Blockchain in Energy Market will show exponential growth from oil & gas sector over 2019-2025 | Major Vendors like Accenture, Infosys, Oracle, SAP, Drift, Greeneum Network, Grid Singularity, GRID Alternatives, LO3 Energy, Power Ledger, Electron

Blockchain in energy market in Oil & gas segment will exhibit substantial growth on account of rising concerns to enhance the trade accuracy along with technical efficiency of the technology to improve accessibility to trade data. Extensive ability to improve the scheduling and back office efficiency along with subsequent reduction in the working capital cycle will accelerate the product penetration across the industry. Furthermore, growing emphasis to eradicate the need for clearinghouses and confirmation processing combined with its potential to provide high degree of security, accuracy and reliability of transactions will propel the business outlook.

Blockchain in energy market from private category in 2025 will grow over 45%. Strict control to reduce the downtime along with massive level of security provided by this platform are some of the key parameters stimulating the technology adoption. Moreover, lesser load and limited participants increases its competence to achieve faster transaction rate in comparison to its counterpart, thereby enhancing the business growth.

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A brief overview of how the oil and gas sector is emerging as the major application segment driving the blockchain in energy market expansion. Often characterized as a lumbering behemoth opposed to change or innovation in favor of a more conventional manner of operations, the global oil and gas sector has certainly not been immune to the after-effects of the enormous technological disruption and upheaval since the industrial revolution.?Over the recent years, prominent oil and gas companies appear to have sidelined the traditional ways of doing business and seem eager to incorporate new technologies that improve efficiency and profitability.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

• Accenture
• Infosys
• Oracle
• SAP
• Drift
• Greeneum Network
• Grid Singularity
• GRID Alternatives
• LO3 Energy
• Power Ledger
• Electron

In fact, when it comes to energy trading system, distributed ledger technology stands out as one of the most beneficial technologies for the oil and gas sector in the blockchain in energy market . The implementation of this technology in an industry of such global reach and complexity has reduced the costs associated with securing, maintaining, and updating a proprietary trading system. For instance, BTL Group – an enterprise blockchain firm – has recently completed a pilot with major oil and gas giants along the likes of BP, ENI, and Wien Energie. Notably, this pilot has effectively shown that the usage of blockchain technology would not only facilitate gas trades but also has the capacity to reduce the overall expenses by 30 to 40 percent.

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The revenue graph of blockchain in energy market is poised to depict exponential growth as the need to develop & deploy new efficient ways of generating & delivering electricity, under the Paris Agreement, intensifies. According to the International Finance Corporation, the Paris Agreement aimed to tackle climate change by generating energy through reliable, clean energy sources. However, countering climate change by completely overhauling the way energy is generated would require emerging markets to mobilize trillions of dollars through different sources.

Emergence of peer-to-peer platform along with the unveiling of smart meters have initiated disintermediation, thereby driving the blockchain in energy market. Emerging focus of power utilities to explore thy potential benefits of the technology coupled with increasing percentage of empowered prosumers existing in the renewable power trading will further foster the industry growth. For instance, residents in Bangkok are involved in peer-to-peer energy trading and have a total generating capacity of about 635 kW.

Growing demand to achieve balance between energy supply and demand mismatch coupled with increasing security concerns owing to ongoing advancements in internet connected devices will accelerate the blockchain in energy market growth. Moreover, increasing deployment of the blockchain projects globally coupled with accelerating investments from various power giants toward its adoption will stimulate the technology demand. For instance, from the second quarters of 2017 till the first quarter of 2018, venture capitals and ICOs invested nearly USD 271 million toward blockchain based applications.

Browse key industry insights spread across 240 pages with 317 market data tables & 23 figures & charts from the report, Blockchain in Energy Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/blockchain-in-energy-market

Impact of blockchain technology on the renewable energy sector in the blockchain in energy market. The Challenge: One of the key demands put forward by the Paris Agreement was decentralization of the energy generation system. However, increasing installation of small renewable energy systems, such as rooftop solar, could exert a lot of stress on traditional electricity grids, which were specifically designed with large, centralized energy generation facilities in mind. The Solution: The blockchain technology’s ability to enable peer-to-peer energy transactions is expected to be a viable solution to this problem as it could effectively stabilize the grid by enabling peer-to-peer energy trading and by incentivizing local consumption during the time of production.

Accelerating investments toward the adoption of the technology coupled with enhanced initiatives toward exploring and promoting its research & development will drive the Europe blockchain in energy market. Enhanced focus to promote energy efficiency, privacy, cybersecurity and interoperability to implement & improve the current technology will further propel the industry landscape.

The global blockchain in energy market is garnering increased traction in the recent years owing to the growing number of programs aimed at the digital transformation of conventional power utilities and the rising prominence of renewable energy sources. Providing higher security measures, faster transactions, lower cost operations, and simple governance structure than the public blockchains, the private blockchains are being increasingly preferred by enterprises and energy corporations. In fact, as per a research report by Global Market Insights, Inc., the private category of the blockchain technology in energy industry is slated to register 45 percent annual growth rate by the year 2025.

Eminent players operating in the blockchain in energy market comprise of Power Ledger, Limited, Oracle, Grid Singularity, Accenture, Greeneum Network, Drift, SAP, Electron, Grid+, Sun Exchange, WePower, LO3 Energy, EnergiMine, Conjoule GmbH, Infosys, GRID Alternatives, amongst others.

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