Blockchain in Energy Market Size 2023-2028

The latest research study “Blockchain in Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global blockchain in energy market size reached US$ 897.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 8,837.0 Million by 2028, exhibiting a growth rate (CAGR) of 41.70% during 2023-2028.

Blockchain in energy represents a technology that enables energy distribution and facilitates transactions between generators and consumers. It includes replicated, distributed, and shared ledgers that securely keep digital transactions and assets without using a central authority. Blockchain in energy is widely used for automation, billing, sharing resources, trading, smart contracts, and digital identity. It is also used to manage government risk and compliance, supply chains, grids, and energy certificates. Blockchain in energy increases operating efficiencies, improves visibility, and streamlines regulatory reporting. It also reduces costs, improves trust, offers environmental sustainability, increases transparency, and provides enhanced control and security. As a result, blockchain in energy finds widespread applications across the power and oil and gas sectors.

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Blockchain in Energy Market Trends and Drivers:

The extensive utilization of this technology in smart grids to improve functionality, prevent failure, protect privacy, and manage transactions through intelligent contracts, owing to its decentralization, transparency, fault tolerance, and strong security, is among the primary factors. Besides this, the escalating demand for this technique to manage data, offer traceability, enable automated billing, and prevent unauthorized access is further augmenting the market growth. Moreover, the growing popularity of blockchain in the oil and gas industry to provide privacy, reduce settlement delays, and protect trade secrets is also catalyzing the global market. Apart from this, the elevating requirement for this technology to manage distribution and provide real-time validation of the power source via certificates is acting as another significant growth-inducing factor. Additionally, the rising usage of this technique to enable peer-to-peer energy trading, allowing users to buy and sell power directly among each other through a secure ledger, is also stimulating the market growth. Furthermore, the launch of several policies by the government bodies to promote electricity saving is expected to bolster the blockchain in energy market in the coming years.

Blockchain in Energy Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Who are the key players in the Blockchain in Energy Market?

• ConsenSys
• Energy Web
• Greeneum
• International Business Machines Corporation
• Ondiflo and Power Ledger Pty Ltd

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The report has segmented the market on the basis of

Breakup by Component:

• Platform
• Services

Breakup by Type:

• Private
• Public

Breakup by Application:

• Peer-To-Peer Transaction
• Grid Transactions
• Energy Financing
• Electric Vehicle
• Sustainability Attribution
• Others

Breakup by End User:

• Power
• Oil and Gas

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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