Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023
“The blockchain in energy market is projected to grow at a CAGR of 78.32%, from 2018 to 2023.”
The blockchain in energy market is projected to reach USD 7,110.1 million by 2023, from an estimated USD 394.3 million in 2018, at a CAGR of 78.32%. This growth can be attributed to the increasing popularity of the blockchain technology in the energy sector, high transaction speeds and immutability, and the rising security concerns across the globe. Lack of a common set of regulatory standards and the uncertain regulatory landscape can hinder the growth of the market.
“The private segment is expected to be the fastest growing market in the blockchain in energy market from 2018 to 2023.”
The private segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period. The private segment provides more security over public blockchain. It can be utilized for various use cases including smart contracts, asset registry, and digital identity for various application such as energy trading and payment schemes.
“Asia Pacific: The fastest growing market for blockchain in energy market”
The Asia Pacific is expected to be the largest market for blockchain in energy market in 2023 and is projected to grow at the highest CAGR during the forecast period. Australia accounted for the largest share of the blockchain in energy market in the Asia Pacific in 2017 as it is one of the early adopters of the blockchain technology in the region. For instance, Origin Energy, one of the leading energy providers of Australia, in a partnership with Power Ledger plans to adopt new energy trading platforms to maintain the record of buying and selling energy. The Australian government is also planning to invest more to gain the benefits of blockchain in energy market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 21%, and Tier 3- 14%
By Designation: C-Level- 28%, Managers- 36%, and Others- 36%
By Region: Asia Pacific- 57%, North America- 13%, South America- 5%, and RoW- 25%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million
The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).
The report defines, describes, and forecasts the global blockchain in energy market by type, component, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the blockchain in energy market.
Why Buy this Report?
1. The report identifies and addresses key markets for blockchain in energy market, which would help manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.