The Blockchain Technology market In The Energy Sector is anticipated to reach over USD 10,287 million by 2026 according to a new research published by Polaris Market Research. In 2017, the private segment dominated the global market, in terms of revenue. Asia-Pacific was the leading contributor to the global market revenue in 2017.
The growing adoption of Blockchain-As-A-Service, and increasing market for alternative cryptocurrencies has boosted the adoption of Blockchain technology in the energy sector. Merchants are increasingly accepting cryptocurrencies owing to high transaction speeds and immutability. The rising penetration of mobile devices, increased mobile broadband speeds, and reduced costs of bandwidth further support the growth of 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. 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.
Increasing investments by vendors in technological advancements coupled with advancements in broadband technology would accelerate the growth of the Blockchain technology in the energy sector market during the forecast period. Growing demand from emerging economies, and technological advancements are expected to provide numerous growth opportunities in the coming years.
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Asia-Pacific Blockchain Technology in the Energy Sector Market generated the highest revenue in 2017. The rising security concerns, and high transaction speeds and immutability offered by blockchain technology support the growth of the market. The increased mobile broadband speeds, and reduced costs of bandwidth and computing boost the market growth in the region. The growing adoption of Blockchain-As-A-Service, increasing trend of smart payments and contracts, and technological advancements are expected to offer growth opportunities during the forecast period.
The leading companies profiled in the Blockchain Technology In The Energy Sector Market Report include Accenture, Oracle Corporation, Microsoft Corporation, Deloitte, IBM Corporation, Grid+, Nodalblock, SAP SE, Power Ledger Pty Ltd, and Amazon Web Services, Inc. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.