$7.1 Bn Blockchain in Energy Market- Global Forecast to 2023

News Desk 17 August 2018

1 minute read

Blockchain and Crypto News MENA DUBAI UAE

The “Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region – Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.

The blockchain in energy market is projected to reach USD 7,110.1 million by 2023, from an estimated USD 394.3 million in 2018, at a CAGR of 78.32%.

This growth can be attributed to the increasing popularity of the blockchain technology in the energy sector, high transaction speeds and immutability, and the rising security concerns across the globe. Lack of a common set of regulatory standards and the uncertain regulatory landscape can hinder the growth of the market.

The private segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period. The private segment provides more security over public blockchain. It can be utilized for various use cases including smart contracts, asset registry, and digital identity for various application such as energy trading and payment schemes.

The Asia Pacific is expected to be the largest market for blockchain in energy market in 2023 and is projected to grow at the highest CAGR during the forecast period. Australia accounted for the largest share of the blockchain in energy market in the Asia Pacific in 2017 as it is one of the early adopters of the blockchain technology in the region.

For instance, Origin Energy, one of the leading energy providers of Australia, in a partnership with Power Ledger plans to adopt new energy trading platforms to maintain the record of buying and selling energy. The Australian government is also planning to invest more to gain the benefits of blockchain in energy market.

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