According to a recent study by Emergent Research, the worldwide blockchain in the energy market is expected to be valued at USD 8,761.4 million by 2027. Due to the increasing acceptance of blockchain in the energy business, it is anticipated that the global market for blockchain in the energy sector would grow significantly over the projected timeframe. In the next years, the market growth is expected to be further fueled by the rising safety concerns around automated grids. Additionally, the market expansion will likely be sparked shortly by the growing adoption of internet of things technologies.
The decentralized ledger technology known as blockchain can be used in the energy industry. Blockchain technology makes it possible to trade energy in the sector. Blockchain is predicted to make it possible for the way energy is distributed to change fundamentally.
When used with a cryptocurrency, blockchain technology enables public users to trade freely while also encrypting all transactions in a nearly impenetrable manner. Without the involvement of a bank, stockbroker, or energy company, all transactions are recorded on a shared ledger. Furthermore, it is anticipated that blockchain technology will cause several parts of the energy revolution to suddenly become connected. For instance, counties or townships might connect their minuscule grids to private solar arrays. Connecting smart appliances to particular energy management software could give access to real-time information on these safety systems.
Some Key Highlights from the Report
- Infosys Limited bought GuideVision in October 2020. With the acquisition, Infosys will accelerate its technological transformation by extending Infosys Cobalt’s cloud services portfolio and reiterating its dedication to the developing ServiceNow ecosystem. Customers in Europe will have access to unmatched capabilities in the first hybrid cloud shift thanks to Infosys’ ServiceNow capabilities, which will be strengthened by GuideVision’s training center and offshore facilities.
- The public sector is probably going to have the most market share since it is more accessible, has a dispersed architecture, and can use the network more effectively. Additionally, users are allowed to access the system thanks to this category, which is supported by incentive-based payment authentication.
- The European area is projected to dominate the market due to the large volume of project execution and start-up presence; the European region market is anticipated to be further pushed by increasing government funding.
- Infosys Limited, SAP SE, Oracle Corporation, Accenture plc, WePower UAB, IBM Corporation, Microsoft Corporation, Deloitte Touche Tohmatsu Limited, LO3 Energy, Inc., and BigchainDB GmbH are a few of the important participants.
Emergen Research has segmented the global Blockchain in Energy Market based on type, component, application, end-user, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
Component Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
- Peer-To-Peer Transaction
- Grid Transactions
- Energy Financing
- Electric Vehicle
- Sustainability Attribution
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Oil & Gas
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- the U.S.
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
To get leading market solutions, Visit the Link