Renewable Energy – Sunlight with solar panel. Wind with wind turbines. Rain with dam for hydropower
Zion Market Research has published a new report. According to the report, the global blockchain in energy market was valued at around USD 208 million in 2017 and is expected to reach approximately USD 11,899 million by 2024, growing at a CAGR of above 78.20% between 2018 and 2024.
Blockchain, also know as decentralized ledger technology has no core system or a central server. The authentication of these servers is handled publicly. It helps people to trade energy among themselves. The applications of blockchain in the energy market include payment schemes, grid management, governance risk, and compliance management, energy trading, and supply chain management.
The ‘blockchain in energy market’ is developed and will be able to fulfill the increasing power demand across the globe. These new systems are beneficial, as they offer fast and secure transaction at a low cost without involving any conventional intermediates. This, in turn, is likely to drive this market in the future. The power and utility companies are exploring different ways to develop and implement blockchain technology, as it provides efficient ways to record and process data. With this system, customers can have streamlined and accurate access to their bills. It also provides effective access to various energy sources and accurate utilization of the service data.
Because of these features, blockchain energy is gaining more popularity in the power sector, and thus, is likely to become the driving technology of the future. However, the lack of a clear set of regulatory standards and uncertainty of the regulatory landscape might hinder the market. Nevertheless, advancements in the international trade and supply chain management are expected to provide many opportunities for the key players working in the global ‘blockchain in energy’ market.
The global ‘blockchain in energy’ market is segmented based on type, component, application, and end-user. By type, this market is bifurcated into private and public. The component segment includes platform and services. The application of global blockchain in energy market includes grid management, energy trading, government risk, compliance management, payment schemes, supply chain management, and others. By end-user, this global market is divided into power and oil and gas sectors. In 2017, the power sector dominated the market and is expected to continue the trend over the forecast time period. This can be attributed to the rising demand for renewable energy around the globe.
By region, the global blockchain in energy market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The European ‘blockchain in energy’market is projected to witness major growth in the upcoming years. This can be attributed to a large number of startups for blockchain and executed projects and the government support in the region. UK and Germany held the largest market share in this regional market in 2017. Furthermore, major energy firms in Europe are likely to apply for blockchain processes in network management and billing, electric mobility, renewable power origin testimonials, decentralized power production, and retail sales. This, in turn, is anticipated to boost the market in the future.
North America is projected to witness significant growth in the ‘blockchain in energy’ market in the future, due to various government initiatives to support this market. For instance, the government made an investment of around USD 22 million for various products and services in the field of emerging technologies. Moreover, the key players, such as Drift, and WePower, are also involved in various technological innovations for the region’s blockchain in energy market growth.
Asia Pacific is likely to expect a rapid rate of growth in the ‘blockchain in energy’ market in the upcoming years. The region’s financial services organizations are making huge large investments for the development of this regional market. Various strategies and collaborative efforts are being made by various organizations to address the security and latency concerns and the expansion of new and renewable energy supply in Asia Pacific countries are expected to further boost this market in the upcoming years.
The Latin American and the Middle Eastern and African regions are expected to witness moderate growth in the ‘blockchain in energy’ market over the forecast time period. This can be attributed to the growing oil and gas sector in the Middle East region and rapid industrialization in the Latin American region.
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About Richard Kastelein
Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.
He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat
Ad honorem – Honorary Ph.d – Chair Professor of Blockchain at
China’s first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) – Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.
Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission’s SME
Instrument programme as a startup assessor and as a startup judge for
the UK government’s Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich
His network is global and extensive. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe
He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein’s professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he’s travelled for nearly 30 years as a Canadian
expatriate living around the world
In his 20s, he sailed around the world on small yachts and wrote a
series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’
travelling by hitching rides on yachts (1989) in major travel and
He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.
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