Blockchain in Energy Market - Global Industry Size, Key Players Trends, Market Share, Analysis, and Forecast -2023

The Global Market Size For Blockchain In Energy Is Expected To Increase From USD 180.3 Mn In 2017 To More Than Usd 5,000 Mn By 2023.

Blockchain In Energy Market Overview:

The Global Market Size For Blockchain In Energy Is Expected To Increase From USD 180.3 Mn In 2017 To More Than Usd 5,000 Mn By 2023. Blockchain has positively disrupted many sectors and is showing significant benefits in the energy sector. Market reports linked with the energy and power industry have been made accessible by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is set to gross revenues totaling USD 5.03 billion while charting a growth course with a CAGR of 74.35% in the duration of the forecast period.

The implementation of blockchain has significant ramifications in terms of its ability to block tampering and guarantee a elevated level of security and transparency. The substantial bearing of blockchain’s implementation on operating costs is spurring its speedy adoption in the energy sector. The unparalleled scope for the expansion of the market is anticipated to revolutionize the energy sector in the forecast period.

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Leading Players:

The notable market contenders in the market are WePower UAB, LO3 Energy, Inc, Grid +, BTL Group Ltd., The Sun Exchange (Pty) Ltd, Power Ledger Pty Ltd, Conjoule GmbH, Enosi Foundation and Electron (Chaddenwych Services Limited).

Competitive Analysis:

The diversification of the product variety in the market is raising the prospects for the advancement of the market. The market is at a peak production level and will be able to generate better value for the firms in the market and its shareholders. The proficiency in utilizing the economies of scale is showing to be beneficial for the market’s whole growth. The market has also noticeably neutralized the market challenges and thus is promoting a boost in the number of firms in the market. The organization inclination in the market is reinforcing the level of expansion that can be achieved in the current market scenario.  The development patterns are altered in tandem to the customer likings to realize the maximum growth, and in the long run, viability.

Industry Updates:

Nov 2018 NV Energy, a US-based public utility has signed a memorandum of understanding (MoU) with Blockchains to run on blockchain energy projects. Under the MoU, the two firms have approved to pilot blockchain energy projects that will allow the customer to control energy consumption, creation, storage, and transactions.

Segmental Analysis:

The Blockchain In Energy Market is segmented on the basis of platform type, technology type, implementation type, applications, end-use industries, and region. On the basis of technology type, the market is segmented into consortium blockchain, closed blockchain, open blockchain, and hybrid blockchain. The segmentation on the basis of platform type comprises of Hyperledger, Ethereum, Tendermint, and Interbit. On the basis of implementation type, the market is segmented into development platforms, service & solution, and industry-specific. The end-use industries based segmentation of the market comprises of renewable energy, power & utilities, and oil & gas. The application-based segmentation of the market comprises of energy trading, payment schemes, grid management, control & security, and supply chain & logistics.

Detailed Regional Analysis:

The regional analysis of the blockchain in energy market consists of regions such as North America, Europe, APAC and rest of the world. The European is responsible for the major regional segment in the blockchain in energy market globally owing to the regions progressive thinking approach to the implementation of blockchain platforms in the energy sector. The investments in this technology are fortified by the fact that blockchain platforms extend substantial discounts in transparency, operating costs, and security. The North American region holds the second important segment in the market and closely follows the European region. There is a speedy development observed in the blockchain based energy projects as the acceptance of renewable energy increases in order to meet the increasing demand for power in the region. The use of blockchain platforms in the region is anticipated to lessen costs and resolve data management complications.

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