Blockchain in Energy Market Overview
The Blockchain in Energy Market was valued at USD 279 million during the year 2019 and this is expected to grow at a CAGR of 78.32% during the end of the forecast period. In recent days due to technological development, there are tremendous changes in the Blockchain in Energy Market. The rising internet of things and the development in technology are the main factor for the growth of the market size.
Here in this report, the Blockchain in Energy Market is the explanation about the current market status after the outbreak of the pandemic in 2020. This report clearly explains the drivers, restraints, growth opportunities, profit, the impact of the pandemic, challenges, major key players' recent developments are available in this report.
July 2023- A Bitcoin mining company that puts sustainability promptly at the front of its business plans, EZ Blockchain has found a perfect solution to combat all the toll taken on our environment by Bitcoin mining. Bitcoin mining utilizes a significant amount of energy which, in turn, uses up a lot of fossil fuels such as natural gas and coal, emitting greenhouse gases such as methane into the atmosphere. The energy consumption of Bitcoin mining is frequently compared to that of a full nation's worth of usage. A 2022 report predicted that bitcoin mining may be responsible for 65.4 megatonnes of CO2 per year, comparable to the emissions for all of Greece, just for reference. EZ Blockchain is an organization flipping the script on the impacts of Bitcoin mining and is transforming new ways to use waste to power its operations. In the last few years, EZ Blockchain has dug deep into underutilized energy and found a niche where Bitcoin mining can back the energy industry. For instance, EZ Blockchain transformed wasted gas into energy for Bitcoin mining without deploying new infrastructure at a facility. It can also repurpose wasted energy from Solar grids and wind turbines to power its mining efforts.July 2023- Energy-saving blockchain technology, substituting obsolete electric motors, and incorporating smart energy services are along with the LIFE projects forming a new #SmartEnergyCluster to achieve a sustainable and efficient energy system. Identifying that partnership and advance is key; 19 projects will pool resources and capability to speed up the smart energy transition. The projects share a shared objective to foster and employ new business models and concepts which add value by leveraging integrated energy services. #SmartEnergyCluster projects emphasize merging various energy services and integrating non-energy benefits while overcoming market fragmentation and fostering cooperation.
COVID Analysis
As the outbreak of the pandemic across the globe has brought a great impact on the market. Due to the spread of the pandemic and because of the quick rise in the number of positive cases. There is no other option for the government than to advise the people to opt for the lockdown option. People were advised to stay at their home and prefer the work from home option. There were drastic changes in the lifestyle of the people after the impact of the pandemic.
After the spread of the virus, many markets have been lost. Due to this, the key players are in search of investment. They are looking for funds to increase their production rate and also to increase their market value.
Blockchain in Energy Market Dynamics
The main factor that drives the Blockchain in Energy Market growth is the development and upgrading of the technologies. As the people are getting the awareness about the technology development and the growth of the internet over things is the main reason for the market growth. In recent times due to the increase in the adoption of the Blockchain in Energy Market, investors are investing a huge amount in the key players. So that the key players are open for development and growth.
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The market growth opportunities
The market growth opportunities have increased because of the improvement in the technology and also because of the government promoting awareness about the use of the technology. The increase of security concerns and data security enhances the growth opportunity of the market.
The lack of awareness about the uncertain regulatory landscape might challenge the growth of the market value. The main restraining factor is that many regions don't have a lack of awareness about the growth and development in technology. People are getting worried about their privacy and security when using blockchain technology.
The challenge in the growth of the Blockchain in Energy Market Share is because the key players are providing energy resource management at a cost-effective rate and efficiency. These are attracting a larger audience to adopt the Blockchain in Energy Industry. But the lack of investment and the impact created by the spread of the pandemic has made this a challenge.
Cumulative growth analysis
The rise in the growth of the Blockchain in Energy Market Growth in the recent days because of the development in the technology and by overcoming the restrain the growth is witnessed. The awareness about the energy utility in exploring the benefits of using the low carbon transition which stimulates the growth of the Blockchain in Energy Market Revenue. The reduction of the use of fossil fuel is inducing the growth of the Blockchain in Energy Industry. It is believed that the market value will be gradually increasing during the forecast period by the adoption of the new technologies by the people in the future.
Value chain analysis
The growing nature of the technology because of the adopting nature of the people is one of the added advantages for the growth of the Blockchain in Energy Market Value. The increase in the use of solar energy for charging the electric vehicle and the e-mobility solutions is also one of the main reasons which boost the growth of the market. Adopting the product and demand for the product has created a good impact among the people.
Regional analysis
There are regions that are holding the share of the Blockchain in Energy Market. Some of the main regions where there is the great revenue are North America, Europe, Asia Pacific and the rest of the world.
