Market overview:

October 10th, 2024 - The global market for blockchain in energy is experiencing significant growth, largely fueled by the growing demand for renewable energy. According to the International Energy Agency (IEA), renewable electricity capacity reached 507 GW in 2023, nearly 50% higher than the levels in 2022. Globally policy makers and governments are prioritizing the transition to renewable energy sources to accelerate the United Nations (UN) goal of achieving net zero by 2050.
Significant number of global original equipment manufacturers (OEM) are working together with key competitors in the blockchain energy business, which has accelerated market revenue growth. For example, Volkswagen partners with Energy Web on July 19, 2022, to match their charging needs with specific renewable sources.

In 2024, the emergence of Energy-as-a-Service (EaaS) models is a significant market trend. Instead of buying energy altogether, EaaS enables customers to obtain on-demand energy solutions by only paying for the services they use. This strategy is especially appealing since it allows energy providers to diversify their revenue streams while also promoting flexibility, efficiency, and cost savings for consumers.
However, one of the major challenges in adopting blockchain in the energy sector is the complexity of regulatory frameworks governing the production and distribution of energy in many nations. Several governments and energy policymakers have not created explicit standards for blockchain operations in the energy sector because the blockchain market in this industry is still in its infancy.

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Regional overview and growth insights:
The Asia-Pacific market is projected to witness the fastest revenue growth in the blockchain energy sector, driven by rapid urbanization and industrialization in countries like China and India, leading to a surge in energy consumption. The renewable energy sector is expected to see significant investment growth, which will further accelerate the adoption of blockchain in the energy market during the forecast period. According to the Asia Clean Energy Coalition (ACEC), the Asia-Pacific region is expected to attract substantial investments in renewable energy, with projected capacities expected to reach approximately USD 1.3 trillion by 2030. This surge in investments is set to bolster blockchain's role in optimizing energy systems, contributing to substantial market expansion.

Segments overview and growth Insights:
public blockchain segment accounted for the largest market share in 2023, driven by its ability to facilitate real-time data access and verification for various stakeholders, including energy producers, consumers, and regulators. This capability is essential for gaining trust and collaboration across different sectors. The transparency and one-to-many data relationship offered by public blockchains are especially appealing in energy markets, where vendors seek third-party verification for renewable energy certificates (RECs) and carbon credits to meet sustainability goals and regulatory requirements. This transparency plays a key role in ensuring compliance and accountability.

List of major players included in the global blockchain in energy market report are:
o Power Ledger Pty Ltd
o GRID+
o WPP Energy
o Enovate Ai
o Acciona SA
o Siemens AG
o IBM Corporation
o LO3 Energy
o Flexidao SES SL
o UNERGY S.A.S
o Other companies

Major strategic developments by leading competitors:
• Power Ledger Pty Ltd: On July 2024, Power Ledger Pty Ltd partnered with Energy Styria AG to roll out a blockchain-powered energy trading solution across Austria. This innovative platform allows users to efficiently manage and control the distribution of energy produced by their solar systems. By leveraging this new solution, users can optimize how their solar-generated energy is shared and utilized, giving them greater autonomy over their energy assets.

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Detailed segmentation of global blockchain in energy market will be provided by type, component, application, end-use, and region :

• Technology Outlook (Revenue, USD Million; 2021-2031)
o Public Blockchain
o Private Blockchain
o Hybrid Blockchain

• Energy Type Outlook (Revenue, USD Million; 2021-2031)
o Renewable Energy
o Non-Renewable Energy

• Application Outlook (Revenue, USD Million; 2021-2031)
o Peer-to-Peer (P2P) Energy Trading
o Renewable Energy Credits
o Grid Management and Optimization
o Carbon Tracking
o Others

• End-Use Outlook (Revenue, USD Million; 2021-2031)
o Energy Consumers
a. Residential
b. Commercial
c. Industrial
o Power plants
o Grid Operators
o Others

• Regional Outlook (Revenue, USD Million; 2021-2031)
o North America
a. U.S.
b. Canada
c. Mexico
o Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe
o Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC
o Latin America
a. Brazil
b. Rest of LATAM
o Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA

 
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