Global Blockchain in Energy Utilities Market Report and Forecast 2024-2032

Global Blockchain in Energy Utilities Market Outlook

The global blockchain in the energy utilities market is expected to grow at a CAGR of about 65.2% in the forecast period of 2024-2032, owing to the increased generation of renewable power to support sustainable initiatives.

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Europe to be a Significant Regional Market for Blockchain in Energy Utilities

The market in Europe is estimated to be the largest market in the forecast period. Countries such as Germany, the United Kingdom, and the Netherlands are heavily investing in adopting blockchain technologies to solve global transaction processes between multiple parties and provide customers with more secure and accurate data. The growing number of project implementations and the presence of blockchain start-ups in the region, coupled with the incorporated regulatory support from the European government, are propelling the market growth. Further, increasing investment from energy start-up companies and growing funding activities will strengthen the industry landscape. Government incentives toward adopting renewable power generation and favourable regulatory policies to promote the technology adoption are set to augment the product installation.

Additionally, companies in the region are partnering with other countries or having high investments in developing products related to the energy sector using blockchain technology. For instance, in March 2019, a major United Kingdom energy company OVO invested in blockchain firm Electron through its recently launched technology division, Kaluza. The move aims to facilitate the Electron’s deployment of distributed energy trading platforms.

Market Segmentations

Blockchain technology is a decentralised ledger that can be used in the energy sector. Blockchain facilitates energy trade in the energy sector. It is projected to allow for a fundamental shift in energy distribution. Blockchain can be utilised efficiently for sustainability and energy conservation by developing new energy business models, shifting carbon credits, and managing real-time data.

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The various components in the market are:

• Platform
• Services
• Consulting and Advisory Services
• Development and Integration Services 
• Testing Services 
• Others

The significant applications of the market are:

• Grid Management
• Energy Trading
• Payment Schemes
• Supply Chain and Logistics
• Others

The major verticals of the market are:

• Power Sector
• Oil and Gas Sector

The regional markets for blockchain in energy utilities can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Rising Generation of Renewable Power to Support Sustainable Initiatives Propelling the Market Growth

The deployment of blockchain technology is likely to witness significant growth in the energy and utility sector due to the amplified generation of renewable energy to back sustainable initiatives and the attempts made by the oil and gas players to boost operational efficiency and security. A positive outlook toward digitisation of systems on account of the increasing installation of smart meters across regions is set to foster the blockchain in energy utilities market share. Also, decentralised energy systems and widespread adoption of smart management and control systems to implement advanced communication are projected to complement the market outlook.

Furthermore, reducing dependency on fossil fuels, coupled with increasing independence of the local grid from outside energy sources in the long term, is anticipated to drive the market growth of blockchain in energy utilities globally. Increasing investment in numerous innovative projects ranging from solar systems for electric vehicle charging and e-mobility will further accelerate product adoption.

Key Players in the Global Market for Blockchain in Energy Utilities

The report gives a detailed analysis of the following key players in the global blockchain in the energy utilities market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• International Business Machines Corporation 
• ConsenSys Software Inc.
• Accenture PLC
• LO3 Energy, Inc.
• Infosys Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report