North America is the region that holds the largest amount of share and dominates the Blockchain in Energy Market. This is because the countries like the US, Mexico and Canada are in the process to provide awareness among their people about the benefits of using the technology. Even the government are taking steps to promote the benefits and make sure that their people are using the new technologies.
The Asia Pacific is the region that is following the path of North America. This growth is because the investors are interested in investing in the key players who are available in the Asia Pacific. Even due to the rapid population and the increase in urbanization the Asia Pacific region is being in second place.
Europe is expected to reach the development in the forecast period. This development is because of the people's interest in using the Blockchain in Energy Market.
Blockchain in Energy Market Competitive landscape
The key players are using many ideas and techniques to develop the growth of their business. But due to the impact of the pandemic, there is less involved in the growth. This is because the people are less responsive to the development in the technology and also not getting the awareness about the growth in the technology. So the key players are working to create awareness in using the Blockchain in Energy Market. The key players are also expanding their business to the next level by introducing their branches in many regions. And also they are interested in collaborating with other companies to complete the large scale output.
Key players
- Power ledger private limited
- We power UAB
- LO3 Energy Inc Grid
- BTL group limited
- The sun exchange limited
- Conjoule GmbH
- Enosis foundation
- Electron
- Infosys limited
- SAP SE
- Oracle corporation
- Accenture PLC
- We Power UAB
- IBM corporation
- Micro-soft corporation
- Deloitte Touche Tohmatsu limited
These are some of the key players who are ruling the Blockchain in Energy Market.
Recent developments
- After the outbreak, there was a great loss, so the major players are in the state of mind to collaborate with the other companies. So that they can rectify their company from the loss.
- The key players are looking for investors so that they can get the proper investment to increase their product manufacture. So that they can deliver the product to the customer in a short period of time and gain the trust.
- The major key players are in interest to expand their business to some other regions so that they can attract customers.
- In may 2022, Blockchain-based Service Network (BSN) has started planning its first major international expansion. The company, which has links to the Chinese government, has planned to make the international version of its product open sourced to allow people to inspect the code and ensure there are no backdoors.
Market segment overview
By product
- Private requirement
- Public requirement
- Hybrid blockchain
- Federated blockchain
By components type
By end-users
By application type
- Peer–to–peer transaction
- Grid transaction
- Energy financing
- Electric vehicle
- Sustainability attribution
- Supply chain management
- Energy trading
- Government risk
- Compliance management
- Wholesale electricity distribution
- Commodity trading
By region
North America
Latin America
- Mexico
- Brazil
- Peru
- Chile
- Others
Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Nordic countries
- Belgium
- Netherlands
- Luxembourg
Eastern Europe
Asia Pacific
- India
- Japan
- China
- ASEAN
- Australia
- New Zealand
The Middle East and Africa
- GCC
- Southern Africa
- North Africa
| Report Attribute/Metric |
Details |
| Market Size |
2019: USD 279 Million |
| CAGR |
78.32% CAGR (2022-2030) |
| Base Year |
2021 |
| Forecast Period |
2022-2030 |
| Historical Data |
2019 & 2020 |
| Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Platform, Implementation, End-Use |
| Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors |
Power Ledger Pty Ltd, WePower UAB, LO3 Energy, Inc, Grid +, BTL Group Ltd., The Sun Exchange (Pty) Ltd, Conjoule GmbH, Enosi Foundation and Electron (Chaddenwych Services Limited) |
| Key Market Opportunities |
Enabling real-time transactions Creating more dynamic business models |
| Key Market Drivers |
Increased automation with data integrity and security |
Frequently Asked Questions (FAQ) :
The Blockchain in Energy Market is expected to reach USD 279 million with the CAGR of 78.32% during forecast period.
Power ledger private limited, We power UAB, LO3 Energy Inc Grid, BTL group limited, The sun exchange limited, Conjoule GmbH, Enosis foundation and others are top key players in the Blockchain in Energy Market.
The end-users, technology type, platform type, implementation type and application type are the segments affecting the global Blockchain in Energy Market Value.
The European region is one of the forefront regions in the adoption of blockchain technology and influencing the market’s growth.
The top regions which are driving the growth of the Blockchain in Energy Market are North America, Asia Pacific, Europe etc.
We believe blockchain is a key tool to speed up the process of decarbonising the economy, as it makes transactions traceable, secure and quick. This technology makes the supply of green energy more efficient, flexible and transparent, which incentivises the production and consumption of 100 % renewable energy.
Surprising Fact. A single bitcoin transaction uses roughly 707.6 kilowatt-hours of electrical energy–equivalent to the power consumed by an average U.S. household over 24 days, according to Digiconomist.
