Blockchain in energy utilities Market Share, Growth, Latest Trends, Revenue, CAGR Status, Challenges, Opportunities and Forecast Till 2024-2033: SPER Market Research
Markets for a wide range of commodities, including electricity, natural gas, crude oil, and refined goods, may trade energy thanks to blockchain technology. Across all business segments, blockchain-driven solutions can be implemented to help generate, sift, distribute, and retail trade data on pricing, position management, logistics, and risk reporting. Opportunities like peer-to-peer energy trading, real-time supply and demand balance transactions, and the ability to connect electric vehicle (EV) charging stations will be made possible by the application of blockchain technology. The growing interest of utility companies in blockchain technology can be attributed to these causes.
According to SPER market research, ‘Blockchain In Energy Utilities Market Size- By Type, By Component, By End-user, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Blockchain in energy utilities Market is predicted to reach 14793.95 billion by 2023 with a CAGR of 37.85%.
The energy market is expected to have significant growth in the next years due to the following factors: blockchain technology, type (private, public), component (platform, services), end-user (power, oil & gas), application (energy trading, grid management, payment schemes, supply chain management), and region. Blockchain makes it possible to track energy transactions in real time and offers an unchangeable, transparent record of invoicing and payments. This can decrease disagreements, expedite the billing process, and improve overall operational effectiveness. Consumers may now purchase and sell extra energy directly to one another thanks to blockchain-enabled peer-to-peer energy trading.
A large-scale electricity grid’s demands will be difficult for blockchain to scale for. The blockchain network may perform worse as more transactions and users join it, which would result in slower transaction times and more expensive transactions. Energy utilities face difficulty in comprehending and adhering to legal requirements due to the constantly changing regulatory landscape surrounding blockchain technology and cryptocurrencies. Adoption and investment may be discouraged by unclear regulations. Energy utilities may find it difficult and costly to integrate blockchain into their current antiquated systems. There may be compatibility issues and significant costs associated with upgrading or replacing the current infrastructure to support blockchain technology.
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Impact of COVID-19 on Global Blockchain in energy utilities Market
In the energy utilities business, the COVID-19 epidemic has had a major effect on blockchain technology. Industry-wide digital transformation and remote work become more necessary as a result of the pandemic. Energy utility companies may have embraced blockchain and other digital technology more quickly in order to improve remote operations, streamline workflows, and guarantee business continuity. The epidemic brought decentralized and robust systems to light. More robust energy infrastructure are required, and blockchain, a decentralized, tamper-proof technology, fits the bill. Peer-to-peer energy trading and decentralized energy grids are two examples of applications where blockchain may have attracted attention. The need for alliances and cooperation both inside and across industries was highlighted by the pandemic.
Blockchain in energy utilities Market Key Players:
The market for blockchain in energy utilities that is expanding the fastest is Asia Pacific. Growing need for renewable energy in the Asia Pacific area is driving the blockchain in energy utilities market. Accenture, AWS, Bigchaindb, BTL, Deloitte, Grid+, IBM, Infosys, Microsoft, Nodalblock, others well-known companies are also major players in the industry.
Global Blockchain in energy utilities Market Segmentation:
By Type: Based on the Type, Global Blockchain in energy utilities Market is segmented as; Private, Public.
By Component: Based on the Component, Global Blockchain in energy utilities Market is segmented as; Platform, Services.
By End-user: Based on the End-user, Global Blockchain in energy utilities Market is segmented as; Power, Oil & gas.
By Application: Based on the Application, Global Blockchain in energy utilities Market is segmented as; Grid Management, Energy Trading, Government Risk and Compliance, Management, Payment Schemes, Supply Chain Management, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Blockchain in energy utilities Market Size
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