Global Blockchain in Energy Market Report Information by Technology Type, By Platform, By Implementation, By End-Use, By Region – Forecast Till 2023
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Market Scenario
Block chain is a decentralized ledger technology, which when applied to the energy industry will enable inter-trade of energy between people analogs to exchange of money through a peer to peer platform. The Global Blockchain in Energy Market is anticipated to grow at a CAGR of 29 % during the forecast period of 2016 to 2023.
Attractive Advantages Of Blockchain Technology Is The Largest Market Opportunity
Blockchain in energy industry aims at sharing energy via agreements generated by multi-locational data structures, and development of the direct relationship between the energy suppliers and clients. Efficiency is expected to be generated owing to free sharing of excess energy through online price discovery depending on supply and demand dynamics of the market, which is expected to provide robustness, flexibility, elimination of central intermediaries and decentralization of operations. The model also has inbuilt scalability facilitating rapid expansion and real-time demand assessment and transactions. Thus, drastic cost reduction owing to market efficiency is expected after application of the technology.
Advancements In Information Technology And Democratization Are The Pull Factors Of The Market
The advent of information technology is expected to change the energy industry landscape. Blockchain energy trading will stimulate peer to peer trading. The development of smartphone-enabled blockchain applications is expected to stimulate peer-to-peer energy trading further. The development of cryptocurrencies and microgrids are significant drivers of the market. The growing connectivity is likely to result in the establishment of blockchain smart grids.
Thus, the centralized business and structure model of energy industry where all records and every transaction have to go through various exchanges, authorization agencies and trading platforms is expected to change. Digitization is enabling the energy industry to move on from centralized systems to decentralized systems of operations, with Blockchain expected to lead the way.
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Market Dynamics
Uncertainty of Energy Prices, Volatility of Supply and Environmental Concerns Are the Push Factor for the Market
The global energy industry is witnessing uncertainties, such as the unexpected drop in oil prices, growing energy insecurity, increasing geopolitical risks especially with oil and gas, and deteriorating conditions of equitable development. The increasing concerns over emissions associated with oil, gas-fired plants, and enactment of regulations such as the Kyoto protocol have led to a movement for reducing carbon footprint. The Government support for renewable energy such as compulsory acquisition agreements, attractive benefits such as an alternative to substantial investments needed to serve energy demands growing demand for clean, renewable energy, and others are other drivers of the market.
Concerns over Data Security and Lack of Clear Regulatory Protocols May Hamper the Market
Concerns over data security and lack of clear regulatory protocols coupled with limited suppliers and scarcity of expertise are the critical constraints on the market.
Segmentation
To generate an accurate assessment of the Global Blockchain in Energy Market, the report is segmented by technology type, platform type, implementation type, end-use industries, application, and region.
Based on the Technology Type, the market is segmented into the open blockchain, closed blockchain, consortium blockchain, hybrid blockchain, and others.
Based on the Platform Type, the market is segmented into Ethereum, Hyperledger, Tendermint, Interbit, and others.
Based on the Implementation Type, the market is segmented into as service and solution, development platforms, industry-specific, others,
Based on the End-Use Industries, the market is segmented into power & utilities, renewable energy, oil & gas, and others.
Based on the Application, the market is segmented into grid management, energy trading, control and security, payment schemes and others.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
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Dominant Players
Some of the key vendors operating in the Global Blockchain in Energy Market are Power Ledger (Australia), Conjoule (Germany), Grid+ (U.S), Grid Singularity (Germany), Impact PPA (U.S), Exergy (LO3 energy) (U.S), The Sun Exchange (Pty) Ltd (South Africa), WePower UAB (Republic of Lithuania), and BTL Group Ltd.(Canada). Global blockchain (Canada), Electron (Chaddenwych Services Limited) (U.K), PONTON GmbH (Germany), Stedin Group (Netherlands), OURSOLARGRID (ITP Innovative Technology Projects GmbH) (Germany), and Omega Grid (U.S) and others.
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Source: MarketersMedia
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