Blockchain In Energy Utilities Market: Major Trends Reshaping the Future of the Industry

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What Will the Blockchain In Energy Utilities Industry Market Size Be by 2025?
The market size for blockchain in energy utilities has seen an explosive growth in the past few years. It is estimated that this market size will expand from $0.87 billion in 2024 to a forecasted $1.23 billion in 2025, indicating a compound annual growth rate (CAGR) of approximately 40.9%. Key factors such as increased demand for transparency and security, decentralisation within energy systems, reduction in operational costs, advancement in regulatory support and pilot programs, a rise in digitalisation, improved grid management, and a surge in consumer interest for green energy can be accredited for the notable growth during this historical period.

What's the Long-Term Growth Forecast for the Blockchain In Energy Utilities Market Size Through 2029?
It is projected that the blockchain in energy utilities market will undergo momentous expansion in the coming years, estimated to reach a market size of $4.8 billion in 2029, thanks to a compound annual growth rate (CAGR) of 40.6%. The expected growth during the forecast period can be linked to the increasing reliance on renewable energy sources, improvements in energy trading platforms, escalating smart grid installations, affirmative regulatory frameworks, and industry cooperative initiatives. Some notable trends during the same forecast period include the development of consensus measures, the integration with artificial intelligence, growth of Blockchain-as-a-Service (BaaS), compatibility with legacy systems, smart contract innovations, the rise of decentralized energy markets, and a heightened emphasis on cybersecurity.

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What Are the Key Growth Drivers Fueling the Blockchain In Energy Utilities Market Expansion?
The push towards decentralized and renewable energy sources, which are small-scale and locally sourced from naturally replenishing mediums like the sun, wind, or water, is anticipated to fuel the development of blockchain technology in the energy utilities industry. An increasing emphasis on energy security, environmental sustainability, and economic competitiveness is accelerating the demand for decentralized and renewable energy sources. Blockchain technology plays a pivotal role in the energy sector through the efficient integration and management of these spreading decentralized and renewable energy sources via peer-to-peer energy trade and grid management. To illustrate, a report by the U.S. Energy Information Administration (EIA) in April 2023 stated that hydropower generation and usage of geothermal energy witnessed a 4% augmentation in 2022 versus 2021. Renewable energy production and consumption reached record-breaking levels, contributing around 13% (13.40 quads) to total energy production and approximately 13% (13.18 quads) to overall energy consumption. These figures reflect a raised emphasis on clean energy resources. Therefore, the travel blockchain in the energy utilities market is being propelled by the rising implementation of decentralized and renewable energy sources.

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What Are the Key Trends Driving Blockchain In Energy Utilities Market Growth?
Leading corporations functioning in the energy utilities sphere of the blockchain industry are concentrating on the development of radical platforms such as all-inclusive emissions management systems, aimed at boosting transparency and sustainability. These comprehensive solutions equip businesses with the power to make informed decisions that enhance clarity, simplify processes, and promote sustainability policies. Take for example, in the month of March 2024, Blockchain for Energy (B4E), a non-profit US-based consortium of top-tier energy corporations, introduced the B4ECarbon solution. Co-crafted with Enovate AI, this ground-breaking product uses blockchain technology, artificial intelligence (AI), and the Internet of Things (IoT) systems to transform emissions monitoring, reporting, and reduction strategies. B4ECarbon is a versatile emissions management solution employing blockchain to ensure data reliability, honesty, and checkability. It integrates AI to facilitate intelligent reporting and data-backed decision making for emissions reduction, encouraging cooperation within the energy sector via adherence to acknowledged industry standards.

How Is the Blockchain In Energy Utilities Market Segmented?
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 Companies Are Leading the Charge in Blockchain In Energy Utilities Market Innovation?
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

Which Regions Are Leading the Global Blockchain In Energy Utilities Market in Revenue?
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.

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