The Global Blockchain in Energy Market size was estimated at USD 335.21 million in 2021 and is expected to hit around USD 1978.10 million by 2030, expected to grow at a CAGR of 21.5% during the forecast period 2022 to 2030.
Blockchain technology assists areas in achieving renewable energy goals, enhancing the efficiency and dependability of grids, and lowering utility capital expenditures for the production of clean energy. As a result, its use is anticipated to grow over the projection period.
Vendors in the market could gain from the rising popularity of microgrids by taking advantage of the fact that they allow electricity trading within a specific area and have other benefits during emergencies when compared to the main grid (which serves as backup solutions). One such example is the OLI Systems, a German energy blockchain provider, pilot project in the microgrid in Europe.
Market Dynamics:
Drivers:
Different industries use the blockchain ledger to lower transaction costs, improve the effectiveness of exchanges, and identify the source of energy. For instance, IBM's Blockchain World Wire network changed international (Forex) payments. It made it possible to clear and pay transactions in almost real time with finality. The system combined payment instruction messages and used digital assets to settle transactions by serving as an agreed-upon store of value shared by parties. Such product features that improve payments in various industries would give them a competitive edge.
The adoption of blockchain technology also made it possible to integrate smart grids with payment systems. This helped the businesses invest more in fusing financial services with smart grid technology.
Restraints:
The absence of a unified set of regulatory norms, an ambiguous regulatory environment, and worries about the veracity of users could all serve as blockchain in energy market restrictions.
Since there is no regulatory standard for the format of the transactions, uncertainty and a lack of rules continue to be some of the largest barriers to the adoption of blockchain in energy market. In order to address this and navigate new ground by sharing resources and hosting experts from around the world, the US Federal Trade Commission established a Blockchain Working Group.
Key players:
Market Segmentation:
Blockchain in Energy Market, By Component:
Blockchain in Energy Market, By Application:
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Others (Distributed Energy Resources, Smart Charging, and Energy Commodity Trading)
Blockchain in Energy Market, By End-user:
Blockchain in Energy Market, By Region
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North America
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U.S.
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Canada
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Mexico
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Europe
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U.K.
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Germany
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France
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Asia Pacific
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China
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India
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Japan
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Central & South America
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Brazil
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Middle East & Africa
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Regional Analysis:
When blockchain technology is used in the energy industry, transactions like trading in energy can be recorded and settled almost immediately. There's no need for a middleman and not much of a requirement for reconciliation because everyone uses the same platform. As a result, North Americans see blockchain usage in the energy sector pick up significantly as early adopters of technology.
Approximately 4,116 billion kWh of energy were generated at utility-scale electricity-producing facilities in the US in 2021, according to the US Energy Information Administration. The fuel utilised to produce this electricity was made up of around XX% coal, natural gas, petroleum, and other gases. About XX% of the energy used was nuclear, while XX% came from renewable sources.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.5% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
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Current Market size |
USD 335.21 million |
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Forecast market growth |
USD 1978.10 million |
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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