GLOBAL BLOCKCHAIN IN ENERGY MARKET FORECAST 2019-2024

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GLOBAL BLOCKCHAIN IN ENERGY MARKET FORECAST 2019-2024

The estimations by Inkwood Research determine that the market for global blockchain in energy is anticipated to record a CAGR of 59.49% during the forecast period, and garner a revenue of $7.6 billion by 2024. The market study conducted had 2018 as its base year and 2019-2024 as the forecasted period. The traditionally centralized energy market has been specifying the electricity rates. Such volatile tariff rates on electricity rates may result in customers consuming less power. The price stipulation can be shifted from the central authorities to the consumers by using blockchain technologies. This will result in customers having multiple choices to select the power service providers that best suits their requirements. As energy plays a prominent role in the socio-economic development of any country, the South Asian regions like Sri Lanka and India, are encouraging the deployment of solar panel grids to produce electricity for own consumption and business purposes.

GLOBAL BLOCKCHAIN IN ENERGY MARKET FORECAST 2019-2024

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The estimations by Inkwood Research determine that the market for global blockchain in energy is anticipated to record a CAGR of 59.49% during the forecast period, and garner a revenue of $7.6 billion by 2024. The market study conducted had 2018 as its base year and 2019-2024 as the forecasted period.

The global blockchain in energy market is driven by:

  • The increasing need for peer to peer trading and variable rates of electricity
  • Rising investments by venture capitalists
  • Innovation across international trade and supply chain management

The traditionally centralized energy market has been specifying the electricity rates. Such volatile tariff rates on electricity rates may result in customers consuming less power. The price stipulation can be shifted from the central authorities to the consumers by using blockchain technologies. This will result in customers having multiple choices to select the power service providers that best suits their requirements. As energy plays a prominent role in the socio-economic development of any country, the South Asian regions like Sri Lanka and India, are encouraging the deployment of solar panel grids to produce electricity for own consumption and business purposes.  There has been ain increase in the number of households and small businesses setting up renewable energy systems. This results in the emergence of a new source of the distribution system. The electricity prices are not likely to go down in the future, considering the higher demand for applications, like heating and cooling, among others (since demand increases the prices). Such facts validate the increasing need for alternatives, like solar power generation and peer-to-peer trading, thus providing growth opportunities for the vendors in the market.

Power is the leading segment in terms of revenue in the global blockchain in energy market with around 81.40% market share in 2018. The power sector has been the early adopters in the market. Smart contract technology is providing secure transactions. Several industry players are exploring technology via pilot projects. There has been a massive shift toward renewable energy. The utilization of technology can benefit consumers in several ways, such as having network transparency, lower transaction costs, and smart meters. This will provide much more accurate data, lending more control to the customer. Individuals and communities are becoming prosumers wherein they are producing the energy as well as trading it, which is aiding their income. Moreover, the oil & gas segment is expected to grow at the highest CAGR of around XX% during the forecast period. There has been an incline towards digitalization in the oil and gas industry. Several companies in the industry are using technology to help them improve their security of data, transparency, and efficiency. The importance of oil and gas resources in promoting global economic and social progress is increasing with the advancement of science and technology. The immutable nature of distributed ledger technology ensures that the billing records are not deleted, forged, or altered in any form.

Further, the market growth is restricted by the legal and regulatory framework, authenticity concerns of users, lack of technical understanding, and awareness about the blockchain technology. Despite the growth in technology, there has been a lack of standardized rules and regulations for the network infrastructure and in terms of technology. Several countries such as India, Thailand, and Russia have banned the use of bitcoin, but are open to the use of ledger technology. Since the clarity of the regulatory landscape plays a pivotal role in shaping the future of the technology, the industry stakeholders are conversing with regulatory bodies, policy advisers, and governmental organizations to bring in appropriate regulate and avoid slowing down the innovation due to outright bans.

Report scope of the global blockchain in energy market covers segmentation analysis of type, end user, and application.

