Market Insights
Market Research Future said a surge in the digitization of systems in prime regions has helped global blockchain in energy market is pushing net profit from USD 180.3 Mn in 2017 to more than USD 5,000 Mn by 2023 with the higher growth rate. The entire study has been conducted amidst Coronavirus that has shut down the world economy. Like other industries, the global blockchain in the energy market has also been impacted due to deadly virus outspread. Yet, with some prevalent factors, the market is foreseeing a fruitful future, which is calculated to be from 2016-2023.
Blockchain in Energy Growth & Drivers
Positive outlook toward digitization of systems with the rising fixing of smart meters in regions is set to encourage the blockchain in the energy market. Decentralized energy systems, besides widespread adoption of smart management & control systems to execute advanced communication are also probable to complement the industry outlook in the future.
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MRFR also finds that rapid development in the Renewable Energy Sources (RES) owing to the privatization of the energy sector together with government initiatives for electricity conservation is actively augmenting the product installation at a faster rate. In the case of point, in the year 2018, RES contributed 40% of the total electricity production in Germany that boosted the blockchain in the energy market to a great extent.
To add further, the increasing focus toward energy utilities in exploring hidden benefits of the technology for low-carbon transition and sustainability is also reported to stimulate the blockchain in the energy market. Reducing dependency on fossil fuels coupled with rising independence of local grid from outside energy sources in the long term, is probable to motivate the industry scenario. In fact, stupendous investment in numerous innovative projects ranging from solar systems for electric vehicles charging & e-mobility has been outstandingly boosting the adoption of blockchain in the energy market.
Segment Review
The blockchain in energy market assessment based on technology type covers closed blockchain, open blockchain, hybrid blockchain and consortium blockchain.
By the segment of platform type, market analysis has included hyper ledger, ethereum, interbit and tender mint.
By the segment of implementation type, key segments included are development platforms, service & solution, and industry-specific.
End-use industries segment in the market included renewable energy, power & utilities, and oil & gas.
By application segment, the market covers energy trading, grid management, payment schemes, control & security, Blockchain in Energy and supply chain.
Regional Framework
The U.S. blockchain in the energy market is probable to observe the growth of over USD 400 million by 2025. The potential to transform the fundamental structure of the energy industry and microgrids to assist peer in peering energy trading in an immutable and secure way will persuade the product installation. In the case of point, the Brooklyn Microgrid was introduced in 2016 that aimed towards enabling residents to buy and sell power straight through maintaining a secure ledger of energy asset possession.
The market in Germany is likely to expand at a fast pace owing to the rising complication in power and shifting focus toward the adoption of smart grids. As per the European Commission, currently, 308 smart grid projects are holding an investment of USD 2.43 billion. Moreover, rising investment from energy start-up companies, along with upward funding activities, will strengthen the industry landscape. In fact, Government incentives toward the adoption of renewable power generation accompanied by favourable regulatory policies to promote the technology adoption are also set to augment the product installation.
Vendors Landscape
Global Blockchain in the energy market and its vendors’ list contains the names of WePower UAB, Power Ledger Pty Ltd, Grid +, LO3 Energy, Inc, The Sun Exchange (Pty) Ltd, BTL Group Ltd., Enosi Foundation and Electron (Chaddenwych Services Limited) and Conjoule GmbH.
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