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Blockchain in Energy Market: Global Industry Analysis, Size, Share, Growth, Trend, and Forecast 2024-2030
Blockchain in Energy Market size was valued at US$ 9.52 Bn. in 2023. Global Blockchain in Energy Market is estimated to grow at a CAGR of 78.4% over the forecast period.
Format : PDF | Report ID : SMR_404
Blockchain in Energy Market Overview:
Blockchain is a method for storing and transmitting operational data in a transparent and cryptographically secure manner without a central control authority. It is made up of a sequence of blocks that together form a database that contains the history of all transactions carried out by its users from its inception. Only members of the blockchain have access to the history of all transactions carried out on the network in private blockchains, but public blockchains can be accessed by everyone.
The energy sector has a great potential to be transformed through the forecast period by blockchain technology. A collaborative analysis from the World Economic Forum, Stanford Woods Institute for the Environment, and PwC identified more than 65 existing and emerging blockchain use-cases for the environment. Among the use, cases are new business models for energy markets, real-time data management, and the transfer of carbon credits or renewable energy certifications on the blockchain.
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Blockchain in Energy Market Dynamics:
Growing Adoption of Blockchain in the Electricity Sector:
The blockchain, when used in the electrical sector, opens up new possibilities for legitimizing, securing, and automating energy transfers between producers and consumers without the use of a centralized intermediary. The blockchain becomes a relevant lever for consuming and transferring electricity on a local loop as a result of this paradigm change. This has consequences for various energy sectors across the globe, as well as the electrification of areas that do not currently have access to electricity, such as certain African and Asian regions. It's worth emphasizing that while these two applications appear to be identical in terms of technology, they are not the result of the same electrification approach. In addition, if electric vehicles become more common, this technology may be used to enable smarter battery charging.
Data Manipulation and Boundary Attacks are prevented by Blockchain:
In today's increasingly connected and data-centric environment, managing sensitive data is paramount. Therefore, the blockchain's immutable distributed ledger uses public and private key encryption to support fine-grained read / write access control for authorized users. This prevents data manipulation and protects customer privacy and data confidentiality. In addition, blockchain technology prevents unwanted attacks on the myriad of connected endpoints/devices. The actions are done at the enterprise information perimeter to protect internal assets and data are referred to as boundary protection. For example, the perimeter includes IoT devices that may be located outside a company`s physical domain but actually connect with an internal network.
With the rising deployment of connected devices in the gas and oil supply chain, border vulnerabilities are anticipated to multiply. For example, if a network device is attacked, the accompanying recorded data cannot be tampered with since blockchain is immutable. In addition, due to the decentralized nature of the consensus mechanism, it prevents any illegal transactions from being executed. In addition, the network can be set up to keep running even if a node fails. As a result, due to its unique distributed design, blockchain technology provides a new line of defense in the face of rising threats and cybersecurity vulnerability.
Lack of Clear Regulations and Public Awareness across the Globe:
Due to their nature, public blockchains often consume a lot of energy per transaction, and transactions might take a long time to confirm. While technology is improving, it is still in need of improvement. The lack of blockchain procedures or global rules is a major impediment to the adoption of blockchain in the energy sector, despite the fact that work on legislation has already begun in several places, such as Japan and Europe. To administer a future decentralized energy system, regulate electricity pricing, and resolve potential disputes and transaction reversals, regulations are required. In addition, in order to maximize the usage of blockchain in the energy sector, a more interconnected smart grid is required, with new players being able to participate in current smart meters.
Blockchain in Energy Market Segment Analysis:
By Category, the Blockchain in Energy Market is segmented into Private and Public. The Public Category segment dominated the market share with 56% in 2023. The segment growth is attributed to higher accessibility, capability to increase platform awareness, and open structure. In addition, the category supports people in joining the network accompanied by the authentication of transactions based on incentives, in turn, fuelling the industry growth.
The private category segment is expected to witness significant growth at a CAGR of 74 % during the forecast period. The major aspects supporting product adoption include increased security and speed, as well as improved control to maximize uptime. The technology is mostly focused on internal business process products. The acceptance of these solutions is mostly due to factors such as fewer verifications, node operation, and network regulation to reduce downtime.
By Application, the Blockchain in Energy Market is segmented into Power and Oil & Gas. The Power segment dominated the market share with 68% in 2023. The Power segment is sub-segmented into Grid Transactions, Peer-To-Peer Energy Financing, Sustainability Attribution, Electric Vehicle Charging, and Others. Shifting the platform's focus away from renewable energy sources like wind, sun, and tide and toward clean energy generation and supply will help the platform develop dramatically. Consumers are encouraged to become prosumers as a result of the pre-trade transparency and high degree of standardization involved in transactions, which is expected to boost the industry landscape.
