2020 to 2025 Emerging Growth of Global Blockchain in Energy Market with Major Predominant Players: Accenture, Power Ledger, GRID Alternatives, Infosys, Oracle, SAP, Drift

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.

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Moreover, the agreement also requires power generation to be more flexible, distributed and through resources that could be managed through bi-directional communication, allowing investors to easily evaluate & track the impact of their investments. To achieve this mammoth task, investors, policy makers & regulators are likely to utilize blockchain technology, combining it with the Internet of Things (IoT), smart devices and big data. In a nutshell, this requirement would majorly help augment the deployment of blockchain in energy market.

The Major Key Players in the Market are as follows:
1. Accenture
2. Power Ledger
3. GRID Alternatives
4. Infosys
5. Oracle
6. SAP
7. Drift

The advancements in blockchain technology have made it a critical 'trustless' component in big data and smart IoT-based devices, making it capable of unlocking the new business models that are extremely necessary for the proposed transformation of the energy sector.

According to the World Energy Council, in 2017 a sum ranging between $100-300 million was invested in more than 100 blockchain applications related to the energy sector. Considering its key role in shaping an energy-efficient future, the implementation of blockchain in energy market is expected to increase extensively in the forthcoming years.

With such depicted levels of growth, the industry is also scaling up the adoption of blockchain technology, carrying its transformation a notch further. Not to mention, lesser overhead costs, lowered cash cycle times, and fewer cost intermediaries will also help propel the blockchain in energy market from O&G applications.

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Blockchain technology is gradually acquiring the recognition as a smart contract facilitator and is outgrowing its adolescent cryptocurrency identity of distributed consensus ledgers. It is allowing companies across various business verticals to control data transparency, increase optimization, reduce waste, and improve cost. With the world swiftly moving toward renewable energy sources, the usage of blockchain in the overall power generation and distribution sector is set to increase exponentially in the forthcoming years. Thriving on the backdrop of a robust startup scene along with growing prominence in the oil and gas sector, the commercialization scale of the blockchain in energy market is slated to surpass USD 3 billion by 2025.

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