The global blockchain technology in the energy sector market was valued at USD 230 million in 2017 and is anticipated to grow at a CAGR of 52.9% during the forecast period.
Blockchain is a decentralized ledger technology, which enables consumers to trade and distribute energy among them. Blockchain technology tokenizes renewable energy, and enables wind, solar and hydro energy producers to connect with consumers or investors, and buy and sell renewable energy for a certain price. It enables producers with energy-producing sources such as solar panels to trade their unused energy to their community. Use of blockchain technology would result in more renewable energy projects while reducing carbon-emitting electricity generation. Use of blockchain technology in the energy sector offers cheaper and clean energy as compared to buying electricity from the grid. The blockchain ledger is used to reduce transaction costs, and increase the efficiency of exchanges. Use of blockchain in the energy industry has also developed cryptocurrencies for monetary payments. For instance, Marubeni Corporation accepts cryptocurrency payments in some regions of Japan. Bankymoon, a South Africa-based blockchain startup, has collaborated with Usizo for cryptocurrency monetary payments for bitcoin-compatible smart meters located in remote areas.
The major factor driving the Blockchain technology in the energy sector market is the increasing popularity of the blockchain technology. The rising security concerns, and high transaction speeds and immutability also support the growth of the market. The Blockchain technology in the energy sector market is expected to grow rapidly in the future owing to factors including increased mobile broadband speeds, and reduced costs of bandwidth and computing. The opportunities present in the Global Blockchain technology in the energy sector market for players include growing adoption of Blockchain-As-A-Service, increasing trend of smart payments and contracts, and technological advancements.
North America Blockchain Technology In The Energy Sector Market Share By Type, 2017 - 2026
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The global Blockchain technology in the energy sector market is segmented on the basis of type, application, end-user, and region.
On the basis of type, the market is segmented into Public, and Private. In 2017, the private segment accounted for the highest share in the global Blockchain technology in the energy sector owing to increased security over energy trading and payment schemes.
The application segment is bifurcated into Energy Trading, Grid Management, Supply Chain Management, Payment Schemes, and others.
The end-user segment is divided into Oil and Gas, Power, and others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. The Asia-Pacific accounted for the largest share in the Global Blockchain technology in the energy sector market in 2017.
The leading players in the Blockchain Technology in the Energy Sector Market include Accenture, Oracle Corporation, Microsoft Corporation, Deloitte, IBM Corporation, Grid+, Nodalblock, SAP SE, Power Ledger Pty Ltd, and Amazon Web Services, Inc. among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.