Blockchain in Energy Market by Type (Public and Private), by Component (Platform and Services), by End-User (Power Sector and Oil and Gas Sector), and by Application (Grid Management, Energy Trading, Government Risk and Compliance Management, Payment Schemes, Supply Chain Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024

Global blockchain in energy market expected to reach approximately USD 11,899 million by 2024, growing at a CAGR of above 78.20% between 2018 and 2024. The blockchain in energy market is developed and able to fulfill the increasing power demand across the globe.

21-Dec-2018 | Number of pages: 110 | Report Code: ZMR-2814 | Report Format : | Status : Published

Analysis

Blockchain can be also termed as decentralized ledger technology. It has no core system or a central server. The authentication of these servers is handled publicly. It helps people to trade energy among themselves. The applications of blockchain in the energy market include payment schemes, grid management, governance risk, and compliance management, energy trading, and supply chain management.

The increase in the development of blockchain technology in the energy sector in the past few years is likely to drive this market in the future. The global energy prices are influenced by the availability of renewable energy at low costs. Various blockchain-based enterprises are working under customized energy solutions to fulfill the global energy demands. For instance, Elec-Tron, Inc., one of the key players of the blockchain in the energy market, has contributed to various developments in the blockchain-based smart agreement and supply chain management platform that is used in the oil and gas industry. Drift, one of the major players, is making a platform to form a centralized energy market for its customers. Though this technology is in its early stage, various startups and companies are working to make this technology adoptable in the market. However, the lack of a clear set of regulatory standards and uncertainty of the regulatory landscape might hinder this market. Nevertheless, advancements in the international trade and supply chain management are expected to provide many opportunities for the key players working in the global blockchain in energy market.

Global Blockchain in Energy Market

The global blockchain in energy market is segmented based on type, component, application, and end-user. By type, this market is bifurcated into private and public. The component segment includes platform and services. The application of global blockchain in energy market includes grid management, energy trading, government risk, and compliance management, payment schemes, supply chain management, and others. By end-user, this global market is divided into power sector and oil and gas sectors. The power sector is anticipated to dominate over the forecast time period, due to increased demand for power generation.

By region, the global blockchain in energy market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe held the most significant share of the blockchain in energy market, in terms of volume, in 2017. This can be due to the presence of major market players that are contributing toward substantial developments in this regional market. The North American blockchain in energy market is expected to witness significant growth in the upcoming years.

Some major players operating in the global blockchain in energy market are SAP SE, BigchainDB, BTL Group Limited, Deloitte, Grid+, Infosys, Microsoft, Nodalblock, IBM, AWS, Oracle, Accenture, Power Ledger, WePower, and Lo3 Energy, Inc., among others.


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