Energy Blockchain Market Size, Share, Growth, and Industry Growth by Type (Trading Platform, Grid Management and Other) By Application (Electric Power, Oil and Gas, Renewable Energy and Other) Regional Forecast From 2024 To 2031

Updated On: 22 April 2024

Energy Blockchain Market Report Ovrerview

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The global energy blockchain market size expanded rapidly in 2022, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the energy blockchain market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The future of the utilities industry is moving toward a dispersed yet linked environment. As a result, the internet of things (IoT), blockchain, and other technologies are seeing a number of chances for digital optimization. The utilities are stepping up their digital activities in the present blockchain in the energy utilities business scenario in order to keep their competitive advantage in the changing energy environment.

Energy Several different commodity markets, including those for electricity, natural gas, crude oil, and processed goods, may be traded thanks to blockchain technology. Within each corporate sector, blockchain-powered solutions may be used to assist create, hone, share, and retail trade information relating to pricing, position management, logistics, and risk reporting. Real-time supply and demand balancing transactions, peer-to-peer energy trading, and the connection of electric vehicle (EV) charging stations are just a few of the prospects that the implementation of blockchain technology will bring about. The interest of utility companies in energy blockchain technology is growing as a result of these considerations.

COVID-19 Impact: Lockdown and Supply Chain Disruption to Hinder the Market During the Forecast Period

Covid badly affected the energy blockchain market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand.

LATEST TRENDS

"Rising R&D Investment to Bolster the Market Growth"

One of the main uses of the energy blockchain is the power sector. Moreover, it is anticipated that over the projected period, this category would account for the biggest market share. When it comes to managing dispersed energy resources, the energy blockchain technology in the power industry plays a significant role. It also offers businesses more affordable and effective ways to store and process transactional data. The most blockchain initiatives and R&D investments have been made in the power industry, which also contains the most energy projects.

Energy Blockchain Market Segmentation

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• By Type Analysis

By type, market is segmented into trading platform, grid management and other. The trading platform type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into electric power, oil and gas, renewable energy and other. The electric power segment will lead the global share through 2031.

DRIVING FACTORS

"Integration of Payment Systems with Smart Grids to Augment the Market Demands "

To lower transaction costs, improve the effectiveness of exchanges, and identify the sources of energy, several industries utilize the energy blockchain ledger. In the case of cross-border (Forex) payments, IBM's Blockchain World Wire network changed the industry. It allowed for the clearing and ultimate settlement of transactions in almost real time. The system incorporated payment instruction messages and utilized digital assets to settle transactions by functioning as an agreed-upon store of value shared between parties. The market would benefit from such product features that improve payments in many industries.

The integration of payment systems with smart grids was made possible by the introduction of energy blockchain. As a result, the businesses were further encouraged to increase their investments in the union of financial services and smart grid technologies.

"Cheaper Costs by Easing the Billing and Metering Procedure to Propel the Market Growth"

Traditional payment methods are becoming less efficient because to the energy blockchain. It is also improving to deal with the problems of hacking and data breaches. In Germany and California, for instance, the RWE power provider has tried blockchain technology to verify and control the payment process for hundreds of autonomous electric car charging stations.

The overhead for utilities would be reduced by using energy blockchain. Consumers gain from cheaper costs by easing the billing and metering procedure between the utility and the customer rather than via middlemen merchants and brokers.

RESTRAINING FACTORS

"Absence of a Uniform Set of Regulatory Norms to Challenge the Market Growth"

The market may be constrained by the absence of a uniform set of regulatory norms, an ambiguous regulatory environment, and issues with user authenticity.

As there is no regulatory standard for how the transactions should be documented, uncertainty and a lack of rules continue to be some of the largest barriers to the adoption of blockchain technology in the energy sector.

Energy Blockchain Market Regional Insights

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"North America’s Energy Blockchain Market to Grow Exponentially with the Forecasted Period"

Use of energy blockchain technology enables transactions, such as trading in energy, to be recorded and paid relatively quickly. There's no need for a middleman and not much of a requirement for reconciliation because everyone uses the same platform. North Americans, who were among the first to adopt new technology, are seeing a large uptake of the energy blockchain.

The United States' utility-scale electricity-producing plants generated a significant amount of energy, according to the US Energy Information Administration. The main fuels utilized to produce this electricity included coal, natural gas, petroleum, and other gases. Power was generated via small-scale solar photovoltaic systems. With such extensive energy output, the energy blockchain industry will be able to simplify risk and compliance management, payment transactions, and many other similar difficulties.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• IBM (U.S.)
• Microsoft (U.S.)
• Accenture (Ireland)
• Consen Sys (U.S.)
• Infosys (India)
• Drift (U.S.)
• Electron (Japan)
• LO3 Energy (U.S.)
• Power Ledger (Australia)
• Siemens (Germany)
• Yuan guang Software (China)
• We Power (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.