Blockchain in Energy Utilities Market to Reach USD 1,564.0 Million by 2026; Growing Initiatives Promoting the Use of Green Energy to Aid Growth

The global Blockchain in Energy Utilities market size is projected to reach USD 1,564.0 million by the end of 2026. According to a report published by Fortune Business Insights, titled “Blockchain in Energy Utilities Market Size, Share & Industry Analysis, By Offerings (Vertical Solutions, Blockchain-as-a-Service), By Deployment (Proof of Concept, Pilot, and Production) and Regional Forecast, 2019-2026,” the market size was USD 127.5 million in 2018 and will exhibit a CAGR of 37.6% during the forecast period, 2019-2026.

Blockchain technology helps energy trading across several industry verticals, including electric power, crude oil, natural gas, and refined products. The service can be deployed with each of these business segments. They can be helpful in production, distribution, refine, and retail trade information associated with position management, pricing, logistics, and risk reporting. The use of blockchain helps reduce costs and manage all transactions. Moreover, they can help reduce wastes and aid the efforts toward maximizing cleaner energy. Digitization in key areas has been integral towards reducing wastage and establish a greener ecosystem. The growing incorporation of renewable energy will provide a massive platform for the companies operating in the market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/blockchain-in-energy-utilities-market-101776

Key Segments in the Blockchain in Energy Utilities Market

• By Offerings: The market is segmented on the basis of product offerings into vertical solutions and blockchain-as-a-service type. Among these, the blockchain-as-a-service segment will hold the higher market share in the coming years. The blockchain-as-a-service (BaaS) can help manage essential tasks and activities and help maintain their agility and optimized functionality. The BaaS segment is projected to exhibit a higher CAGR among the two, accounting to its growing adoption among users, coupled with its exceptional properties. The demand for BaaS has risen dramatically in recent years, owing to its favourable properties for utilities sector and the cost-effective nature.


• By Deployment: On the basis of deployment, the market is segmented into proof of concept, pilot, and production. Among these, the proof of concept segment is projected to emerge dominant in the coming years, owing to the growing penetration of this concept in developing nations. The proof of concept offers benefits of operation in a consolidated market. It helps establish a consistent dataset with minimum errors, thereby allowing operations a low cost and minimizing wastes. The production segment is likely to witness the highest growth rate among all types. As of 2018, the pilot segment accounted for 22.3% of the global blockchain in energy utilities market share. This value is projected to increase further, in the coming years.


• By Region: The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the markets in North America and Europe will witness the highest growth in the coming years. The increasing government initiatives to promote faster business deployment methods will aid the growth of the market in this region. The increasing government initiatives to promote green energy and green purchase programs will contribute to the growth of the market in Europe. Besides Europe, the market in Asia Pacific will witness considerable growth in the coming years, driven by increasing adoption of blockchain technology across several industry verticals. As of 2018, the market in Asia Pacific was worth USD 21.9 million and this value will increase even further.

Major Companies Are Focusing On Implementing Vigorous Models for Blockchain Implementation

A few of the renowned companies have been profiled in this report. Tech giants such as IBM and Oracle are coming up with newer business models. A few of the other companies that are currently operating in the global Blockchain in Energy Utilities market are:

• IBM Corporation


• Greeneum


• Oracle Corporation


• Microsoft Corporation


• EnergiMine


• Accenture PLC


• Infosys Limited


• SAP SE


• LO3 Energy Inc.


• The Sun Exchange (Pty) Ltd.

Key Industry Developments:

• November 2018: Shell and Bharat Petroleum announced the launch of a blockchain oil trading platform. The system is developed by Vakt and recommended for low-cost, no-intermediary, and secure transactions.

The global blockchain in energy utilities market is segmented on the basis of: