The global energy blockchain market value reached $394 million in 2018, with Europe as the main market

China Energy Storage Network: According to the latest report from Markets and Markets, the value of blockchain in the global energy market will grow from $394 million in 2018 to $7.11 billion in 2023, with a compound annual growth rate of 78.32%. The increasing popularity of blockchain technology in the energy sector and growing security concerns around the world are likely to drive the growth of blockchain in the energy market.

By type, the private sector will account for the largest share of the blockchain in energy market. Private blockchain has led the market in 2017. Compared with public blockchain, private blockchain provides more security because it is completely controlled and operated by a single organization. Only the intended users can make and verify transactions, showing higher efficiency and faster operation speed.

By component, the services segment is expected to account for the largest share. The services segment led the blockchain in energy market in 2017 as most companies are working with various blockchain startups to implement blockchain operations such as energy trading, grid management, and supply chain management. Energy trading includes peer-to-peer energy trading, smart contracts, and real-time pricing, which will help improve transparency between transactions, data management, data visibility, and inter-system communication.

By region, Europe is the leading market for blockchain in energy market. Europe led the global market in 2017 due to the highest number of blockchain startups and implementation projects and regulatory support provided by the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are working with blockchain vendor Ponton (Germany). The collaboration revolves around the Enerchain project, which focuses on blockchain technology in the energy sector to bring inter-peer transactions to wholesale energy markets. Therefore, factors such as increasing investments in the adoption of blockchain platforms are driving blockchain in energy market in the region.

To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the blockchain in energy market. The major players include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany). Leading players are adopting various strategies to increase their share in the blockchain in energy market.

Source: Cable Network