Market by End User:

  • Power
  • Oil & Gas

Market by Application:

  • Payments
  • Smart Contracts
  • Grid Management
  • Other Application

Market by Type:

  • Private
  • Public

The geographical division of the global blockchain in energy market is done on the basis of four major regions:

  • North America: the United States & Canada
  • Europe: the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe
  • Asia Pacific: China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific
  • Rest of World: Latin America, the Middle East, and Africa

In terms of geography, Europe leads the global blockchain in energy market by capturing the largest market share of around 41.59% in 2018. The European Commission has set energy targets, which include 20% of energy from renewable sources. These targets aim to help Europe achieve a more secure and sustainable energy system. It also aids in meeting its long-term goal of greenhouse gas reduction by the adoption of blockchain technology in the energy sector. The utility vendors in Europe are also starting direct trades among themselves with the help of technology, making them stay ahead, which will eventually be adopted by others selling green energy to one another. In Europe, the total number of start-ups are focusing on the energy sector. Further, the companies in this region are entering into strategic partnerships, to encourage energy-saving behavior, through a series of programs. Several countries in the region are coming up with innovative ways to reuse energy. For instance, In Amsterdam, Spectral and Alliander launched blockchain-based energy sharing token Jouliette. This helps the communities and individuals in sharing and managing locally produced renewable energy.

The major key players of the global blockchain in energy market are:

  • IBM Corporation
  • Oracle Corporation
  • Microsoft Corporation
  • SAP SE
  • Accenture PLC
  • Others

In December 2018, eMotorWerks, an Enel subsidiary, and LO3 Energy partnered to enhance renewable energy by exploring the connectivity between electric vehicle chargers along with microgrids. In June 2019, Power Ledger partnered with Energie Steiermark, in Graz to deploy a peer-to-peer energy trading network. The main aim of the partnership is to help give Graz residents incentives to use renewable energy and drive a zero-carbon future.

Key findings of the global blockchain in energy market:

  • Europe leads the global blockchain in energy market by capturing the largest market share of around 41.59% in 2018.
  • The power segment accounts for the largest share in end users, and is projected to grow with a CAGR of XX% during the forecasted period.
  • Payments are projected to grow fastest amongst the applications in the market at CAGR of XX% during the forecasted period.
  • Private type accounts the largest share amongst the type in the market, and is projected to grow with a CAGR of XX% during the forecasted period.
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • PRIVATE SECTOR IS FASTEST GROWING IN TYPE
      • EUROPE LEADS IN THE BLOCKCHAIN IN ENERGY MARKET
      • OIL & GAS IS FASTEST GROWING END USER
  1. MARKET DYNAMICS
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • INCREASING NEED FOR PEER TO PEER TRADING AND VARIABLE RATES OF ELECTRICITY
      • INCREASING INVESTMENTS BY VENTURE CAPITALISTS
    • MARKET RESTRAINTS
      • LEGAL AND REGULATORY FRAMEWORK
      • AUTHENTICITY CONCERNS OF USERS
    • MARKET OPPORTUNITIES
      • INNOVATION ACROSS INTERNATIONAL TRADE AND SUPPLY CHAIN MANAGEMENT
    • MARKET CHALLENGES
      • LACK OF TECHNICAL UNDERSTANDING AND AWARENESS ABOUT THE BLOCKCHAIN TECHNOLOGY
  1. MARKET BY END USER
    • POWER
    • OIL & GAS
  2. MARKET BY TYPE
    • PRIVATE
    • PUBLIC
  3. MARKET BY APPLICATION
    • PAYMENTS
    • SMART CONTRACTS
    • GRID MANAGEMENT
    • OTHER APPLICATION
  4. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • IBM CORPORATION
    • MICROSOFT CORPORATION
    • SAP SE
    • ACCENTURE PLC
    • INFOSYS LIMITED
    • ORACLE
    • ELECTRON (CHADDENWYCH SERVICES LIMITED)
    • IMPACTPPA
    • LO3 ENERGY INC.
    • POWER LEDGER PTY LTD
    • BTL GROUP LTD
    • DRIFT MARKETPLACE INC.
    • GREENEUM
    • GRID SINGULARITY

