Global Blockchain in Energy Utilities Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
Blockchain supports energy trading across a wide range of commodity markets including crude oil, refined products, natural gas, and electric power. Within each business segment blockchain-powered solution can be deployed that produce, refine, distribute, and retail trade information related to pricing, position management, logistics, and risk reporting. Furthermore, power utilities can optimize the generation, distribution, and consumption of electricity through blockchain technologies. The development of specially designed blockchain solutions for electricity grids and new players such as decentralized producers of renewable energies are regularly generating large amounts of data that energy companies need to address. New users of electricity such as electric vehicles, connected houses, and new communicating equipment’s such as smart meters, sensors, and remote-control devices, are also causing a surge of data that the energy companies will have to capture, and examine in order to make informed decisions. Blockchain technologies offer suitable solutions for power utilities to achieve greater reliability, efficiency, and flexibility, and to preserve the balance between consumption and production in a rapidly changing energy landscape.
In addition, there is a lack of industry standards, which is still in the development phase. In the digitally connected world, the blockchain in energy utilities market has reported a significant growth and is presenting ample opportunities for the industry players. The blockchain solutions and services are used by organizations of all sizes (small, medium, and large) across power sector and oil & gas sector.
According to Infoholic Research, the global blockchain in energy utilities market is estimated to be $210.4 million in 2018 and is expected to reach $3,460.4 million by 2024, growing at a CAGR of 59.4% during the forecast period 2018–2024. The distributed energy and peer-to-peer electricity sales are some of the major factors which are expected to drive the market growth in the next 5–6 years. Due to the increasing automation in energy utilities, organizations are making real-time changes to the infrastructure that will help them to convert into blockchain-powered software and reduce TCO. Blockchain-powered solutions also help the energy utilities in improving their overall productivity.
Market Segmentation Analysis:
The study covers and analyzes global blockchain in energy utilities market by components, by services, by applications, by industry verticals, and regions. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions. The regions covered includes North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading the market followed by Europe with Asia Pacific emerging in blockchain in energy utilities market.
Regions and Vendors Analysis:
The report contains an in-depth analysis of the vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategy, and views. The key and prominent vendors covered in the report include SAP SE, IBM Corporation, Microsoft Corporation, Infosys Limited, and HCL Technologies Limited among various others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The report encompasses the study of blockchain in energy utilities market by components such as blockchain platform and services; by services such as consulting & advisory services, development & integration services, testing services, and others (support & maintenance); by applications such as grid management, energy trading, payment schemes, supply chain and logistics, and others. The blockchain-based innovation has received a lot of traction in the last three years. Blockchain innovation has a broad scope of use in energy and utilities. For instance, blockchain can assist users with making payment with cryptocurrency, to check exchanges, to close computerized contracts, to execute exchanges, among other applications. The evolution of technologies such as cloud computing, cognitive computing, and machine learning are paving the way for growth of blockchain in energy utilities. Furthermore, the report provides details about the major challenges impacting the market growth.
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