Kenneth Research published a report titled “Global Blockchain in Energy Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the blockchain in energy market in terms of market segmentation by type, end user, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global blockchain in energy market grow at CAGR ~51% over the forecast period, i.e., 2023-2035. By application, market is segmented into peer-to-peer transaction, grid transactions, energy financing, electric vehicle, sustainability attribution, and others. Among all, the electric vehicle segment is to grow over the forecast period. Rapid increase in population and growing demand for passenger cars is to drive the market growth.
The global blockchain in energy market is to grow on the account of rising adoption of blockchain technology in energy sector and increasing automation with data integrity. As of 2021, globally, around 9 billion digitally-enabled automated devices are in use, including 1 billion smart meters.
From geographical point of view, market is analyzed into five regions, North America, Europe, Asia Pacific, Latin America and Middle East and Africa region. The Asia Pacific blockchain in energy market is expected to grow over the forecast period. Increased advancement in technology and rising adoption of internet of things (IOT) is to propel the growth of the blockchain in energy market.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Adoption of Internet of Things (IOT) to Drive the Market Growth
The number of connected IoT devices is forecast to grow from 8.4 billion in 2017 to over 20 billion by 2020. The “Internet of Things” (IoT) provides a range of services and applications, such as personal healthcare, smart electricity grids, surveillance, home automation and intelligent transport. Therefore, it is projected to boost the growth of the global blockchain in energy market.
However, fear of fraudulent activities in blockchain and high cost of implementation and maintenance of blockchain are the factors which are expected to operate as key restraint to the growth of blockchain in energy market over the forecast period. This report also provides the existing competitive scenario of some of the key players of the blockchain in energy which includes company profiling of IBM, Microsoft, Accenture, Conjoule GmbH, BTL Group Ltd., Infosys, Power Ledger, Siemens, Drift, Electron, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the blockchain in energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
