Pune, India, Aug. 22, 2018 (GLOBE NEWSWIRE) -- A new report published by Market Research Future (MRFR), projects that the Global Blockchain in Energy Market is set to witness a stout growth in the forthcoming years. Between 2018 and 2023, the market is projected to exhibit 74.35% CAGR and surpass a valuation of USD 5 Billion. Energy companies are striving to leverage blockchain to improve security and make transaction and interaction more transparent. Integration of blockchain ensures robust security as it makes information tampering extremely difficult. Moreover, it also invigorates information storage systems, which is critical for the energy sector. The aforementioned factors are driving the adoption of the technology in the energy sector.
The energy sector has always been exposed to economic fluctuations and undesirable sociopolitical events, therefore, adoption of a new age technology such as blockchain only makes energy companies more prepared to tackle challenges likely to arise in the future. Blockchain has a visible impact on capital expenditure, security, operating costs, and risk management. This is further encourages industry leaders to invest in blockchain integration.
Latest News
- The U.S. based oil & gas company Petroteq Energy Inc is reportedly going to work with MetzOhanian, a software engineering to develop a special blockchain application focused towards improving operational efficiency and supply chain transparency in the oil and gas sector.
- Blockchain solution provider Applied Blockchain has received the Energy Web Foundation (EWF) affiliation, which will now allow it to conjointly work on implementation of large-scale energy projects using advanced blockchain technologies.
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Key Players and Competition Tracking:
Some the prominent blockchain in energy market players profiled in the report include BTL Group, Lo3 Energy, Inc., The Sun Exchange Pty Ltd, Conjoule GmbH, WePower UAB, Grid +, Enosi Foundation, Power Ledger Pty Ltd, and Electron.
Market Segmentation: Insights
The report published by MRFR includes a comprehensive segmental analysis of the global Blockchain In Energy Market on the basis of platform type, technology type, end-use industries, implementation type, applications, and region. Based on platform type, the blockchain in energy market has been segmented into tendermint, hyperledger, interbit and ethereum. The ethereum segment currently commands more than two-third market share and is expected to remain highly profitable over 2023. This is mainly due to increased deployment of Etherum platform for facilitating smart contract applications. The platform also has a unique crypto currency ‘Ether’, which allows companies to diversify their transaction modes. Based on technology, the blockchain in energy market has been segmented into closed blockchain, open blockchain, hybrid blockchain and consortium blockchain. The closed blockchain segment accounts for the largest market share and is project to soar at 76.88% CAGR during the assessment period. Close blockchain technology enable users to keep confidential agreements and formal contracts intact. Closed blockchain technology is being increasingly used for security and integrity of data in peer-to-peer interactions. Based on end use industries, the blockchain in energy market has been segmented into oil & gas, renewable energy, and power & utilities. The renewable energy segment currently accounts for more than 50% share of the global market and is likely to retain its dominance over 2023. The renewable energy sector continues to showcase impressive growth statistics year-after-year. The global demand for renewable energy is on the rise, prompting the sector to become more dynamic by adopting future-ready solutions. Based on implementation, the blockchain in energy market has been segmented into industry-specific, development platforms, and service & solution. Blockchain is being deployed for industry-specific purposes, developing advanced platform and optimizing services and solutions. Global utilities are viewing blockchain as a solution for some of the most critical challenges faced by them. Base on application, the market has been segmented into energy trading, payment schemes, supply chain & logistics, grid management and control & security. Of these, the energy trading segment is likely to witness a relatively faster growth rate during the projected future.
Browse the market data and information spread across 100 pages with 84 data tables and 41 figures of the report “ Blockchain in Energy Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/...arket-5814
Europe to Spearhead the Global Blockchain in Energy Market Over 2023.
On the basis of region, the market has been segmented into North America, Europe, Latin America, the Middle East & Africa (MEA) and Asia Pacific (APAC). The market in Europe currently makes the largest contribution in terms of overall revenue. The adoption of blockchain platforms has been relatively faster owing to the foresightedness of the energy sector in the region. Blockchain platforms provision considerable reduction in operating cost, which characterizes the increased investment in the technology by the Europe energy sector. European countries are also entering blockchain partnerships to expedite information exchange. North America is the second largest market for blockchain in energy and will remain an important investment destination for market players during the forecast period. Energy consumption in the region has continued to grow and the energy sector is under pressure to performance. Such conditions are reflecting favorably on the market in the region.
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