Global Blockchain In Energy Utilities Market Projected to Surpass $4.8 Billion by 2029 with 40.6% Annual Growth

What industry-specific factors are fueling the growth of the blockchain in energy utilities market?
There's an expected surge in the growth of blockchain in the energy utilities market, spurred by increasing acceptance of decentralized and renewable energy sources. These energy sources are small-scale and local, deriving power from naturally recurring resources like the sun, wind, and water. Concentration on energy security, environmental sustainability, and economic competitiveness are expanding the requirement for these decentralized and renewable energy sources. Blockchain technology finds application in the energy domain to smoothly integrate and manage the burgeoning quantity of decentralized and renewable energy sources via peer-to-peer energy trading and grid management. For example, in April 2023, a report by the U.S. Energy Information Administration (EIA), a Federal Statistical System agency based in the US, noted that both hydropower generation and use of geothermal energy saw a rise by 4% in 2022 in comparison to 2021. This was when renewable energy production and consumption reached unprecedentedly high levels, making up about 13% (13.40 quads) of the total energy production and 13% (13.18 quads) of the entire energy consumption, emphasizing the increased importance of clean energy sources. Thus, the continual acceptance of decentralized and renewable energy sources is stimulating the drive of blockchain in the energy utilities market.

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What Is the projected market size and growth rate for the blockchain in energy utilities market?
The size of the market for blockchain in energy utilities has seen a robust expansion in the past years. It's projected to rise from $0.87 billion in 2024 to a whopping $1.23 billion by 2025, indicating a compound annual growth rate (CAGR) of 40.9%. This historical period of growth can be traced back to certain factors: the necessity for transparency and security, decentralized energy systems, a decrease in operational expenses, support from regulatory authorities, inauguration of pilot programs, amplification in digitalization, improvements in grid management, and increased consumer demand for eco-friendly energy.

Predictions indicate a surge in the market size of blockchain in energy utilities in the forthcoming years, with an estimated worth of $4.8 billion by 2029 and a compound annual growth rate (CAGR) of 40.6%. This expected increase during the forecast period might be fueled by factors such as the proliferation of renewable energy sources, improvement of energy trading platforms, increase in smart grid deployments, encouraging regulatory frameworks, and cooperative industry efforts. Notable trends predicted for the forecast period encompass progress in consensus mechanisms, merger with artificial intelligence, growth of Blockchain-as-a-Service (BaaS), compatibility with pre-existing systems, breakthroughs in smart contracts, decentralized energy markets, and an emphasis on cybersecurity.

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What new trends are reshaping the blockchain in energy utilities market and its opportunities?
Leading organizations in the energy utilities market, who are implementing blockchain technology, are focusing on the innovative development of platforms such as comprehensive emission management, to promote transparency and sustainability. These platforms give businesses the tools they need to make informed decisions, enhance transparency, make reporting more efficient, and bolster their sustainability initiatives. For instance, in March 2024, a non-profit consortium of elite energy companies in the US, known as Blockchain for Energy (B4E), introduced the B4ECarbon solution. This novel solution was co-developed with Enovate AI, and leverages blockchain technology in combination with Artificial Intelligence (AI) and Internet of Things (IoT) to reinvent how emissions are tracked, reported, and strategically reduced. B4ECarbon leverages blockchain to ensure the accuracy, transparency, and verifiability of data. This solution harnesses AI to facilitate intelligent data reporting and empower informed decision-making aimed at reducing emissions. B4ECarbon encourages synergy across the energy sector by adhering to industry norms.

What major market segments define the scope and growth of the blockchain in energy utilities market?
The blockchain in energy utilities market covered in this report is segmented -

1) By Component: Platform, Services
2) By Type: Private, Public
3) By Application: Grid Management, Energy Trading, Government Risk And Compliance Management, Payment Schemes, Supply Chain Management, Other Applications
4) By End User: Power, Oil And Gas

Subsegments:
1) By Platform: Blockchain Development Platforms, Smart Contract Platforms, Blockchain-As-A-Service (Baas) For Energy, Decentralized Energy Trading Platforms, Blockchain-Based Energy Management Platforms
2) By Services: Consulting Services, Integration And Implementation Services, Transaction And Data Verification Services, Blockchain Network Setup And Maintenance, Support And Training Services

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Which regions are key players in the growth of the blockchain in energy utilities market?
North America was the largest region in the blockchain in energy utilities market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in energy utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the blockchain in energy utilities industry growth?
Major companies operating in the blockchain in energy utilities market are Shell plc, Microsoft Corporation, Enel SpA, Engie S.A., Siemens AG, accenture* PLC, International Business Machines Corporation, Iberdrola S.A., Oracle Corporation, SAP SE, Sun Exchange AG, Infosys Limited, Wien Energie GmbH, COI Energy Services, Electrify Asia Limited, FlexiDAO GmbH, Vespene Energy Inc., Power Ledger Pty Ltd, Lition Technology, LO3 Energy Inc., Energy Web Foundation Inc., Pexapark Ltd, WePower Limited, Clean Carbon Private Limited, Blok-Z

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What Is Covered In The Blockchain In Energy Utilities Global Market Report?

•Market Size Forecast: Examine the blockchain in energy utilities market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blockchain in energy utilities market for a structured understanding.
•Key Players Overview: Analyze major players in the blockchain in energy utilities market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blockchain in energy utilities market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blockchain in energy utilities market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blockchain in energy utilities market.
•Industry Challenges: Identify potential risks and obstacles affecting the blockchain in energy utilities market.
•Competitive Landscape: Review strategic developments in the blockchain in energy utilities market, including expansions, agreements, and new product launches.

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