Link, the government regulator for electricity and downstream natural gas market in the U.K., has announced that it is open to a “regulatory sandbox” where energy companies could trial new innovative ideas and innovations with focus on blockchain and its applications such as peer-to-peer energy trading. According to Ofgem, it is currently discussing in trialing a peer-to-peer local energy trading platform by a consortium led by EDF Energy including blockchain developer Electron, PassivSystems, Repowering London and University College London using blockchain technology. It is evident that blockchain technology will be a prominent feature on future energy regulatory agendas as its surrounding architecture and applications continue to evolve.
Market Challenges
One of the major challenges encountered by the companies who are in the process of considering blockchain for their operations is assessing the value and capability of blockchain over existing present systems and integration of blockchain with these systems. For example, if there are already advanced systems in operations for gas and energy trading, the cost and effort of migrating to the blockchain technology may not be viable even though the technology can support the transaction speed and scale needed in the energy trading environment. It is crucial for investors in blockchain technology to understand that their investment can be beneficial if the technology could be integrated in a legitimate environment only. Global blockchain operators are facing the challenge of integrating blockchain interface with existing systems for applications such as peer-to-peer trading, smart contract generation and other potential blockchain applications.
For easy integration of blockchain into existing systems, operators may choose blockchain to become a component of an existing system, or it may be an alternative for an existing system, or it could be a supplementary system that performs operations alongside existing system. Understanding the blockchain integration architecture with the current systems and making appropriate product design decision based on applications are of supreme importance when considering blockchain investment.
Strategic Outlook and Future Directions
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Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2023)
Value (USD Mn)
Closed Blockchain
Consortium Blockchain
Open Blockchain
Hybrid Blockchain
Companies
Key companies profiled in Blockchain in Energy Market
Profiles of 108 companies operating in the Blockchain in Energy Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
Electron (
Electron (Chaddenwych Services Limited).
Energy & Power
Company Headquarter: London, U.K. Founded: 2015 Workforce: 1 -10 Company Working: Electron is the trading name of Chaddenwych Services Limited, a blockchain energy systems operator based in London, . The company is a developer and operator of blockchain based platforms for gas and electricity supply in U.K. Electron’s blockchain platform provides trading venue for all demand-side response actions and the blockchain technology is used to design efficient, resilient flexible systems for energy sector. Electron believes that the changes driving the energy sector would require an innovative solution such as the blockchain technology to ensure a secure, robust and transparent platform. Electron is currently operating in the energy industry’s transition into smart grids and other market changes such as decarbonization, decentralization, digitization, and democratization.
RevenueN/A
Employees10
Market CapN/A
Founded2014
United States, North America
Enosi Foun
Enosi Foundation
Energy & Power
Company Headquarters: Sydney, Australia. Founded: 2018 Workforce: 11-50 Company Working: Enosi foundation is an Australia based blockchain energy market operator with a focus on increasing the utilization of clean locally generated energy. Enosi develops blockchain based open-sourced systems that are used to sell excess energy generated from renewable energy sources, such as solar PV within communities. In addition to that, the Enosi platform creates smart contracts, which will enable rapid deployment and the use of the renewable energy. Smart contracts are generated through a mobile application, which is commonly known as a “Decentralised Application” or dApp. The app does not require a centralized server or third party server as it runs on decentralized blockchain network. For higher adoption of blockchain based distributed energy applications, Enosi foundation has set up partnership programs with energy retailers, such as Solar Analytics and Energy locals, who are based in Melbourne.
RevenueN/A
Employees50
Market CapN/A
Founded2017
Sydney, Australia.
Conjoule G
Conjoule GmbH
Energy & Power
Company Headquarters: Essen, Germany Founded: 2017 Workforce: 10 Company Working: Conjoule GmbH is a Germany based start-up that uses blockchain technology for energy trading applications. The company is focussed on blockchain technology for peer-to-peer energy sharing applications as it provides freedom of choice of supply and transparency in operations. The company has two pilot projects running since October 2016 and has recently raised EUR 4.5 million (USD 5.40 million) in funding from TEPCO, Japan. Conjoule predominantly operates in local energy marketplace where homes producing renewable energy by solar PV and small-scale wind can sell their surplus energy directly to the local community.
RevenueN/A
Employees10
Market CapN/A
Founded2016
Essen, Germany
The Sun Ex
The Sun Exchange (Pty) Ltd.
Energy & Power
Company Headquarter: Cape Town, South Africa Founded: 2015 Workforce: 10 Company Working: The Sun Exchange is a blockchain based solar energy project financer operating in Africa. The Sun Exchange has unique operations compared to any other retailer using blockchain technology as the company visions blockchain to accelerate global transition to solar industry. Through its unique blockchain based online platform, it is possible for consumers anywhere around the world to purchase solar PV cells and lease them to businesses, hospitals, schools and other organizations in Africa. The owners of these panels receive lease rental payments through fiat currencies of their choice or cryptocurrency while the projects continue to operate to provide clean energy. The Sun Exchange business model democratizes solar energy finance and the blockchain platform used for these projects autonomously distributes solar energy in real-time. The company argues that this unique model has helped close the funding gap for commercial-scale solar projects in Africa. Moreover, investors in clean energy in Africa, now, can have 20 years or more secure and immutable solar income stream
RevenueN/A
Employees10
Market CapN/A
Founded2014
United States, North America
BTL Group
BTL Group Ltd.
Energy & Power
Company Headquarter: Vancouver, Canada. Founded: 2011 Workforce: 28 Company Working: BTL Group is a blockchain technology based in Vancouver, Canada which has its operations on developing blockchain technologies for various industries and businesses. The company is the creator of Interbit, a next-generation blockchain platform, which has the unique capability of joining thousands of Interbit blockchains that can enable enhanced security along with data integrity and privacy than other blockchain platforms. One of the most important advantages of the BTL’s Interbit platform is that businesses and enterprises can build their own applications focusing on trading, settlement, remittance, audit, and back-office processes. BTL Group believes that this flexibility of their blockchain platform must enable Interbit to become the professional-grade blockchain development tool of choice among various businesses. In Europe, the BTL Group is currently testing its Interbit platform with the trading arms of oil and gas supermajors along with leading energy traders including Eni Trading & Shipping, Total, Gazprom Marketing & Trading Limited and Vattenfall for delivering gas trading and settlement.
Revenue$310.3B
Employees28
Market CapN/A
Founded2010
United States, North America
Grid +
Grid +
Energy & Power
Company Headquarter: Texas, U.S. Founded: 2015 Workforce: 17 Company Working: Grid + was established by ConsenSys, a global leader in blockchain technology through its continuous research in implementing blockchain technology for the energy industry. The company is currently focusing on bringing next-generation energy efficiencies to the energy market by developing new hardware and software solutions including blockchain. Grid+ was formed with the objective of revolutionizing the way the energy market operates by functioning as a commercial electricity retailer in deregulated market. Ethereum platform is used to enable customers pay and settle payments real-time, which significantly reduces costs. Furthermore, Grid+ Ethereum based blockchain platform can instantly introduce efficiency in energy retailing and this enables renewable energy production more sustainably and efficiently. Ethereum based blockchain enables Grid+ to enable automated billing and transaction processes with payments being recorded and moved through smart contracts
RevenueN/A
Employees17
Market CapN/A
Founded2014
United States, North America
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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Blockchain in Energy Market
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