The global blockchain in energy market is expected to reach USD 7,110.1 Million by 2023 from an estimated USD 394.3 Million in 2018, at a CAGR of 78.32% from 2018 to 2023. The blockchain in energy market growth can be attributed to the Increasing popularity of the blockchain technology in the energy sector, the need to manage infrastructure and other business functions through high transaction speeds and immutability, and the rising security concerns across the globe.
The blockchain technology in the power sector plays a major role in managing distributed energy resources and provides companies with more cost-effective and efficient solutions to record and process transactional data. In addition, the power sector has the largest number of implemented blockchain in energy projects and R&D investments. Whereas for the oil and gas sector, the use of blockchain technology is still emerging.
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The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems.
Europe is expected to be the largest market for blockchain in energy
In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.
Countries such as Germany, the UK, and the Netherlands are heavily investing in adopting blockchain technologies to solve global transaction processes between multiple parties and provide a more secure and accurate data to the customers.
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The leading players in Blockchain in Energy Market are Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).