 

LIST OF TABLES

TABLE 1: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY GEOGRAPHY, 2019-2024 (IN $ MILLION)

TABLE 2: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY END USER, 2019-2024 (IN $ MILLION)

TABLE 3: GLOBAL POWER MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 4: GLOBAL OIL & GAS MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 5: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY TYPE, 2019-2024 (IN $ MILLION)

TABLE 6: GLOBAL PRIVATE MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 7: GLOBAL PUBLIC MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 8: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY APPLICATION, 2019-2024 (IN $ MILLION)

TABLE 9: GLOBAL PAYMENTS MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 10: GLOBAL SMART CONTRACTS MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 11: GLOBAL GRID MANAGEMENT MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 12: GLOBAL OTHER APPLICATION MARKET, BY REGION, 2019-2024 (IN $ MILLION)

TABLE 13: OPPORTUNITY MATRIX

TABLE 14: VENDOR LANDSCAPE

TABLE 15: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY GEOGRAPHY, 2019-2024 (IN $ MILLION)

TABLE 16: NORTH AMERICA BLOCKCHAIN IN ENERGY MARKET, BY COUNTRY, 2019-2024 (IN $ MILLION)

TABLE 17: EUROPE BLOCKCHAIN IN ENERGY MARKET, BY COUNTRY, 2019-2024 (IN $ MILLION)

TABLE 18: ASIA PACIFIC BLOCKCHAIN IN ENERGY MARKET, BY COUNTRY, 2019-2024 (IN $ MILLION)

TABLE 19: REST OF WORLD BLOCKCHAIN IN ENERGY MARKET, BY REGION, 2019-2024 (IN $ MILLION)

LIST OF FIGURE

FIGURE 1: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY APPLICATION, 2018 & 2024 (IN %)

FIGURE 2: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY PRIVATE, 2019-2024 (IN $ MILLION)

FIGURE 3: EUROPE BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 4: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY OIL & GAS, 2019-2024 (IN $ MILLION)

FIGURE 5: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY POWER, 2019-2024 (IN $ MILLION)

FIGURE 6: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY OIL & GAS, 2019-2024 (IN $ MILLION)

FIGURE 7: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY PRIVATE, 2019-2024 (IN $ MILLION)

FIGURE 8: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY PUBLIC, 2019-2024 (IN $ MILLION)

FIGURE 9: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY PAYMENTS, 2019-2024 (IN $ MILLION)

FIGURE 10: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY SMART CONTRACTS, 2019-2024 (IN $ MILLION)

FIGURE 11: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY GRID MANAGEMENT, 2019-2024 (IN $ MILLION)

FIGURE 12: GLOBAL BLOCKCHAIN IN ENERGY MARKET, BY OTHER APPLICATION, 2019-2024 (IN $ MILLION)

FIGURE 13: PORTER’S FIVE FORCE ANALYSIS

FIGURE 14: GLOBAL BLOCKCHAIN IN ENERGY MARKET, REGIONAL OUTLOOK, 2018 & 2024 (IN %)

FIGURE 15: UNITED STATES BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 16: CANADA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 17: UNITED KINGDOM BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 18: GERMANY BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 19: FRANCE BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 20: SPAIN BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 21: ITALY BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 22: RUSSIA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 23: REST OF EUROPE BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 24: CHINA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 25: JAPAN BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 26: INDIA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 27: SOUTH KOREA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 28: AUSTRALIA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 29: REST OF ASIA PACIFIC BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 30: LATIN AMERICA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

FIGURE 31: MIDDLE EAST & AFRICA BLOCKCHAIN IN ENERGY MARKET, 2019-2024 (IN $ MILLION)

  1. MARKET BY END USER
    • POWER
    • OIL & GAS
  2. MARKET BY TYPE
    • PRIVATE
    • PUBLIC
  3. MARKET BY APPLICATION
    • PAYMENTS
    • SMART CONTRACTS
    • GRID MANAGEMENT
    • OTHER APPLICATION
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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