Global Blockchain in Energy Market to Reach US$ 20,157.8 Million by 2032, Stimulated by Increasing Environmental Sustainability Concerns

According to the latest report by IMARC Group, titled “Blockchain in Energy Market Report by Component (Platform, Services), Type (Private, Public), Application (Peer-To-Peer Transaction, Grid Transactions, Energy Financing, Electric Vehicle, Sustainability Attribution, and Others), End User (Power, Oil and Gas), and Region 2024-2032,” the global blockchain in energy market size reached US$ 1,313.9 Million in 2023. Blockchain in energy refers to the application of blockchain technology in the energy sector. This innovative approach revolutionizes how energy is traded, tracked, and managed by introducing a decentralized, transparent, and secure digital ledger. Blockchain enables peer-to-peer energy trading, allowing consumers to buy, sell, or exchange energy without the need for traditional intermediaries. This democratizes energy markets, potentially lowering costs and improving access to renewable energy sources. The technology also enhances the traceability of energy sources, particularly renewables, by providing a tamper-proof record of energy generation and consumption. This traceability is crucial for verifying the sustainability of energy sources and for regulatory compliance. Additionally, blockchain can automate billing and streamline grid management through smart contracts, which leads to increased operational efficiency.

Global Blockchain in Energy Market Trends:

The growing awareness of environmental issues represents one of the key factors driving the growth of the market across the globe. This, coupled with the urgency to shift towards renewable energy sources is influencing the market. Blockchain can facilitate the tracking of renewable energy generation and consumption, thus ensuring the transparency and reliability of green energy. This transparency is critical for both consumers and regulatory bodies in verifying the sustainability of energy sources. Blockchain technology offers a secure and transparent way to record transactions, which is highly beneficial in the energy sector. The integration of blockchain with other emerging technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) is further enhancing its capabilities, enabling more efficient energy management, smart contracts, and decentralized energy trading platforms. The market is also driven by the increasing investor interest. As the potential applications of blockchain in energy become more apparent, there is a rise in investments from both private and public sectors, which is fueling further research, development, and implementation of blockchain solutions in energy. There is a growing demand for decentralized energy systems where consumers can produce, store, and trade energy. Blockchain enables peer-to-peer energy trading, which empowers consumers and small producers, and potentially reduces energy costs, thus creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 20,157.8 Million by 2032, expanding at a CAGR of 34.38% during 2024-2032.

Market Summary:

• On the basis of component, the market has been divided into platform and services. Currently, services account for the largest market share.
• Based on type, the market has been segmented into private and public. Presently, the public is dominating the market across the globe.
• On the basis of application, the market has been segregated into peer-to-peer transaction, grid transactions, energy financing, electric vehicle, sustainability attribution, and others. Presently, peer-to-peer transaction holds the largest market share across the globe.
• Based on end user, the market has been divided into power and oil and gas. Currently, power is dominating the market across the globe.
• On the basis of region, the market has been divided into North America (United States, Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America, (Brazil, Mexico, and others), and Middle East and Africa. Presently, Europe holds the largest market share across the globe.
• The competitive landscape of the market has also been examined, with some of the key players being ConsenSys, Energy Web, Greeneum, International Business Machines Corporation, Ondiflo and Power Ledger Pty Ltd.

Report Scope:

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