Global Blockchain in Energy Market Scope Report

Global Blockchain in Energy Market Highlights Over 2023 - 2035

The global blockchain in energy market is estimated to garner a revenue of USD 221 Billion by the end of 2035 by growing at a CAGR of ~51% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 12 Billion in the year 2022. The growth of the market can be attributed to the growing demand for energy worldwide. As of July 2022, India’s installed renewable energy capacity (including hydro) stood at 161.28 GW, representing 39.91% of the overall installed power capacity. The country is targeting about 450 Gigawatt (GW) of installed renewable energy capacity by 2030 – about 280 GW (over 60%) is expected from solar.

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The blockchain technology in the energy sector is primarily used to address the rising global concerns regarding the environment, climate change, biodiversity and resilience to weather and disaster. In July 2021, to encourage rooftop solar (RTS) throughout the country, notably in rural regions, the Ministry of New and Renewable Energy plans to undertake Rooftop Solar Programme Phase II, which aims to install RTS capacity of 4,000 MW in the residential sector by 2022 with a provision of subsidy.

Global Blockchain in Energy Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Advancement in Technology - In the European Union alone, increased storage and digitally-enabled demand response could reduce curtailment of solar photovoltaics (PV) and wind power from 7% to 1.6% in 2040, avoiding 30 million tonnes of carbon dioxide emissions in 2040.

• Rise in Adoption of Blockchain Technology in Energy Sector - According to the European Commission, the European Blockchain Partnership (EBP) has aimed to scale the investment fund of around USD 2.33 Billion to fully develop its European Blockchain Services Infrastructure (EBSI) platform. 

• Increasing Automation with Data Integrity and Security - As of 2021 an estimated 9 billion digitally-enabled automated devices are in use globally, including 1 billion smart meters.

• Increased Digital Transactions - As of October 2021, the country had around 1.18 billion mobile connections, 700 million Internet users, and about 600 million smartphones. These numbers are growing rapidly each quarter. With about 25.5 billion real-time payment transactions, India ranked first in the world in terms of the number of transactions in 2020.

• Rising Adoption of Internet of things - The “Internet of Things” (IoT) – to provide a range of services and applications, such as personal healthcare, smart electricity grids, surveillance, home automation and intelligent transport. The number of connected IoT devices is forecast to grow from 8.4 billion in 2017 to over 20 billion by 2020.

Challenges

• Lack of Awareness Amongst End Users

• Fear of Fraudulent Activities in Blockchain

• High Cost of Implementing and Maintaining Blockchain

The global blockchain in energy market is segmented and analyzed for demand and supply by application into peer-to-peer transactions, grid transaction, energy financing, electric vehicle, sustainability attribution, and others. Out of these, electric vehicle segment is anticipated to hold the largest share over the forecast period owing to the increased demand for passenger cars. According to IEA, in 2020, the number of new EVs registered globally increased 41% as compared to 2019.

Global Blockchain in Energy Market Regional Synopsis

Regionally, the global blockchain in energy market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2035, on the back of increasing advancement in technology and rising adoption of Internet of things. As of June, about 16.5 million people were subscribed to 5G network in South Korea.

Market Segmentation

Our in-depth analysis of the global blockchain in energy market includes the following segments:

Key Companies Dominating the Global Blockchain in Energy Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global blockchain in energy market that are included in our report are IBM, Microsoft, Accenture, Conjoule GmbH, BTL Group Ltd., Infosys, Power Ledger, Siemens, Drift, Electron, and others.

Global Blockchain in Energy Market: Latest Developments

• November, 2022: IBM has announced new software designed to help enterprises break down data and analytics silos so they can make data-driven decisions quickly and navigate unpredictable disruptions. 

• October, 2022: Accenture and Sitecore are enhancing their business partnership to help organizations accelerate their response to market changes and better meet customers’ evolving demands across content, experience, and commerce.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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