“Blockchain in Energy Market”, the market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. The increasing popularity of Blockchain technology in the energy sector and the rising security concerns across the globe are likely to drive Blockchain in the energy market.
Some of the prominent key players are – Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), SAP (Germany).
The private segment is expected to hold the largest share of the Blockchain in the energy market, during the forecast period; is projected to have the largest market share during the forecast period. The private segment provides more security as compared to public Blockchain as it is wholly controlled and operated by a single organization. Only predetermined users can make and verify transactions. It exhibits greater efficiency and runs significantly faster.
The services segment is expected to hold the largest share of the Blockchain in the energy market, by component, during the forecast period; as most of the companies are tying up with various Blockchain startups to implement Blockchain operations such as energy trading, grid management, and supply chain management. Energy trading includes peer-to-peer energy trading, smart contracts, and real-time pricing, which would help increase transparency between transactions, data management, data visibility, and inter-system communications.
Europe: the Blockchain in the energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. Europe led the global Blockchain in the energy market in 2017 owing to the maximum number of Blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for Blockchain in the energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around the Enerchain project that focuses on Blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of Blockchain platforms are driving the Blockchain in the energy market in the region.