Blockchain in Energy Market:
Growth opportunities in the Blockchain in Energy Market look promising over the next six years. This is mainly due to the increasing application of progressive technology to transform the energy sector like smart metering power.
Blockchain in Energy Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging acquisition of advanced technology to modify the energy sector, including smart metering, rooftop solar, and power, and electric vehicles into economical form, accounts to be a crucial driver propelling the growth of the global blockchain in energy market. Also, the augmenting acceptance of cryptocurrency by the energy supplying firms has strengthened the market size. For example, the Energy Web Foundation implemented Ethereum, Truffle developer tools, and Gnosis multi-signature wallets to build its energy platform and decrease operational expenditure. Also, several nations use blockchain in renewable energy to subsidize the conventional cost of retail energy. Moreover, the growing consciousness by prominent market players towards safety in the energy sector with an increasing emphasis on decentralized identities, renewable energy markets, grid integration of distributed energy resources, and software development toolkits has further propelled the market growth.
For instance, in 2019, Energy Web Foundation 2019 developed the World’s First Public, Open-source, Enterprise-grade Blockchain for altering the energy sector. This energy platform will enable the Energy Web Chain to assist enterprise-grade blockchain in power sectors such as grid operators, utilities, and live networks. This technology has 17 decentralized applications (dApps) running on Energy Web test networks to transform the live network, which may promote growth of blockchain in energy industry.
However, the huge capital expenditure and skilled workforce required for designing and adopting blockchain technology in the energy sector will curb the market growth. Also, insufficient regulatory norms and unknown challenges, along with the limit on the number of cases, are projected to hinder the blockchain in energy market size.
Furthermore, the swift acquisition of evolving technologies ranging from peer-to-peer (P2P) energy trading and Internet of Things (IoT) applications for decentralized marketplaces coupled with the growing adoption of electric vehicle charging and e-mobility services will bring enormous growth opportunities for the market.
Blockchain in Energy Market’s leading Manufacturers:
- Amazon Web Services, INC
- Grid+
- Power Ledger Pty Ltd
- SAP SE
- Microsoft
- IBM
- Deloitte
- Oracle Corporation
- Nodalblock
- Accenture
- Infosys
Blockchain in Energy Market Segmentation:
Segmentation by Type
- Private
- Public
Segmentation by Component
- Platform
- Services
Segmentation by Application
- Supply Chain Management
- Grid Management
- Peer-to-peer Energy Trading
- Payment Schemes
Segmentation by End-User
- Renewable Energy
- Power
- Oil & Gas
- Electric Vehicle Charging
- Trading
- Security
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
