How Has the Blockchain In Energy Utilities Market Size Evolved in Recent Years?
The blockchain in energy utilities market has seen considerable growth due to a variety of factors.
• The blockchain in energy utilities market has grown rapidly in recent years. It will rise from $0.87 billion in 2024 to $1.23 billion in 2025, at a CAGR of 40.9%.
This growth can be attributed to the need for transparency and security, decentralization of energy systems, cost reduction, regulatory support, pilot programs, greater digitalization, improved grid management, and growing consumer demand for green energy.
What are the Market Size and Expected Growth Rates for the Blockchain In Energy Utilities Market?
The blockchain in energy utilities market is expected to maintain its strong growth trajectory in upcoming years.
• The blockchain in energy utilities market is expected to grow exponentially, reaching $4.8 billion by 2029, with a CAGR of 40.6%.
The growth is attributed to the expansion of renewable energy sources, enhanced energy trading platforms, growing smart grid deployments, supportive regulations, and collaborative industry initiatives. Key trends include advancements in consensus mechanisms, AI integration, the expansion of Blockchain-as-a-Service (BaaS), interoperability with legacy systems, innovations in smart contracts, decentralized energy markets, and a focus on cybersecurity.
Which Key Drivers Are Propelling The Blockchain In Energy Utilities Market's Growth?
The rise in the adoption of decentralized and renewable energy sources is anticipated to drive the blockchain energy utilities market. Decentralized energy systems, which derive power from renewable sources like solar, wind, and water, are becoming more essential due to rising demands for energy security and environmental sustainability. Blockchain technology aids in the efficient integration and management of these energy systems through peer-to-peer trading and grid management. In 2022, renewable energy production reached new highs, as reported by the U.S. Energy Information Administration, demonstrating a shift toward cleaner energy sources.
What Are The Key Segments Within The Global Blockchain In Energy Utilities Market?
The blockchain in energy utilities market covered in this report is segmented –
1) By Component: Platform, Services
2) By Type: Private, Public
3) By Application: Grid Management, Energy Trading, Government Risk And Compliance Management, Payment Schemes, Supply Chain Management, Other Applications
4) By End User: Power, Oil And Gas
Subsegments:
1) By Platform: Blockchain Development Platforms, Smart Contract Platforms, Blockchain-As-A-Service (Baas) For Energy, Decentralized Energy Trading Platforms, Blockchain-Based Energy Management Platforms
2) By Services: Consulting Services, Integration And Implementation Services, Transaction And Data Verification Services, Blockchain Network Setup And Maintenance, Support And Training Services
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What Emerging Trends Are Influencing The Growth Of The Blockchain In Energy Utilities Market?
Major companies in the blockchain energy utilities market are focusing on creating platforms for emissions management to enhance sustainability and transparency. Such platforms empower companies to make informed decisions that improve sustainability by streamlining reporting and ensuring accurate data. For example, in March 2024, Blockchain for Energy (B4E), a US-based nonprofit consortium, introduced B4ECarbon, an emissions management solution developed in partnership with Enovate AI. This solution uses blockchain, AI, and IoT systems to improve emissions tracking, reporting, and reduction strategies, ensuring data transparency and accuracy.
Who Are the Key Players In The Blockchain In Energy Utilities Market?
Major companies operating in the blockchain in energy utilities market are:
• Shell plc
• Microsoft Corporation
• Enel SpA
• Engie S.A.
• Siemens AG
• Accenture PLC
• International Business Machines Corporation
• Iberdrola S.A.
• 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
What Are The Regional Insights Into The Blockchain In Energy Utilities Market?
North America was the largest region in the blockchain in energy utilities market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in energy utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
