Blockchain technology is used for distribution of power, as it can revolutionize the power grid by improving its performance and transforming it into a smart power grid. Moreover, blockchain helps companies to track down failure in power grid and get daily updates which help in timely detection of problems. Adding to this, block-chain in energy helps in repairing process faster and notifies authorities about required tools and devices for repairing power grid. Moreover, its ability to control losses which enterprises may suffer in case of working failure may increase its rate of adoption in energy and power sectors during the assessment period.
Geographically, global blockchain in energy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Europe accounted for largest share in the blockchain in energy market owing to increasing number of blockchain start-ups and acquisition of long-term energy contracts by major players, combined with the regulatory support from the European government. Germany and the U.K. are among the major adopters of blockchain technology in the region. Moreover, most of the energy companies in Europe are planning to put on blockchain processes in renewable power origin certificates, electric mobility, decentralized energy production, network management and billing, and retail sales.
North America is expected to witness significant growth in the blockchain in energy market owing to increasing implementation of renewable energy projects to meet growing demand for power. Furthermore, usage of blockchain platforms helps in reducing costs, and explain data management complications, which is expected to further raise the demand for this technology. Moreover, usage of blockchain technology for development of new business models, data management, and to keep a better record of clean energy generated is likely to support the growth of blockchain in energy sector in the region.
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Asia Pacific is expecting a constant growth in blockchain in energy market during the forecast period owing to increasing digital technology at different stages of energy production and consumption can help enhance the sustainability and resiliency of the energy sector. Blockchain’s several applications will be critical for smart energy industries, and technology can also be combined with other emerging trends like the Internet of Things (IoT), artificial intelligence (AI), and robotics to create a collaborative digital operations platform that balances supply-demand and automates fault detection and response in real time.
Latin America blockchain in energy market develops at breakneck speed, region is poised to take full advantage of block-chain technology in energy sector. Several energy utility companies have taken interest in exploring the potential benefits of distributed ledger technologies (DLT), as an enabling technology for low-carbon transition and sustainability.
Middle East & Africa hold least share in the blockchain in energy market owing to increasing requirement for balancing the regional mismatch of the supply and demand. The benefits that have been obtained in MEA by block-chain technology in energy sectors are faster transactions, secured transactions, and minimum costs for transfer of value without involving the conventional intermediaries.
The global blockchain in energy market is segmented by type, component, application, and end user.
On the basis of type, blockchain in energy market is segmented into private and public. Private segment holds the largest share of blockchain in energy market as it is fully controlled and operated by single organization. Moreover, it provides greater efficiency, considerably runs faster, and only predetermined user can verify and make the transactions.
On the basis of component, global blockchain in energy market is segmented into platform and services. Service segment held the largest share in the market. Most of the companies are coming up with various blockchain startups for implementation of blockchain operations such as grid management, energy trading, and supply chain management.
On the basis of application, blockchain in energy market is segmented into energy trading, grid management, payment schemes, supply chain management. Energy trading accounted for the largest share of blockchain in energy market. Energy trading comprises of smart contracts, peer-to-peer energy trading, and real-time pricing that helps in increasing transparency between data visibility, data management, intersystem communications, and transactions.
On the basis of end-user, global blockchain in energy market is segmented into power, and oil and gas. Power segment holds largest share in the blockchain in energy market. The implementation of blockchain technology in power sector plays a vital role in organizing distributed energy resources and offers companies with efficient and cost-effective solution to process and record transactional data.
Global Blockchain In Energy Market Segmentation
By End User
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