April 03, 2020
According to the research report titled ‘Blockchain in Energy Market Size By Category , By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report LLC, the global blockchain in energy market is expected to cross USD 3 billion by the year 2025.
Growing demand for energy efficient solutions along with increasing incorporation of sustainable sources of energy has enhanced the complexities associated with power grids, which in turn is driving the blockchain in energy market growth. Rising adoption of advanced technology for utilities in tandem with growing inclination towards direct constructive transformation are aiding the market expansion.
Development of end-to-end solutions and emergence of smart meters have facilitated disintermediation. This factor along with increasing efforts to accomplish balance between energy demand and supply among power giants are fostering the deployment of blockchain technology in energy market.
As per category, the report states that private segment is expected to record a growth rate of 45% during the forecast period. Strict government regulations to minimize downtime coupled with high level of security offered by blockchain technology are fueling the segmental growth.
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Based on the application spectrum, oil & gas application of blockchain technology is presumed to expand significantly during the estimated timeframe. Rising focus to improve trade accuracy coupled with technical efficiency of blockchain technology are facilitating the business scenario. Blockchain technology optimizes the efficiency of back office operation as well as reduces the working capital cycle. This factor along with the technology’s potential to offer reliability, accuracy and high degree of security in transactions are favoring the market outlook.
Considering the geographical landscape, the report cites that blockchain in energy market in Europe will witness lucrative growth in the subsequent years, primarily due to surging investments towards integrating blockchain technology and rising R&D activities to develop innovative solutions. Various features including interoperability, cybersecurity, privacy and energy efficiency are supplementing the adoption of blockchain in energy market in Europe.
The prominent companies operating in blockchain in energy market are Grid Singularity, Greeneum, Sun Exchange, Conjoule GmbH, EnergiMine Ltd., Drift, SAP, Oracle, Infosys Ltd., Grid+, WePower, LO3 Energy, Power Ledger, Electron and Accenture.
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