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The blockchain technology in energy market share is expected to increase by USD 919.5 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 66.37%.
This blockchain technology in energy market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blockchain technology in energy market segmentation by end-user (power and oil and gas) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The blockchain technology in energy market report also offers information on several market vendors, including Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, and Wipro Ltd. among others.
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The use of blockchain technology to prevent failure in power grids is notably driving the blockchain technology in energy market growth, although factors such as the high cost of implementing and maintaining blockchain technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blockchain technology in energy industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Blockchain Technology in Energy Market Driver
The use of blockchain technology to prevent failure in power grids is one of the key drivers supporting the blockchain technology in energy market growth. Blockchain technology is used for distributing power sources, as it can modernize the power grid. Using blockchain technology in power grids can improve their performance by making them smart power grids. It will help enterprises in tracking down failure in the power grid in advance and communicate it to the companies. With the use of blockchain technology, enterprises can get a daily update, which helps in the timely detection of problems. In addition, it makes the repairing process faster, enabling the power grids to indicate to the authorities the necessary devices and tools required to repair the power grid. This, in turn, helps in reducing the losses that enterprises may incur in case of a working failure, thereby increasing the adoption of blockchain technology in the energy sector
Key Blockchain Technology in Energy Market Trend
The advent of BaaS is one of the key trends contributing to the blockchain technology in energy market growth. BaaS is slowly gaining traction in diverse fields such as insurance, cybersecurity, and supply chain management. Enterprises are experiencing the growing need to adopt BaaS, as it helps them in reducing fraud, increasing transparency, and providing secure record keeping. Hence, enterprises that lack resources and infrastructure to develop a blockchain in-house opt for BaaS providers to make the task easier. This will, in turn, increase the adoption of BaaS, especially in the transportation and logistics industry, thereby driving the market growth during the forecast period
Key Blockchain Technology in Energy Market Challenge
The high cost of implementing and maintaining blockchain technology is one of the factors hindering the blockchain technology in energy market growth. With the adoption of blockchain technology, the energy sector is expected to have long-term benefits in terms of productivity, security, and efficiency. However, the initial implementation of the technology is capital-intensive. This is because the software required to run blockchain technology in organizations must be developed as per the requirements of the firm. Thus, it is expensive to purchase, procure, or develop in-house. Also, enterprises in the energy sector incur expenses for implementing servers and nodes to hold the exponentially increasing amount of data that is added to the blockchain. Thus, such an increasing cost will limit the growth of the market during the forecast period.
This blockchain technology in energy market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global blockchain technology in the energy market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blockchain technology in energy market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the blockchain technology in energy market encompasses successful business strategies deployed by the key vendors. The blockchain technology in energy market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The blockchain technology in energy market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the blockchain technology in energy market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from Europe during the forecast period. The UK, Germany, and Russia are the key markets for blockchain technology in energy market in Europe. Market growth in this region will be faster than the growth of the market in North America and South America.
Generating electricity from renewable sources will facilitate the blockchain technology in energy market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market witnessed certain challenges due to the rapid spread of the COVID-19 pandemic in the region during 2020 and in early 2021. However, the adoption of blockchain technology solutions in the energy sector has increased since the outbreak, owing to rising initiatives and funding in the energy sector by the governments of various countries in the region. Therefore, such major initiatives by the governments to help in the immediate recovery of key businesses from the pandemic are expected to propel the growth of the market in the region during the forecast period.
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The blockchain technology in energy market share growth by the power segment will be significant during the forecast period. Governments in various countries such as Germany are shifting their power generation process toward renewable sources, thus relying heavily on solar power and volatile wind. In addition, customers are installing their own equipment, ranging from batteries to solar panels and smart appliances, to control their consumption and production of electricity. Blockchain technology in this sector can help in enabling frictionless, swift, transparent, and secure currency trading. It can also be used to cope with increasingly complex electric power systems. Such advantages will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the blockchain technology in energy market size and actionable market insights on post COVID-19 impact on each segment.
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Blockchain Technology in Energy Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 66.37% |
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Market growth 2022-2026 |
$ 919.5 million |
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Market structure |
Fragmented |
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YoY growth (%) |
62.65 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 38% |
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Key consumer countries |
US, China, UK, Germany, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, and Wipro Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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