According to the research report titled ‘Blockchain Technology in the Energy Sector Market Share, Size, Trends, Industry Analysis Report By Type; By Application; By End-User (Oil and Gas, Power, Others); By Regions, Segments & Forecast, 2018 – 2026’, available with Market Study Report, global blockchain technology in the energy sector market is expected to grow with a CAGR of 52.9% during the study period, reaching a valuation of USD 10,287 million by the year 2026.
 

Escalating investments in this business vertical along with technological advancements are prime factors propelling the growth of global blockchain technology in the energy sector market. Growing interests of emerging economies towards utilizing blockchain technology is also augmenting the overall industry remuneration.
 

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For those uninitiated, blockchain technology is a cryptographically maintained distributed ledger system which is offered by vendors to industries operating in energy sector. Basically, blockchain technology in energy vertical operates through smart contracts which enable prosumers to use surplus energy into grid networks by adopting blockchain-based meter. This electrical flow is remotely coded into blockchain, while algorithms equate buyers and sellers in real-time.
 

Availability of low cost and high speed internet connection coupled with rising smartphone penetration have resulted in rapid expansion of cryptocurrency vertical since the recent past, which in turn is further adding traction to global blockchain technology in the energy sector industry.
 

Considering the regional landscape, Asia-Pacific accounted for the largest market share in the year 2017 and is predicted to display similar growth trends during the forecast period.
 

Rising security concerns associated with online transactions along with blockchain’s ability to provide high transaction speed as well as immutability is facilitating the business scenario in Asia-Pacific. Additional factors such as technological breakthroughs, consumer inclination towards smart payment solutions and growing demand for Blockchain-as-a-service are also favoring the regional market outlook.
 

The competitive landscape of global blockchain technology in energy sector market is defined by companies such as Amazon Web Services Inc., Power Ledger Pty Ltd., SAP SE, Nodalblock, GridPlus Inc., IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corp., Oracle Corp., and Accenture plc among others.