Because of lower transaction costs and increased network transparency, power is expected to grow. The ability to operate virtual power plants or distributed energy resources, which are assets with vast energy storage systems and electricity generators, is expected to boost market growth through the forecast period. Digitization, decentralization, democratization, deregulation, and distribution will all be emphasized more in the future, which will boost technology demand.
Grid transactions in power trading rely on the electrical grid to provide inexpensive and speedy transactions in the electricity market, including existing wholesale markets. Rising power consumption, legislative shifts toward low-cost electricity access, and implementation of smart grid technology are just a few of the key variables bolstering the business environment. The capacity to expand the pool of participants due to the systems' ability to enable a large number of smaller transactions through households and businesses would help blockchain gain traction in the electrical sector.
Blockchain in Energy Market Regional Insights:
The Asia Pacific region has dominated the market with a 36% share in 2023. Australia accounted for the greatest proportion of the blockchain in the energy market in the Asia Pacific since it was one of the region's early adopters of the technology. For example, Origin Energy, one of Australia's largest energy providers, plans to use new energy trading platforms in collaboration with Power Ledger to keep track of energy purchases and sales. The Australian government also intends to increase its investment in order to reap the benefits of blockchain technology in the energy industry.
The objective of the report is to present a comprehensive analysis of the Global Blockchain in Energy Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Blockchain in Energy Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Blockchain in Energy Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Global Blockchain in Energy Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Blockchain in the Energy Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Blockchain in Energy Market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Blockchain in Energy Market. The report also analyses if the Global Blockchain in Energy Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Blockchain in Energy Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Blockchain in the Energy Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Blockchain in the Energy Market is aided by legal factors.
Blockchain in Energy Market Scope:
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Blockchain in Energy Market |
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Market Size in 2023 |
USD 9.52 Bn. |
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Market Size in 2030 |
USD 547.89 Bn. |
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CAGR (2024-2030) |
78.4% |
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Historic Data |
2018-2022 |
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Base Year |
2023 |
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Forecast Period |
2024-2030 |
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Segment Scope |
By Category
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By Application
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Regional Scope |
North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America |
Blockchain in Energy Market Key Players:
- Microsoft (US)
- Accenture (Ireland)
- IBM (US)
- Infosys (India)
- SAP (Germany)
- Greeneum (Israel)
- Power Ledger (Australia)
- Sun Exchange (South Africa)
- EnergiMine (UK)
- Grid Singularity (Germany)
- Drift (US)
- Oracle (US)
- WePower (Lithuania)
- Conjoule (Germany)
Frequently Asked Questions
The Asia Pacific region is expected to hold the highest share in the Blockchain in Energy Market.
The market size of the Blockchain in Energy Market by 2030 is expected to reach at US$ 547.89 Bn.
The forecast period for the Blockchain in Energy Market is 2024-2030.
The market size of the Blockchain in Energy Market in 2023 was valued at US$ 9.52 Bn.
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1.Research Process
2.2.Global Blockchain in Energy Market: Target Audience
2.3.Global Blockchain in Energy Market: Primary Research (As per Client Requirement)
2.4.Global Blockchain in Energy Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1.Market Share Analysis, By Value, 2023-2030
4.1.1.Market Share Analysis, By Region, By Value, 2023-2030 (In %)
4.1.1.1.North America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.2.Europe Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.3.Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.4.South America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.5.Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
4.1.2.Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.1. North America Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.1.1.USA Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.1.2.Canada Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.1.3.Mexico Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2. Europe Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.1.UK Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.2.France Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.3.Germany Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.4.Italy Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.5.Spain Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.6.Sweden Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.7.Austria Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.2.8.Rest of Europe Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3. Asia Pacific Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.1.China Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.2.India Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.3.Japan Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.4.South Korea Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.5.Australia Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.6.ASEAN Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.3.7.Rest of APAC Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.4.South America Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.4.1.Brazil Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.4.2. Argentina Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.4.3. Rest of South America Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5. Middle East and Africa Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5.1. South Africa Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5.2.GCC Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5.3.Egypt Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5.4.Nigeria Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.2.5.5.Rest of Middle East and Africa Market Share Analysis, By Category, By Value, 2023-2030 (In %)
