The gradually growing demand for blockchain as a technology is expected to disrupt the core of the several industries where it may be implemented. The beginning of the concept of blockchain in energy originated as a niche product on the market peripheries but has captured the attention of several industry experts and leaders in recent times. The use of blockchain technology in the energy sector allows energy companies the chance to make substantial cost-saving and process efficiencies which is a significant advantage that is expected to be derived from the implementation of blockchain in energy. However, the preliminary potential of blockchain technology in the energy industry proves its potential to be that of a robust technology in its imminent energy industry applications.
As blockchain technology is a relatively new technology that has the potential to transform the way energy industry operates while moving away from a centralized structure towards a decentralized system. Through blockchain technology, the energy industry operations are expected to be more flexible and can also efficiently contribute toward fast-tracking the speed of changes taking place in the energy industry. Keeping these developments in mind, the market for blockchain in technology is anticipated to achieve USD 5,032.6 million in terms of revenue approximately while growing with a CAGR of 74.45 percent in the forecast period. The most encouraging of the blockchain in energy’s applications presently are carried out through partnership and collaboration amid the major players such as utility providers such as RWE or technology developers such as Siemens with the blockchain technology companies. The independent power producers comprising of residential and commercial players are also contributing more with solar PV and thermal leading to development in the decentralized energy generation rate.
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The overall reduction of transaction costs because of the elimination of the need to pay any third parties or intermediaries has increased the lucrativeness of the market considerably. The competitors in the blockchain in the energy market are limited currently because of the novelty of the product offering in the market and also the specialized degree of knowledge that is required to enter the market. The option of integrating smart meters in a blockchain, through which computers could automatically reconcile demand and supply in real time to balance the grid better will possibly spur more significant development in the market in terms of growth and revenue.
The blockchain in energy market is segmented on the basis of end-use industries, technology type, platform type, implementation type, and application type. By technology type, the market is segmented into closed blockchain, open blockchain, hybrid blockchain and consortium blockchain. Closed Blockchain is accredited for a significant market share of 77.71% in 2017, and is projected to develop at the highest CAGR of 76.88% during the forecast period. The platform type basis of segmentation of the market comprises of hyperledger, ethereum, tendermint, and interbit. Ethereum is responsible for the leading market share of 76.89% in 2017, with a market value of USD 138.6 and is likely to develop at the highest CAGR of 78.56% during the forecast period. The market segmentation of the market on the basis of implementation type comprises of development platforms, service & solution, and industry specific. The end use industries based segmentation of the market includes power & utilities, renewable energy, and oil & gas. The applications based segmentation of the computer vision market consists of grid management, energy trading, control & security, payment schemes, supply chain and logistics.
Detailed Regional Analysis
The blockchain in energy market’s regional analysis has been segmented into regions as APAC, North America, Europe, and Rest of the World. The European region is one of the forefront regions in the adoption of the blockchain technology. Germany had accounted for the most significant market share of 55.88% in 2017, with a market value of USD 46.6 million and is projected to grow at the highest CAGR of 81.49% during the forecast period. The North American region is one of the principal markets for the blockchain in the energy industry. Furthermore, the region is witnessing rapid growth in blockchain based energy projects as renewable-based energy generation sources are progressively contributing to the rising power demand of the region. The U.S. accounted for the most significant market share of 76.16% in 2017, with a market value of USD 55.8 million and is estimated to develop at the high CAGR of 77.68% during the forecast period.
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The forecast for growth and innovation has improved at a rapid pace effectively modifying the market. The significant players in the market have implemented various strategies to preserve and expand their market share. The key players of global solar panel market are WePower UAB (Republic of Lithuania), Conjoule GmbH (Germany), Power Ledger Pty Ltd (Australia),LO3 Energy, Inc (U.S.), Grid + (U.S.), BTL Group Ltd. (Canada), Enosi Foundation (Australia), The Sun Exchange (Pty) Ltd. (South Africa), and Electron (Chaddenwych Services Limited) (U.K).