Blockchain in Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Blockchain in Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : November, 2021 | Energy & Mining

Report Digest


Global Blockchain in Energy Market: Overview

The energy industry has remained at the forefront when it comes to the adoption of new technologies in all possible areas. However, when it comes to blockchain technology, which translates to a public ledger maintained for recording transactions in its simplest form, the industry has been slow in recognizing the true potential of the technology in terms of improved speed of transactions and reduction of overall costs of operations. However, a number of companies are increasingly recognizing the vast benefits of the technology and are making conscious efforts to implement the technology, especially as the sector becomes increasingly connected and decentralized.

This report presents an account of the past and present growth dynamics of the global blockchain in energy market. The report discusses key factors driving the adoption of blockchain technologies in the energy sector along with challenges faced by key players in the industry. It also discusses the global trends that are impacting the industry and scope of market growth in the future.

Global Blockchain in Energy Market: Trends and Opportunities

It is estimated that the global blockchain in energy market will expand at an impressive pace in the next few years. A number of factors are considered to be of utmost importance in bringing about this change, including technological advancements in the field of renewable power production and battery storage. In the past few years, the costs of solar panels have fallen by nearly 80% and more economical and efficient products are being introduced in the global market every passing day. Advancements in battery technologies are allowing households to store power for load shifting or back up, meaning that the general population has greater flexibility to purchase and store power when the costs are less and use it as and when required.

The increased adoption of smart meters and continuous development of response measures on the demand side are leading to the increased emergence of new digital peer-to-peer services that allow direct connectivity between the producers of green energy to the consumers, cutting out the conventional middle man. This energy sharing economy is making consumers capable of taking control of their usage of energy and bring a noticeable reduction in energy bills. These changing characteristics of the energy sector are also benefitting the blockchain technology in the energy sector, by almost necessitating the adoption of new methods of recoding and streamlining financial operations to ensure that the rising pool of financial transactions through digital lines are done in a transparent and risk-free manner.

Global Blockchain in Energy Market: Market Potential

The vast rise in FinTech spending from energy companies across the globe is a key factor that is likely to work in favor of the global blockchain in energy market. FinTech refers to the solutions or technologies used to support or enable banking and financial services. These services now include a vast set of new front-end consumer products that are operable through smart phones or portable mobile computing devices such as tablet computers. These solutions are provided to consumers directly through white label services or licensing. Spending on FinTech solutions has a direct influence on expenditure on blockchain technology as FinTech companies are involved in the development of advanced payment systems for finance-related companies.

Global Blockchain in Energy Market: Geographical and Competitive Dynamics

Geographically, the report segments the global blockchain in energy market into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, the markets in North America and Europe are presently the leading contributors of revenue to the global market. This can be credited chiefly to the adoption of digital technologies in the energy sector, vast developments in the field of renewable energy, and presence of several blockchain technology providers. Moreover, the rising demand for cloud-based blockchain technology in these region is likely to lead to an increase in feasibility of transactions in the near future.

The report gives a thorough account of the competitive dynamics of the global blockchain technology market. Owing to the fact that suppliers of components required for building blockchain technologies are low in the market, the costs of products are high. So as to gain a competitive advantage in the market, companies need to focus on the development of innovative and low-cost solutions. Some of the leading companies in the market are Accenture, Infosys, Microsoft, IBM, and SAP.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?