The latest research study “Blockchain in Energy Market Share, Industry Trends, Growth and Report 2023-2028” by IMARC Group, finds that the global blockchain in energy market size reached US$ 897.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 8,837.0 Million by 2028, exhibiting a growth rate (CAGR) of 41.70% during 2023-2028.
Blockchain technology in the energy sector enables secure energy distribution and seamless transactions between energy producers and consumers. It operates through replicated, distributed ledgers, ensuring the secure storage of digital transactions and assets without the need for a central authority. Blockchain technology in energy is utilized for various purposes, including automation, billing, resource sharing, trading, smart contracts, and digital identity verification. It is also employed for managing government risk and compliance, supply chains, grids, and energy certificates.
The integration of blockchain technology in energy brings numerous benefits, such as increased operational efficiency, enhanced visibility, and simplified regulatory reporting. It also leads to cost reductions, fosters trust, promotes environmental sustainability, enhances transparency, and provides robust control and security measures. Consequently, blockchain technology in the energy sector finds extensive applications across both the power and oil and gas industries.
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Blockchain in Energy Market Trends and Drivers:
The extensive utilization of this technology in smart grids to improve functionality, prevent failure, protect privacy, and manage transactions through intelligent contracts, owing to its decentralization, transparency, fault tolerance, and strong security, is among the primary factors. Besides this, the escalating demand for this technique to manage data, offer traceability, enable automated billing, and prevent unauthorized access is further augmenting the market growth.
Moreover, the growing popularity of blockchain in the oil and gas industry to provide privacy, reduce settlement delays, and protect trade secrets is also catalyzing the global market. Apart from this, the elevating requirement for this technology to manage distribution and provide real-time validation of the power source via certificates is acting as another significant growth-inducing factor. Additionally, the rising usage of this technique to enable peer-to-peer energy trading, allowing users to buy and sell power directly among each other through a secure ledger, is also stimulating market growth. Furthermore, the launch of several policies by government bodies to promote electricity saving is expected to bolster the blockchain in the energy market in the coming years.
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Blockchain in Energy Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Who are the key players in the Blockchain in Energy Market?
- ConsenSys
- Energy Web
- Greeneum
- International Business Machines Corporation
- Ondiflo and Power Ledger Pty Ltd
The report has segmented the market on the basis of:-
Breakup by Component:
- Platform
- Services
Breakup by Type:
- Private
- Public
Breakup by Application:
- Peer-To-Peer Transaction
- Grid Transactions
- Energy Financing
- Electric Vehicle
- Sustainability Attribution
- Others
Breakup by End User:
- Power
- Oil and Gas
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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