In a recent published report, Kenneth Research has updated the market report for Blockchain in Energy Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Energy Market products.
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On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
Global Blockchain in Energy Market to reach USD 34.70 million by 2025. Global Blockchain in Energy Market valued approximately USD 156.7 million in 2016 is anticipated to grow with a healthy growth rate of more than 82.24% over the forecast period 2018-2025. Rapidly increasing utilization of blockchain for data management, for tracking financial transactions and financial interactions. It also Provides a secure network for businesses to manage data. Blockchain reduces operational costs and capital expenditure provides better risk management and security. Automation is gaining popularity this days which needs data integrity and security which is driving the growth Global Blockchain in Energy Market.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Furthermore, increasing focus on enabling real-time transactions and designing of more vigorous business models is aiding to the growth of the Market. However, Shortage regulatory standards, indeterminate regulatory landscape, and authenticity concern of users are the restraints to the Market. Blockchain refers to a decentralized ledger technology. In the energy sector, it will facilitate people to trade energy among each other. The unused energy is sold to neighboring buildings. While all the buildings are still connected to the grid, transactions are managed and stored on a blockchain. The Blockchain have many uses such as facilitating a peer-to-peer energy trading model, propagation of Distributed Energy Grids (DERs) and other independent renewable energy sources like solar panels, development of cryptocurrencies, Smart utility metering system, Decentralized energy data platform, Supply chain and logistics optimization, Asset Tracking, Bill of Lading, Transfer of Title.
The regional analysis of Global Blockchain in Energy Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of Market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The major market players in Blockchain in Energy Market are Power Ledger Pty Ltd, WePower UAB, LO3 Energy, Inc., Grid +, BTL Group Ltd., The Sun Exchange (Pty) Ltd., Conjoule GmbH, Enosi Foundation, Electron (Chaddenwych Services Limited)., Accenture, AWS, Bigchaindb, Deloitte, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, Electron, Drift and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers.
Blockchain in Energy Market Segmentation:
By Application:
*Grid Management
*Energy Trading
*Government Risk and Compliance Management
*Payment Schemes
*Supply Chain Management
*Others
By Technology Type:
*Open Blockchain
*Closed Blockchain
*Consortium Blockchain
*Hybrid Blockchain
By Type:
*Private
*Public
By Component:
*Platform
*Services
By End-Use:
*Power Sector
*Oil & Gas Sector
By Region:
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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