Global Blockchain in Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Blockchain in Energy Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Blockchain is a new type of software technology. Blockchain integrates computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The essence of the blockchain is a decentralized database, which is a series of data blocks associated with cryptographic methods. Each data block contains a batch of network transaction information to verify the validity of the information. Blockchain in Energy is the application of blockchain technology to energy-related fields; its goal is to improve the efficiency and optimize operations of energy-related systems with the help of blockchain.

Market Overview:

The latest research study on the global Blockchain in Energy market finds that the global Blockchain in Energy market reached a value of USD 1072.98 million in 2022. It’s expected that the market will achieve USD 7191.25 million by 2028, exhibiting a CAGR of 37.31% during the forecast period.

Information security issues

Blockchain technology has greatly increased the difficulty of data tampering, but there are still hidden dangers such as network attacks. In blockchain technology, nodes are allowed to add custom information in blocks. If the additional information contains malicious code, it will have an impact on the entire blockchain network. In addition, each node in the blockchain will have a complete account book, which is open and transparent to all users, and sensitive information is easily leaked.
Transactions between nodes in the energy blockchain system are not completely anonymous, and anonymous information can be deciphered through algorithms, big data, etc., thereby posing a threat to user privacy. Overall, blockchain privacy protection still needs to be strengthened, and information security issues have limited the development of blockchain in energy market.

Technical challenge

Technically, there are many technical challenges in the blockchain, and there are corresponding limitations in the computing and responsiveness of the blockchain. For the energy industry, which deals with a huge amount of data, there are corresponding technical bottlenecks and practical application limitations. Compared with the popular fields of blockchain technology application such as finance, the application of blockchain technology in the energy field is still relatively small and immature.

Lack of professionals

Blockchain technology is a technical system that includes database technology, cryptography technology, P2P technology, digital certification and other multi-disciplinary integration. When applied in the Energy Internet, first of all, the blockchain technology needs to be further combined with the relevant business models of the Energy Internet. Secondly, it is necessary to further combine the relevant knowledge of financial transactions. Blockchain is an emerging computer technology. Applying blockchain technology to practice requires a large number of professionals with in-depth understanding of programming, computer science and blockchain concepts.
At the same time, blockchain technology is still very new, and there is a lack of corresponding professionals in the talent market to carry out research on blockchain technology. Therefore, the lack of professional talents is a major bottleneck in the promotion of blockchain in the energy market.

Region Overview:

In 2021, the share of the Blockchain in Energy market in North America stood at 31.43%.

Company Overview

SAP is one of the major players operating in the Blockchain in Energy market, holding a share of 17.71% in 2022.

SAP is a German multinational software company. As the market leader in business software, SAP helps companies of all sizes and industries be more successful. The product categories provided by SAP include: enterprise resource planning, financial management, business technology platform, CRM and customer experience, human capital management, supply chain management.

Acciona is a global group that develops and manages sustainable infrastructure solutions, especially in the field of renewable energy. Acciona's business spans the entire value chain, from design and construction to operation and maintenance.

Powerledger is a software and technology company working to make renewable energy work in a more stable way by having a more responsive market. Powerledger was founded in 2016. Powerledger has developed a series of world-leading blockchain energy applications, such as its P2P energy trading application.

Segmentation Overview:

By type, Public Blockchain segment accounted for the largest share of market in 2021.

Public Blockchain

A public blockchain is one in which anyone can freely join and participate in the core activities of the blockchain network.

Private Blockchain

In a private blockchain, participants are invited to join a private blockchain network only if their identity or other required information is authentic and verified.

Hybrid Blockchain

Hybrid blockchains are often referred to as a combination of public and private blockchains. It combines the basic components of public and private blockchains.

Federated Blockchain

Federated blockchains are also known as consortium blockchains. Unlike public blockchains, federated blockchains only accept pre-selected participants. Therefore, this blockchain is not open to everyone, but semi-private.

Application Overview:

The market's largest segment by application is the segment Peer-to-peer Energy Trading, with a market share of 31.58% in 2021.

Wholesale Electricity Distribution

Wholesale electricity markets are where generators sell electricity and retailers buy it. Retailers then resell the electricity to businesses and homes. Blockchain technology can assist the various applications of power systems in power generation, transmission, distribution, and consumption.

Peer-to-peer Energy Trading

Peer-to-peer Energy Trading is energy trading between two or more grid-connected parties. Blockchain-enabled peer-to-peer energy trading allows prosumers to sell their surplus electricity directly to local consumers without the need for retailers, enabling mutually beneficial transactions.

Electricity Data Management

Blockchain integrates Internet of Things and big data technologies. Blockchain is a distributed ledger of digital data that can be used for electricity usage data management.

Commodity Trading

Implementing blockchain technology in oil and gas transactions can reduce the costs associated with maintaining various trading systems. Blockchain can also reduce costs related to labor, data management, data visibility, settlement delays, and communication between systems. Blockchain can make commodity trading simpler, cheaper and more transparent.

Others

Blockchain has other applications in the energy sector, for example, for carbon monitoring.

Key Companies in the global Blockchain in Energy market covered in Chapter 3:

Powerledger
Greeneum
Everledger
Acciona
SAP
Suncontract
Chain4Energy
WePower

In Chapter 4 and Chapter 14.2, on the basis of types, the Blockchain in Energy market from 2018 to 2029 is primarily split into:

Public Blockchain
Private Blockchain
Hybrid Blockchain
Federated Blockchain

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Blockchain in Energy market from 2018 to 2029 covers:

Wholesale Electricity Distribution
Peer-to-peer Energy Trading
Electricity Data Management
Commodity Trading
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)