The global blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.
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.
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Market Dynamics
Drivers
Increasing Popularity of the Blockchain Technology in the Energy Sector
Manages Infrastructure and Other Business Functions Through High Transaction Speed and Immutability
Low Cost of Bandwidth and Computing
Rising Security Concerns Across the Globe
Restraints
Lack of A Common Set of Regulatory Standards and Uncertain Regulatory Landscape
Concerns Related to the Authenticity of Users
Opportunities
Increasing Venture Funding and Investments in the Blockchain Technology
Innovation Across International Trade and Supply Chain Management
Challenges
Lack of Awareness and Technical Understanding About the Blockchain Technology
Opposition From Incumbents
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Target Audience:
Blockchain security providers
Blockchain technology vendors
Communication service providers
Consultants/consultancies/advisory firms
Energy associations
Government agencies
Independent software vendors
Infrastructure and protocol providers
Managed Service Providers (MSPs)
Network solution providers
Payment gateway providers
Support and maintenance service providers
System integrators and implementation service providers
Third-party service providers
Trading software providers
Value-Added Resellers (VARs)
“Asia Pacific: The fastest growing market for blockchain in energy market”
The Asia Pacific is expected to be the largest market for blockchain in energy market in 2023 and is projected to grow at the highest CAGR during the forecast period. Australia accounted for the largest share of the blockchain in energy market in the Asia Pacific in 2017 as it is one of the early adopters of the blockchain technology in the region. For instance, Origin Energy, one of the leading energy providers of Australia, in a partnership with Power Ledger plans to adopt new energy trading platforms to maintain the record of buying and selling energy. The Australian government is also planning to invest more to gain the benefits of blockchain in energy market.
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The blockchain in energy market is dominated by a few major players that have a wide regional presence. The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).
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