4.1.3.Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.1.North America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.1.1.USA Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.1.2.Canada Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.1.3.Mexico Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2. Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.1.UK Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.2.France Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.3.Germany Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.4.Italy Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.5.Spain Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.6.Sweden Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.7.Austria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.2.8.Rest of Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3. Asia Pacific Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.1.China Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.2.India Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.3.Japan Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.4.South Korea Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.5.Australia Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.6.ASEAN Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.3.7.Rest of APAC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.4.South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.4.1.Brazil Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.4.2.Argentina Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.4.3.Rest of South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.1.South Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.2.GCC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.3.Egypt Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.4.Nigeria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.1.3.5.5.Rest of Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
4.2. Stellar Competition matrix
4.2.1.Global Stellar Competition Matrix
4.2.2.North America Stellar Competition Matrix
4.2.3.Europe Stellar Competition Matrix
4.2.4.Asia Pacific Stellar Competition Matrix
4.2.5.South America Stellar Competition Matrix
4.2.6.Middle East and Africa Stellar Competition Matrix
4.3. Key Players Benchmarking
4.3.1.Key Players Benchmarking By Category, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
4.4.Mergers and Acquisitions in Industry
4.4.1.M&A by Region, Value and Strategic Intent
4.5.Market Dynamics
4.5.1.Market Drivers
4.5.2.Market Restraints
4.5.3.Market Opportunities
4.5.4.Market Challenges
4.5.5.PESTLE Analysis
4.5.6.PORTERS Five Force Analysis
4.5.7.Value Chain Analysis
Chapter 5 Global Blockchain in Energy Market Segmentation: By Category
5.1.Global Blockchain in Energy Market, By Category, Overview/Analysis, 2023-2030
5.2.Global Blockchain in Energy Market, By Category, By Value, Market Share (%), 2023-2030 (USD Million)
5.3.Global Blockchain in Energy Market, By Category, By Value, -
5.3.1.Private
5.3.2.Public
Chapter 6 Global Blockchain in Energy Market Segmentation: By Application
6.1.Global Blockchain in Energy Market, By Application, Overview/Analysis, 2023-2030
6.2.Global Blockchain in Energy Market Size, By Application, By Value, Market Share (%), 2023-2030 (USD Million)
6.3.Global Blockchain in Energy Market, By Application, By Value, -
6.3.1.Power
6.3.1.1.Grid Transactions
6.3.1.2.Peer-To-Peer Energy Financing
6.3.1.3.Sustainability Attribution
6.3.1.4.Electric Vehicle Charging
6.3.1.5.Others
6.3.2.Oil & Gas
6.3.2.1.Supply Chain
6.3.2.2.Operations
6.3.2.3.Trading
6.3.2.4.Security
Chapter 7 Global Blockchain in Energy Market Segmentation: By Region
7.1.Global Blockchain in Energy Market, By Region – North America
7.1.1.North America Blockchain in Energy Market Size, By Category, By Value, 2023-2030 (USD Million)
7.1.2.North America Blockchain in Energy Market Size, By Application, By Value, 2023-2030 (USD Million)
7.1.3.By Country – U.S.
7.1.3.1.U.S. Blockchain in Energy Market Size, By Category, By Value, 2023-2030 (USD Million)
7.1.3.2.U.S. Blockchain in Energy Market Size, By Application, By Value, 2023-2030 (USD Million)
7.1.3.3.Canada Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.1.3.4.Mexico Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.2. Europe Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.2.1.UK
7.2.2.France
7.2.3.Germany
7.2.4.Italy
7.2.5.Spain
7.2.6.Sweden
7.2.7.Austria
7.2.8.Rest of Europe
7.3. Asia Pacific Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.3.1.China
7.3.2.India
7.3.3.Japan
7.3.4.South Korea
7.3.5.Australia
7.3.6.ASEAN
7.3.7.Rest of APAC
7.4. Middle East and Africa Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.4.1.South Africa
7.4.2.GCC
7.4.3.Egypt
7.4.4.Nigeria
7.4.5.Rest of Middle East and Africa
7.5. South America Blockchain in Energy Market Size, By Value, 2023-2030 (USD Million)
7.5.1.Brazil
7.5.2.Argentina
7.5.3.Rest of South America
Chapter 8 Company Profiles
8.1. Key Players
8.1.1.Microsoft (US)
8.1.1.1.Company Overview
8.1.1.2.Product Portfolio
8.1.1.3.Financial Overview
8.1.1.4.Business Strategy
8.1.1.5.Key Developments
8.1.2.Accenture (Ireland)
8.1.3.IBM (US)
8.1.4.Infosys (India)
8.1.5.SAP (Germany)
8.1.6.Greeneum (Israel)
8.1.7.Power Ledger (Australia)
8.1.8.Sun Exchange (South Africa)
8.1.9.EnergiMine (UK)
8.1.10.Grid Singularity (Germany)
8.1.11.Drift (US)
8.1.12.Oracle (US)
8.1.13.WePower (Lithuania)
8.1.14.Conjoule (Germany)
8.2.Key Findings
8.3.Recommendations
