Research Nester published a report titled “Blockchain in Energy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global blockchain in energy market in terms of market segmentation by type, component, end-user, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global blockchain in energy market is anticipated to grow with a CAGR of 51.6% over the forecast period, i.e., 2021 – 2030. The market is segmented by application into peer-to-peer transaction, grid transactions, energy financing, electric vehicle, sustainability attribution, and others, out of which, the peer-to-peer transaction segment is expected to garner the largest revenue of USD 10268.9 Million by the end of 2030. Moreover, in the year 2020, the segment is projected to display a revenue of USD 175.5 Million.
The global blockchain in energy market is estimated to garner a revenue of USD 28211.3 Million by the end of 2030, up from a revenue of USD 486.3 Million in the year 2020. Increasing adoption of advanced technologies in the energy sector, followed by the rising need amongst the stakeholders in the sector to lower the cost of operations, maximize profits, and further maintain transparence amongst the peers, are some of the major factors anticipated to drive the growth of the market in the coming years. Besides this, the advent of emerging technologies, such as, big data, internet of things (IoT), artificial intelligence (AI), and cloud computing among others, is also expected to significantly push the market forward during the forecast period.
By region, the global blockchain in energy market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in Europe is anticipated to garner the largest revenue of USD 11411.5 Million by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 202.0 Million. Rising focus of the government of the nations in the region to raise the efficiency of energy generated and used in the entire supply chain, along with the need to encourage cross-border engagement amongst the various stakeholders that provide energy, are some of the major factors projected to drive the market growth in the region in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Demand for Energy to Drive the Market Growth
The consumption of primary energy worldwide grew from 505.38 Exajoules in the year 2010 to 581.51 Exajoules in the year 2019, according to the statistics by the bp’s Statistical Review of World Energy 2021.
As the economies around the world are progressing forward, the demand for energy amongst these countries is also increasing significantly. With the surge in demand for energy, there is also a rising need amongst the energy suppliers to adopt advanced technologies which can help lower their distribution costs, and provide more transparency amongst the various stakeholders in the distribution process. Blockchain in energy allows smooth processing of grid management and system operation, and also helps in financing the development of renewable energy. Besides this, the technology is known to push forward electric mobility globally in a magnificent manner. Such factors are thereby anticipated to drive the growth of the market in the coming years.
However, the fear of fraudulent activities as blockchain is connected to cryptocurrencies, and the lack of awareness amongst end-users are expected to operate as key restraint to the growth of global blockchain in energy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global blockchain in energy market which includes company profiling of Accenture, Amazon Web Services, Inc., IBM Corporation, SAP SE, Deloitte Touche Tohmatsu Limited, Chaddenwych Services Limited (Electron), ConsenSys Software Inc., LO3 Energy, Inc., BigchainDB GmbH, Energy Web Foundation (EWF), Power Ledger Pty Ltd, Ondiflo, GridPlus, Blok-Z, Lightency, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global blockchain in energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.