The use of Blockchain in Energy Industry is expected to be one of the biggest uncertainties the energy industry has faced since the beginning of digitization in the energy and power sector. This technology with unlimited possibilities and potential security over existing operational methods gives it an advantage.
Blockchain in Energy Industry consists of five main components, the first being the technology type and second being the implementation type of technology. Global energy and power players can choose to implement the technology as service and solution providers, as a testing out phase as development platforms, can implement them as industry-specific solutions. For instance, a utility provider can choose their solar generation and distribution services alone to be powered by blockchain technologies to expand their operational flexibility and engage more customers. To do this, the next component, i.e., which is the platform type is extremely important. Several blockchain platform types are available with specific benefits such as increased security, tried and tested platform based and application specific developments, such as EV charging and payment process. For applications such as this, blockchain technology in energy industry can also enable customers and suppliers to generate instant contracts, such as smart contracts that need not be verified by intermediary agencies.
With increasing start-ups and energy major collaboration and investment in the blockchain technology, the market is expected to witness a significant growth during the coming years. This increased collaboration has the potential to completely transform the energy industry. For example, blockchain technology offers power companies easier and more accurate way of streamlining the way the power industry operates. Pilot studies and small-scale implementation are increasingly focused around the peer-to-peer energy trading with special focus on microgrids and solar systems. The major hurdle for the blockchain implementation in energy sector is expected to be the uncertainty in regulatory policies and their integration with the existing systems of operation.
The Global Blockchain in Energy Industry Market is expected to grow at ~ 29% CAGR during the forecast period.
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Market Research Analysis
Grid Management and Peer-To-Peer Energy Trading Services are expected to command a Major Market Share
The Global Blockchain in Energy Industry is segmented based on technology type, platform type, implementation type, end-use industries, and by applications across the different regions of the world. With the ability to monitor and facilitate decentralized applications, blockchain implementation in energy industry is expected to create new business models, such as peer-to-peer energy trading facilities. With this, customers can choose whom they want to share the energy generated by them and it can be done without any third party or consortiums intervention. This is highly beneficial, especially in regions and places where there is more distributed energy sources such as solar power generation and small-scale wind. Hence peer-to-peer application is expected to show rapid growth rate. Besides, in the energy sector, the power and utilities operations is witnessing a number of blockchain based projects as more and more utilities and blockchain players are teaming with investment collaboration to check and expand the potential of this technology. On the other hand, major oil and gas companies, such as BO, Shell, and Statoil are all joining forces to create a common blockchain based platform for oil and gas operations. Blockchain in Energy Industry has huge potential as it can considerably remove the intermediary processes along with faster and secure implementation of operations.
Scope of the Report
This report provides an in-depth analysis of the Global Blockchain in Energy Industry Market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Blockchain in Energy Industry Market by its technology type, Platform Type, Implementation type, end-use industry type, application and by region.
By Technology Type
- Open Blockchain
- Closed Blockchain
- Consortium Blockchain
- Hybrid Blockchain
By Platform Type
- Hyper ledger
By Implementation Type
- As Service and Solution
- Development Platforms
- Industry Specific
By End-Use Industries
- Power & Utilities
- Renewable Energy
- Oil & Gas
Control & Security
Supply chain & logistics
- North America
- Asia Pacific
- Rest of the World
The key players of Global Blockchain In Energy Industry 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) are among others.
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