Global Blockchain in Energy Market Highlights Over 2020 - 2030
The global blockchain in energy market is estimated to garner a revenue of USD 28211.3 Million by the end of 2030, by growing at a CAGR of 51.6% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 486.3 Million. The growth of the market can primarily be attributed to the growing demand for energy worldwide, along with the increasing adoption of advanced digital technologies in the energy sector. According to the bp’s Statistical Review of World Energy 2021, the consumption of primary energy around the world increased from 505.38 Exajoules in the year 2010 to 581.51 Exajoules in the year 2019. Additionally, emerging technologies, such as internet of things (IoT), artificial intelligence (AI), cloud computing, big data, advanced analytics, and others are widely now being adopted by almost all industry domains, including the energy sector. The blockchain technology in the energy sector is primarily used to address the rising global concerns regarding the environment, including climate change, biodiversity & conservation, healthy ocean, water security, clean air, and resilience to weather & disaster. Besides this, blockchain in energy is also used to lower costs of distribution, and to increase transparency amongst the stakeholders without compromising privacy.
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Blockchain in energy is also widely being adopted as the technology enables decentralized communication and coordination by creating an infrastructure which allow peers to connect safely, cheaply and quickly with each other without the need of a centralized intermediary. Moreover, blockchain in energy also helps in the management of power generation & distribution, sales, payments, contract management, billings, innovative financing mechanisms, and trading & incentives.
Additionally, the increasing initiatives by the government of nations worldwide, along with independent member-led industry organizations, such as the Enterprise Ethereum Alliance (EEA), to promote the implementation of blockchain amongst businesses is also expected to contribute significantly to the market growth in the coming years. Currently, it has been noticed that start-ups and consortiums are building the second-layer applications on the Ethereum platform, as the platform has the ability to host smart contracts, and can provide increased scalability and speed. Moreover, with the use of blockchain technology, these startups and consortiums are focusing on the optimization of the grid management processes, as well as peer-to-peer (P2P), peer-to-business (P2B), and business-to-business (B2B) wholesale electricity trading without any intermediaries.
Global Blockchain in Energy Market Regional Synopsis
Regionally, the global blockchain in energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe is anticipated to garner the largest revenue of USD 11411.5 Million by the end of 2030, up from a revenue of USD 202.0 Million in the year 2020. The growth of the market in the region can primarily be attributed to the increasing emphasis of the government of nations in the region for refining energy efficiency, enhance interoperability, and encourage cross-border engagement amongst the various stakeholders that provide energy. Besides this, the European Commission has also introduced the EU Blockchain Observatory and Forum as a European Parliament pilot project, whose prime task is to monitor the blockchain initiatives in Europe, and also produce a comprehensive source of blockchain knowledge. Moreover, increasing funding initiatives to promote the adoption of the technology is also expected to drive the market growth in the region. According to the European Commission, the European Blockchain Partnership (EBP) has aimed to scale the investment fund of around USD 2.33 Billion to fully develop its European Blockchain Services Infrastructure (EBSI) platform. The market in the region is segmented by country into Germany, France, United Kingdom, Italy, Spain, Russia, Netherlands, and the Rest of Europe. Out of these, the market in Germany is anticipated to generate the largest revenue of USD 2590.4 Million by the end of 2030, up from a revenue of USD 46.6 Million in the year 2020.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
Growth Drivers and Challenges Impacting the Growth of the Global Blockchain in Energy Market
Growth Drivers
- Increasing Advancement in Technology
- Rise in Adoption of Blockchain Technology in the Energy Sector
- Growing Initiatives to Promote the Adoption of Blockchain
Challenges
- Fear of Fraudulent Activities as Blockchain is Connected to Cryptocurrencies
- Lack of Awareness Amongst End-Users
Global Blockchain in Energy Market Segmentation Synopsis
The global blockchain in energy market is segmented by type into public, and private. Out of these, the private segment is anticipated to grow with the highest CAGR of 52.3% during the forecast period. On the basis of component, the market is segmented into platform, and services, out of which, the platform segment is anticipated to register the highest market share throughout the forecast period. By end-user, the market is segmented into power sector, and oil & gas sector, out of which, the power sector is expected to generate the largest revenue by the end of 2030, and also grow with the highest CAGR during the forecast period. Moreover, the market is segmented by application into peer-to-peer transaction, grid transactions, energy financing, electric vehicle, sustainability attribution, and others. Out of these, the peer-to-peer transaction segment is expected to garner the largest revenue of USD 10268.9 Million by the end of 2030, up from a revenue of USD 175.5 Million in the year 2020.
Top Featured Companies Dominating The Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global blockchain in energy market that are included in our report are 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.
