Blockchain Technology in the Energy Market to grow by USD 919.5 million between 2021 - 2026 | Growth Driven by the Use of blockchain technology to prevent failure in power grids - Technavio

NEW YORK, Sept. 15, 2023 /PRNewswire/ -- The Blockchain Technology In Energy Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for blockchain technology in the energy market between 2021 and 2026 is USD 919.5 million. The use of blockchain technology to prevent failure in power grids drives blockchain technology in the energy market. Blockchain technology is used to distribute power sources because it can modernize the power grid. Using blockchain technology in power grids can improve their performance by making them smart power grids. Furthermore, the technology helps enterprises track down failures in the power grid in advance and communicate it to the companies. Hence, such factors boost the growth of blockchain technology in the energy market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - The high cost of implementing and maintaining blockchain technology challenges the growth of the market. As a result of the adoption of blockchain technology, the energy sector is expected to have long-term benefits in terms of productivity, security, and efficiency. However, the initial implementation of the technology is capital-intensive because the software required to run blockchain technology in organizations must be developed as per the requirements of the firm. Hence, such factors impede the growth of blockchain technology in the energy market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

The blockchain technology in the energy market is segmented by End-user (Power and Oil and gas) and Geography (Europe, North America, APAC, Middle East and Africa, and South America). 

•  The power segment will be significant during the forecast period. Governments in various countries have shifted their power generation process toward renewable sources. this results in them relying heavily on solar power and volatile wind. Customers are also installing their own equipment, ranging from batteries to solar panels and smart appliances, to control their consumption and production of electricity. Enabling frictionless, swift, transparent, and secure currency trading are some of the benefits of using blockchain technology in this sector. hence, such advantages drive the growth of the power segment of blockchain technology in the energy market during the forecast period.
•  38% of the market's growth will originate from Europe during the forecast period. View Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the blockchain technology in the energy market:

Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, Wipro Ltd.

Related Reports:

The Web 3.0 blockchain market is estimated to grow at a CAGR of 47.85% between 2022 and 2027. The market size is forecast to increase by USD 27,422.25 million.

Blockchain technology in healthcare market is estimated to grow at a CAGR of 32.79% between 2022 and 2027. The market size is forecasted to increase by USD 1,939.31 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio