The global Blockchain in the energy utility market the size is expected to reach $ 1,564 million by the end of 2026. According to a report published by Fortune Business Insights, titled “Blockchain in Energy Utilities Market Size, Share & Industry Analysis, By Offerings (Vertical Solutions, Blockchain-as- a- Service), By Deployment (Proof of Concept, Pilot, and Production) and Regional Forecast, 2019-2026 “, the market size was $ 127.5 million in 2018 and will show a CAGR of 37.6% during the forecast period, 2019-2026.
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The growing adoption of concepts such as blockchain as a service (BaaS) has created several growth opportunities for companies operating in the market. The demand for blockchain technologies has increased dramatically in recent years, thanks to its exceptional properties and capabilities to enable optimal business operations. The growing demand for BaaS will have a direct impact on market growth in the coming years. The increase in government investment and initiatives for the use of blockchain in different industrial domains will fuel the demand for the product around the world.
The report provides an in-depth analysis of the global Blockchain in Energy Utilities market. It highlights key aspects of the market, including major product types, major companies, and areas that have witnessed the highest applications. The competitive landscape was discussed in detail and forecasts were made with respect to leading companies and products in the coming years. Market forecast values have been provided for the period 2019-2026. Factual figures were obtained from reliable sources. Furthermore, these forecasts are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
An overview of the impact of COVID-19 on this market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has had an unprecedented impact on companies across all sectors. However, this too will pass. The growing support from governments and various companies can help in the fight against this highly contagious disease. There are some industries that are struggling and others are thriving. Overall, almost all sectors are expected to be affected by the pandemic.
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Some of the leading companies operating in the global Blockchain in Energy Utilities market are:
- IBM Corporation
- Greeneum
- Oracle Corporation
- Microsoft Corporation
- EnergiMine
- Accenture PLC
- Infosys Limited
- SAP SE
- LO3 Energy Inc.
- The Sun Exchange (Pty) Ltd.
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Europe and North America will witness considerable growth driven by increased government initiatives
The market is segmented based on regional demographics in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. Among these regions, the markets of North America and Europe are estimated to see considerable growth in the coming years. Growing government initiatives to promote business distribution methods will lead to a subsequent increase in demand for the product in this region. Additionally, focusing on promoting green energy and implementing numerous green purchasing programs will constitute the growth of the Blockchain market in Energy Utilities in Europe. In addition to Europe, the market in Asia Pacific is likely to see considerable growth in the coming years, thanks to the increasing incorporation of blockchain technology into applications across various industries. As of 2018, the Asia Pacific market was worth $ 21.9 million and the region is expected to emerge as the fastest growing region during the forecast period.
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