Blockchain in the growth of energy utility market
“The Business Research Company recently published a comprehensive report on the global Blockchain in Energy Utilities market size and trend analysis with forecast from 2024 to 2033. This latest market research report It covers market size, regional share, as well as current trends, future opportunities, and key data to succeed in the industry.
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According to The Business Research Company, the market size of blockchain in energy utilities has grown rapidly in recent years. It is expected to grow from $620 million in 2023 to $870 million in 2024, at a compound annual growth rate (CAGR) of 40.6%. Growth during this historic period is driven by the need for transparency and security, the decentralization of energy systems, lower operating costs, regulatory support and pilot programs, increased digitization, stronger grid management, and consumer demand for green energy. This is likely due to the demand for
Blockchain in the energy utility market is expected to grow rapidly in the coming years. It is expected to grow to $3.41 billion by 2028 at a compound annual growth rate (CAGR) of 40.7%. The growth over the forecast period can be attributed to the expansion of renewable energy sources, strengthening of energy trading platforms, growing smart grid deployment, supportive regulatory framework and collaborative efforts of the industry. Key trends during the forecast period include advancements in consensus mechanisms, integration with artificial intelligence, expansion of blockchain as a service (BaaS), interoperability with legacy systems, innovations in smart contracts, decentralized energy markets, cyber Includes a focus on security.
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Market drivers and trends:
The increasing adoption of decentralized renewable energy sources is expected to drive the growth of blockchain in the energy business market in the coming years. Distributed renewable energy sources are small-scale, localized sources of electricity derived from naturally replenished resources such as the sun, wind, and water. Increasing focus on energy security, environmental sustainability, and economic competitiveness is expanding the need for decentralized renewable energy sources. Blockchain technology is used in the energy sector to seamlessly integrate and manage the rapidly growing number of decentralized renewable energy sources through peer-to-peer energy trading and grid management. For example, in April 2023, the U.S. Energy Information Administration (EIA), a U.S.-based federal statistical agency, announced that the use of hydroelectric power and geothermal energy in 2022 as a renewable energy source compared to 2021. increased by 4%. Energy production and consumption hit record highs, accounting for approximately 13% (13.40 quads) of total energy production and approximately 13% (13.18 quads) of total energy production. We see energy consumption decreasing and clean energy sources becoming a higher priority. Therefore, the increasing adoption of decentralized renewable energy sources is driving blockchain for travel in the energy utilities market.
Leading companies operating on blockchain in the energy utilities market are focusing on developing innovative platforms, such as comprehensive emissions management platforms, to increase transparency and sustainability. A comprehensive emissions management platform enables companies to make data-driven decisions, increasing transparency, streamlining reporting, and driving sustainability initiatives. For example, in March 2024, Blockchain for Energy (B4E), a non-profit consortium of leading US-based energy companies, launched the B4ECarbon solution. Co-developed with Enovate AI, this innovative product leverages blockchain technology, artificial intelligence (AI), and Internet of Things (IoT) systems to revolutionize emissions tracking, reporting, and reduction strategies. B4ECarbon is a comprehensive emissions management solution that leverages blockchain to ensure data accuracy, transparency, and verifiability. Integrating AI enables intelligent reporting and data-driven decision-making to reduce emissions, while fostering collaboration across the energy sector through adherence to established industry standards.
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Major key players in the market:
Shell plc, Microsoft Corporation, Enel SpA, Engie SA, Siemens AG, Accenture PLC, International Business Machines Corporation, Iberdrola SA, Oracle Corporation, SAP SE, Sun Exchange AG, Infosys Limited, Wien Energie GmbH, COI Energy Services, Electrify Asia Limited , FlexiDAO GmbH, Vespene Energy Inc., Power Ledger Pty Ltd, Lition Technology, LO3 Energy Inc., Energy Web Foundation Inc., Pexapark Ltd, WePower Limited, Clean Carbon Private Limited, Blok-Z
Key insights of blockchain in energy utilities market in 2024:
• Blockchain in energy utilities market size is expected to grow rapidly in the coming years. It is expected to grow to $3.41 billion by 2028 at a compound annual growth rate (CAGR) of 40.7%.
• Increasing adoption of decentralized renewable energy sources drives blockchain growth in energy business market
• Blockchain revolutionizes energy management as B4ECarbon paves the way to transparency and sustainability
• North America will be the largest region for blockchain in the energy business market in 2023
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