Blockchain Technology in Energy Market Insights
The global blockchain
technology in the energy sector is expected to grow at a significant CAGR over
the coming years on account of increasing investments made in the energy &
power sector. Some of the advantages offered by blockchain include process
optimization & automation, transparency of markets, traceability of energy
produced & consumed, and security.
Blockchain technology implemented in the energy sector helps lower
cost of distribution by integrating functions of power generating companies,
utilities, suppliers, subcontractors, and end-users. Development of smart
cities is expected to foster demand for blockchain technology. The growing
electric vehicle market and limited availability of charging infrastructure is
expected to generate untapped opportunities for the use of blockchain in the
energy & power sector.
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Blockchain Technology in Energy Market: Type Insights
The blockchain
technology market for the energy sector is segmented on the basis of type into
public, private, and hybrid. The main reason for using blockchain technology is
to store and share information in a transparent & secure manner. Private
blockchain improves operational efficiency to a large extent, however it limits
decentralization.
Public blockchains
are expected to grow at a high rate as it allows interoperability,
decentralization, and transparency of operations along with security. This
growth is attributed to increase operational efficiency across the value chain
that includes producers, maintenance contractors, logistics, end-users, and
other sub-contractors. The demand for hybrid blockchain solutions is also expected
to grow at a significant CAGR over the coming years.
Blockchain
Technology in Energy Market: Application Insights
Blockchain technology
for energy finds applications in utilities, renewable energy generators,
electric charging, peer-to-peer energy trading, and others. The growing
investments in developing renewable energy infrastructures by private
organizations and other small enterprises are expected to increase the demand
for blockchain technology in the energy & power sector. Blockchain helps manage
renewable energy certificates.
Blockchain plays a
very important role in preserving maintenance record of pipes, gas stations and
other utilities. Ownership of these services & facilities are subjected to
change very frequently, this is where the maintenance record stored by
contractors on blockchain can be beneficial. The peer-to-peer energy trading
and renewable energy segment is expected to grow at a high CAGR over the
forecast period.
Blockchain
Technology in Energy Market: Regional Insights
The North American and European region is anticipated to witness
large investments in blockchain technology on account of their faster
acceptance of advanced solutions. The clean energy package developed by the
European Commission has stressed on an energy union centered around the
citizen. This means that citizens would be allowed to produce, store, consume
and sell self-produced electricity individually or through communities. The
Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over
the forecast period on account of their increasing investments in renewable
energy generation.
Blockchain Technology in Energy Market: Vendor Landscape
The report contains a
chapter dedicated to vendors operating in the market, covering raw material
manufactures, equipment developers, manufacturers, and distributors. The report
provides these insights on a regional level. This section of the report entails
contact details, experience, products manufactured/supplied, and geographical
presence of companies.
Blockchain
Technology in Energy Market: Competitive Landscape
The global blockchain
industry is evolving at a rapid pace on account of its increased preference
across various industry verticals. Several companies have demonstrated their
interest in developing blockchain technology solutions such as Volt Markets,
LO3 Energy, Wanxiang Blockchain Labs, Deloitte, Conjoule, Drift, Greeneum,
Grid+, Veridium Labs, MyBit, Power Ledger, Grid Singularity, Electron, Sun
Exchange, and IBM Corporation among others.
The stakeholders to
the report include government institutions, utilities, renewable energy
generators, research organizations, and educational institutes among others
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