- Services segment is expected to lead the blockchain in energy market.
- Asia Pacific is the fastest growing market for blockchain in energy.
- Europe is the leading market for blockchain in energy.
The blockchain in energy market is expected to grow from an estimated $394.3 million in 2018 to $7.1 billion by 2023, at a CAGR of 78.32% from 2018 to 2023. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.
The services segment led the blockchain in energy market in 2017, 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.
The blockchain in energy market is segmented into power and oil & gas. The power segment is estimated to be the fastest growing segment during the forecast period as it has the largest number of implemented blockchains in energy projects and R&D investments Whereas for the oil & gas sector the use of blockchain technology is still emerging.
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Asia Pacific: The fastest growing market for blockchain in energy
The Asia Pacific is estimated to be the fastest growing market for blockchain in energy sector during the forecast period. The region has been segmented, by country, into Japan, Singapore, Australia, New Zealand, and rest of the Asia Pacific. The blockchain in energy market in the region is primarily driven by the increasing demand for energy and power that could create a huge opportunity for the adoption of blockchain in the energy market. Moreover, most of the energy-based companies of the region have tied up with blockchain technology providers to develop technologies to provide an accurate record of every transaction and ensure trustworthy relationships between all parties.
Europe: The leading market for blockchain in energy
In this report, the blockchain in energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. Europe led the global blockchain in 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 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 for 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 platform are driving the blockchain in energy market in the region.
Some of the top players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).