Blockchain in Energy Utilities Market Outlook
According to a new report by Expert Market Research titled, “Blockchain in Energy Utilities Market Size, Share, Analysis, Report and Forecast 2023-2028″, the blockchain in energy utilities market is projected to grow at a CAGR of 65.2% between 2023 and 2028. Aided by the growing demand for efficient and secure energy transactions and the burgeoning applications of blockchain technology in various sectors of the energy industry, the market is expected to grow significantly by 2028.
Blockchain is a decentralised, distributed ledger technology that securely records and verifies transactions across multiple computers. It has found significant usage in energy utilities, playing a pivotal role in streamlining processes, ensuring transparency, and enhancing security in energy transactions. From enabling peer-to-peer energy trading to managing distributed energy resources and carbon emissions trading, blockchain has emerged as a transformative technology for the energy sector.
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The increasing preference for efficient and secure energy transactions is driving the global blockchain in energy utilities market growth. With the growing awareness of the benefits associated with blockchain, such as improved efficiency, reduced costs, and enhanced security, there has been a significant shift towards its adoption in energy utilities. Furthermore, the rising trend of digitisation and the integration of advanced technologies in energy utilities have contributed to the increasing popularity of blockchain.
In addition, the expanding applications of blockchain in the energy sector is significantly accelerating the blockchain in energy utilities market development. Blockchain is being increasingly used to facilitate peer-to-peer energy trading, allowing prosumers (consumers who also produce energy) to sell their surplus renewable energy directly to other consumers, bypassing the need for intermediaries. This fosters greater market participation, improves energy efficiency, and contributes to a greener energy sector. Moreover, blockchain’s inherent transparency and security make it a valuable tool for managing transactions in carbon emissions trading.
Furthermore, the growing need for efficient grid management in the energy sector has led to an increased focus on blockchain as an effective solution. With the rise of renewable energy sources and distributed energy resources, the energy grid has become increasingly complex to manage. Blockchain technology, with its decentralised nature and robust security, has emerged as an efficient solution for managing these diverse energy sources, thereby boosting the blockchain in energy utilities market expansion.
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Blockchain in Energy Utilities Market Segmentation
The market can be divided based on component, application, vertical, and region.
Market Breakup by Component
- Consulting and Advisory Services
- Development and Integration Services
- Testing Services
Market Breakup by Application
- Grid Management
- Energy Trading
- Payment Schemes
- Supply Chain and Logistics
Market Breakup by Vertical
- Power Sector
- Oil and Gas Sector
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global blockchain in energy utilities companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- International Business Machines Corporation
- ConsenSys Software Inc.
- Accenture PLC
- LO3 Energy, Inc.
- Infosys Limited
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