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New York, NY, December 24, 2018 (GLOBE NEWSWIRE) – Zion Market Research has published a new report titled "Blockchain in the energy market by type (public and private), by component (platform and services), by end user (energy sector and oil and gas sector) and by application (network management, energy trading, management of risks and status compliance, Payment schedules, supply chain management and more): Global industrial perspective, complete analysis and forecasting, 2017-2024 ". According to the report, the global blockchain in the energy market it was estimated at around $ 208 million in 2017 and is expected to reach approximately $ 11,899 million by 2024, with a CAGR of more than 78.20% between 2018 and 2024.
Blockchain can also be defined as decentralized accounting register technology. It does not have a central system or a central server. The authentication of these servers is publicly managed. Help people to exchange energy between them. Blockchain applications in the energy market include payment schemes, network management, governance risk and compliance management, energy trading and supply chain management.
Navigate between 55 tables and 40 figures divided over 110 pages and TOC summary on "Global blockchain in the market of energy size, share, growth, segment analysis and forecast, 2017 – 2024".
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The blockchain in the energy market is developed and able to meet the growing demand for energy all over the world. These systems are advantageous, since they offer fast and secure transactions at a low cost without involving any conventional intermediary. This, in turn, is likely to drive this market in the future. Energy and utility companies are exploring different ways to develop and implement blockchain technology, as it provides efficient ways to record and process data, and customers can afford simplified and accurate access to their invoices. This system can provide effective access to various energy sources and accurate use of service data. These characteristics of blockchain energy are gaining more and more popularity in the energy sector and, therefore, it is likely that they will drive this technology in the energy sector in the future. However, the lack of a clear set of regulatory standards and the uncertainty of the regulatory landscape could hinder this market. However, progress in international trade and supply chain management should provide many opportunities for key players in the global blockchain in the energy market.
The global blockchain in the energy market is segmented by type, component, application and end user. By type, this market is bifurcated in private and public. The component segment includes the platform and services. The application of the global blockchain in the energy market includes network management, energy trading, risk management and government compliance, payment systems, supply chain management and others. For the end user, this global market is divided into energy and oil and gas sectors. In 2017, the energy sector dominated the market and the trend is expected to continue in the expected time period. This can be attributed to the growing demand for renewable energy worldwide.
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By region, the global blockchain in the energy market includes North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. It is expected that the European blockchain in the energy market will witness an important growth in the coming years. This can be attributed to a large number of startups for blockchain and executed projects and government support in the region. The United Kingdom and Germany hold the largest market share in this regional market in 2017. In addition, the major energy companies in Europe are likely to apply blockchain processes in network management and billing, electric mobility, evidence of the origin of renewable sources, decentralized energy production and retail sales. This, in turn, is expected to increase the market in the future.
North America is projected to witness a significant growth of the blockchain in the energy market in the future, due to various government initiatives to support this market. For example, the government made an investment of about $ 22 million for various products and services in emerging technologies. In addition, key players such as Drift and WePower are also involved in various technological innovations for the region's blockchain in the growth of the energy market.
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Asia Pacific should expect a rapid growth rate of blockchain in the energy market in the coming years. The financial services organizations of the region are making huge investments in the development of this regional market. Various strategies and collaborative efforts are being undertaken by various organizations to address security and latency issues and the expansion of renewable and new energy offerings in the Asia-Pacific countries should further strengthen this market in the next years.
Regions in Latin America and the Middle East and Africa should see moderate growth of blockchain in the energy market over the foreseeable time frame. This can be attributed to the growing oil and gas industry in the Middle East region and the rapid industrialization in the Latin American region.
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Some important operators operating in the global blockchain in the energy market are SAP SE, BigchainDB, BTL Group Limited, Deloitte, Grid +, Infosys, Microsoft, Nodalblock, IBM, AWS, Oracle, Accenture, Power Ledger, WePower and Lo3 Energy, Inc., among others.
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This report segments the global blockchain into the energy market in:
Blockchain in the energy market: type analysis
Blockchain in the energy market: component analysis
Blockchain in the energy market: analysis of end users
- Electrical sector
- Oil and gas sector
Blockchain in the energy market: application analysis
- Network management
- Energy trading
Risk management and state compliance
- Payment schemes
- Supply chain management
- Others
Blockchain in the energy market: regional analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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