Blockchain Technology in Energy Market Insights
The global blockchain technology in the energy sector is expected to grow at a significant CAGR over the coming years on account of increasing investments made in the energy & power sector. Some of the advantages offered by blockchain include process optimization & automation, transparency of markets, traceability of energy produced & consumed, and security.
Blockchain technology implemented in the energy sector helps lower cost of distribution by integrating functions of power generating companies, utilities, suppliers, subcontractors, and end-users. Development of smart cities is expected to foster demand for blockchain technology. The growing electric vehicle market and limited availability of charging infrastructure is expected to generate untapped opportunities for the use of blockchain in the energy & power sector.
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Blockchain Technology in Energy Market: Type Insights
The blockchain technology market for the energy sector is segmented on the basis of type into public, private, and hybrid. The main reason for using blockchain technology is to store and share information in a transparent & secure manner. Private blockchain improves operational efficiency to a large extent, however it limits decentralization.
Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. This growth is attributed to increase operational efficiency across the value chain that includes producers, maintenance contractors, logistics, end-users, and other sub-contractors. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.
Blockchain Technology in Energy Market: Application Insights
Blockchain technology for energy finds applications in utilities, renewable energy generators, electric charging, peer-to-peer energy trading, and others. The growing investments in developing renewable energy infrastructures by private organizations and other small enterprises are expected to increase the demand for blockchain technology in the energy & power sector. Blockchain helps manage renewable energy certificates.
Blockchain plays a very important role in preserving maintenance record of pipes, gas stations and other utilities. Ownership of these services & facilities are subjected to change very frequently, this is where the maintenance record stored by contractors on blockchain can be beneficial. The peer-to-peer energy trading and renewable energy segment is expected to grow at a high CAGR over the forecast period.
Blockchain Technology in Energy Market: Regional Insights
The North American and European region is anticipated to witness large investments in blockchain technology on account of their faster acceptance of advanced solutions. The clean energy package developed by the European Commission has stressed on an energy union centered around the citizen. This means that citizens would be allowed to produce, store, consume and sell self-produced electricity individually or through communities. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of their increasing investments in renewable energy generation.
Blockchain Technology in Energy Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Blockchain Technology in Energy Market: Competitive Landscape
The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. Several companies have demonstrated their interest in developing blockchain technology solutions such as Volt Markets, LO3 Energy, Wanxiang Blockchain Labs, Deloitte, Conjoule, Drift, Greeneum, Grid+, Veridium Labs, MyBit, Power Ledger, Grid Singularity, Electron, Sun Exchange, and IBM Corporation among others.
The stakeholders to the report include government institutions, utilities, renewable energy generators, research organizations, and educational institutes among others
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