Blockchain Techologies For the Energy Access Sector was valued at USD 121.40 million in 2017, and it is expected to reach about USD 2624.64 million by 2023, recording a CAGR of 67.23%, over the forecast period, 2018-2023. The scope of the market covers the solutions and services of the blockchain technology.
The global energy market is estimated to be USD 8.9 trillion and is largely monopolized. By incorporating blockchain technology, the industry can move from its present centralized architecture to a more decentralized peer-to-peer energy trading market, thus allowing consumers to trade energy within a peer-to-peer market. Further, this also allows more transparency and security across the enterprise as well.
There are a number of blockchain-based enterprises that are already working on tailored energy solutions. For instance, Electron, which is a UK startup and Power Ledger an Australian blockchain-based energy company are some of the firms that are working to implement the peer-to-peer energy trading market. Also, Blox Labs Inc., in partnership with Sonoro Energy Ltd., has commenced development of “PetroBLOX”, a blockchain-based smart contract supply chain management platform for the global oil and gas industry. All these factors coupled with the growing investments by venture capitalists, investments in microgrids, greater acceptance of cryptocurrency, collaborations between blockchain companies and energy corporations have been instrumental in driving the global blockchain market in the energy sector. However, the lack of regulations and the presence of open source platforms is hindering the growth of this market.
Smart Contracts to Witness the Fastest Growth
While the deployment of cryptocurrencies is an alternative to other digital payment systems, the use of smart contracts is far more sophisticated, such as bonds, mortgages, and property transactions and peer to peer trading among others. Smart contracts, can reduce labor costs, reduce manual and semi-automated processes, reduce capital costs through faster settlements, and reduce technology costs by decreasing dependency on redundant systems. It has the potential to enable company savings in the range of 30 - 60%. With the aim to streamline processes and the increasing adoption of automation across the energy sector has created opportunities for the deployment of smart contracts.
United Kingdom to Witness Fastest Growth in Europe
The blockchain market in UK is buoyed by government initiatives which includes the investment a total of EUR 19 million in projects which will result in new products or service in the fields of emerging and enabling technologies, including using distributed ledgers. Prior to this, Innovate UK was also funded with EUR 248,000 to a blockchain startup to develop a cross-border financial transaction tool. Further, with an increasing focus on deployment of smart grids and smart meters aimed at fulfilling the country’s 2020 goals, there has been a drive in the adoption of blockchain technology. For instance, Centrica, the United Kingdom’s largest supplier of residential energy has partnered with LO3 Energy to initiate a pilot peer-to-peer renewable energy trading program to mitigate the impacts of renewable energy curtailment. All these factors have been instrumental in driving the market for blockchain in the energy sector in the country.
Key Developments in Blockchain Techologies For the Energy Access Sector
May 2018 - Amazon announced its partnership with Kaleido, a start-up company aimed at offering blockchain-as-a-service (BaaS) to its AWS business customers. This partnership is aimed at strengthening the company’s position in the blockchain technology market.
Blockchain Techologies For the Energy Access Sector Key Players
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Accenture PLC
- Btl Group Ltd.
- IOTA Foundation
- LO3 Energy Inc., among others.
Reasons to Purchase Blockchain Techologies For the Energy Access Sector Report
- Current and future Blockchain Market outlook in the energy sector in the developed and emerging economies
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segments that are expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel).
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1.2 Study Assumptions
1.3 Market Definition
2.2 Analysis Methodology
4.2 Factors Driving the Blockchain Market in the Energy Sector
4.2.1 Emergence of Variable Electricity Rates and Need for Peer-to-Peer Energy Trading
4.2.2 Aggressive Spending by Venture Capitalists
4.3 Factors Challenging the Blockchain Market in the Energy Sector
4.3.1 Lack of a Regulatory Framework
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat Of New Entrants
4.4.2 Bargaining Power Of Suppliers
4.4.3 Bargaining Power Of Consumers
4.4.4 Threat Of Substitute Products
4.4.5 Intensity of Competitive Rivalry
8.2 Smart Contracts
8.3 Digital Identities
8.4 Governance, Risk, and Compliance Management
9.4 Latin America
9.5 Middle East and Africa
10.2 Microsoft Corporation
10.3 SAP SE
10.4 Accenture PLC
10.5 Electron (Chaddenwych Services Limited)
10.7 LO3 Energy Inc.
10.8 Power Ledger Pty Ltd
10.9 Btl Group Ltd
10.10 IOTA Foundation
10.11 Drift Marketplace Inc.
*List Not Exhaustive