Blockchain in Energy Market Size Forecasted to Reach Valuation of USD 8,761.4 Million by 2027
It is predicted that the global blockchain in the energy market will reach USD 8,761.4 million by 2027, up from USD 287.0 million in 2019. This represents a compound annual growth rate (CAGR) of 56.1 percent throughout the forecast period. This increase can be attributed to the increased implementation of blockchain technology in the energy business. Energy market participants are increasingly concerned about the safety of automated grids, which is fueling growth of the global blockchain in the industry. Aside from that, it is anticipated that the increasing implementation of Internet of Things (IoT) technologies will fuel market expansion in the approaching years.
However, because of the uncertainties surrounding the regulatory environment linked with electricity generation, there are issues about customer credibility, which is causing some market growth to be restricted to some level.
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The Most Important Findings of the Report
GuideVision will be bought by Infosys Limited in October 2020. Infosys intends to use this acquisition to pursue technological transformation opportunities. In addition, Infosys Cobalt is expanding its cloud services portfolio and reaffirming its commitment to the growing ServiceNow ecosystem.
Because of its greater accessibility, the public sub-segment is expected to gain the highest proportion of the overall market as a result of the ease with which incentive-based payment authentication may be accomplished.
The Peer-to-Peer Transaction sub-segment of the blockchain in the energy business is expected to maintain its dominance in the future. This increase can be attributed to a shift in emphasis toward the development of renewable energy sources, particularly solar, marine, and wind energy.
Market leaders, the power sub-segment is expected to rise at a compound annual growth rate (CAGR) of 56.2 percent over the projection period. This increase can be attributed to an increase in the adoption of blockchain technologies, which are becoming increasingly popular because of their capacity to control decentralized energy sources.
Regionally, the market in Europe is expected to lead the market over the forecast period, owing to the increasing amount of government funding being allocated to the adoption of innovative technologies in that area.
SAP SE, Infosys Limited, Oracle Corporation, WePower UAB, Accenture plc, IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, BigchainDB GmbH, and LO3 Energy, Inc. are among the companies that are actively involved in the blockchain in the energy business today.
The Application of Blockchain Technology in the Energy Sector
According to Emergen Research, the Global Blockchain in Energy Market is split into the following categories: type, component, application, end-use, and geography.
Outlook is the program to use (Revenue, USD Million; 2017-2027)
Perspectives on the Public and Private Components (Revenue, USD Million; 2017-2027)
Outlook for the Services Platform and Application (Revenue, USD Million; 2017-2027)
Transactions on the Grid of Peer-to-Peer Transactions
Energy Financing Electric Vehicles’ Long-Term Reliability Attribution \sOthers
Outlook for End-Users (Revenue, USD Million; 2017-2027)
Regional Outlook for Oil and Gas Power (Revenue, USD Million; 2017-2027)
