Blockchain Market in the Energy Sector Market Growth Factors with Key Drivers Forecast from 2019-2024 | Industry Analysis by Key Players, and Upcoming Trends

Blockchain

This “Blockchain Market in the Energy Sector Market” report 2019 delivers an in-depth impression, describing the Product/Industry Scope and expands market insights and forecasts to 2024. It shows market data by industry drivers, restraints and opportunities, also analyzes the market status, industry share, size, future trends and growth rate of the market. Blockchain Market in the Energy Sector market report is categorized based on application, end-user, technology, the types of product/service, and others, as well as regions. Additionally, the report comprehends the calculated expected CAGR of the Blockchain Market in the Energy Sector market derivative from previous records about the Blockchain Market in the Energy Sector market and current market trends organized with future developments.

Market Overview:

  • The market was valued at USD 83.5 million in 2018, and it is expected to reach about USD 1215.6 million by 2024, recording a CAGR of 58.1%, over the forecast period.
  • – The energy sector has certain limitations, including high administration and transmission costs mainly, due to the centralized functioning of the sector. As blockchain addresses these issues and decreases the scope for single point failures and increases transparency across the supply chain, the technology is expected to be a noteworthy digital transformation for the sector.
  • – The blockchain technology, which has greatly benefitted the financial sector, finds applications in the energy sector predominantly for wholesale energy trading. However, the increasing number of use cases and efforts from the regional blockchain associations are promoting the adoption of the technology for various other applications like smart contracts and digital identification.
  • – Blockchain enables energy transmission companies to track the movement of excess energy thereby managing the supply-demand bottlenecks. For instance, TenneT, a prominent power transmission company in the Netherlands and other parts of Germany, has partnered with an energy storage systems provider, Sonnen, to implement the usage of green energy from storage systems installed in the region as an alternative to coal or nuclear power for battling transmission bottlenecks. Significant pilot projects are taking place across regions, like the United States (Bovlabs), to test this application.

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    Blockchain Market in the Energy Sector market research report provides a definite industry standpoint, upcoming trends, and dynamics for market growth rate, market size, and key players of the industry with a forecast period of 2024.

    Major Key Players of Blockchain Market in the Energy Sector Market:

  • SAP SE (SAP)
  • Microsoft Corp
  • Accenture PLC
  • IBM Corporation
  • LO3 Energy Inc.
  • GREENEUM
  • Drift Marketplace Inc.
  • IOTA Foundation
  • Btl Group Ltd
  • Power Ledger Pty Ltd
  • ImpactPPA
  • Electron (Chaddenwych Services Limited)

    Key Market Trends:

    Smart Contract is Expected to Register a Significant Growth

    – Smart contract is a computer-aided program that encodes the different conditions and possible outcomes and moves the currency or information across the ledger using blockchain technology. Blockchain, with the use of smart contracts, is anticipated to reduce the number of different administrative processes, which involves the deal of execution.
    – The smart contract enables consumers to execute and dispatch various commodities automatically, once the trade is booked. By reducing the involvement of multiple intermediaries, Blockchain will decrease the time and costs involved in executing these transactions.
    – For instance, ING and Société Générale SA decided the first oil trade by using a prototype of the blockchain platform (easy trading connect). ING also anticipated that the usage of blockchain would help to reduce its involvement in the transaction from 3 hours to 25 minutes, which results in 30% cost savings per transaction.
    – The rising acceptance of electric vehicles (EVs) and the lack of coordination between consumers and charging stations have enabled the adoption of smart contract solution. Smart contracts aid the EVs to charge or discharge based upon the needs of the electric grid, which enables the vehicles to act as mobile batteries and to help stabilize the grid. Furthermore, the high adoption of smart contract solutions is expected to reduce labor costs, manual and semi-automated processes, capital costs through faster settlements, and technology costs by decreasing dependency on redundant systems.

    North America is Expected to Hold Major Share

    – With blockchain adoption in the energy sector, transactions such as energy trading can be recorded and settled almost instantly, with no need for an intermediary and with little need for reconciliation since all parties are using the same platform. North Americans as early technological adaptors are having significant adoption of blockchain in the energy sector.
    – The region is experiencing an increasing number of investments and partnerships, since the first blockchain in energy transaction took place, in 2016, in Brooklyn, New York.
    – Companies in the region are partnering with other countries or having high investments to develop products related to energy sector using blockchain technology. For instance, Bovlabs, a startup working to empower clean energy, entered into a partnership with Enchanted Rock, to test blockchain’s ability to bid into wholesale markets, with the ERCOT (Electric Reliability Council of Texas), and is expected to enter as a blockchain-based retailer in energy sector.

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    Scope of the Report:

  • The energy sector has certain limitations, including high administration and transmission costs, mainly due to the centralized functioning of the sector. As blockchain addresses these issues and decreases the scope for single point failures and increases transparency across the supply chain, the technology is expected to be a noteworthy digital transformation for the sector.
  • The blockchain technology, which has greatly benefitted the financial sector, finds applications in the energy sector predominantly for wholesale energy trading. However, the increasing number of use cases and efforts from the regional blockchain associations are promoting the adoption of the technology for various other applications, like smart contracts and digital identification. Blockchain enables energy transmission companies to track the movement of excess energy, thereby managing the supply-demand bottlenecks.

    Key Questions Answered in This Report:

    • What will be the market size?
    • What are the new opportunities?
    • What is the market share?
    • What is the targeted audience?
    • Which are the top players in the market?
    • How the competition goes in the market?
    • Which are the leading countries?
    • What are the challenges in the future?

    What Blockchain Market in the Energy Sector Market Research Report Offers:

    • Blockchain Market in the Energy Sector Market size, share assessments for the regional and country-level segments.
    • market Trends, Drivers, Constraints, Growth Opportunities, Threats, Challenges, Investment Opportunities, and recommendations.
    • Blockchain Market in the Energy Sector Market forecasts for 5 years along with historical data of all the mentioned segments, sub-segments, and the regional markets.
    • Competitive landscaping mapping the key trends.
    • Major company profiling with their detailed strategies, financials, and recent developments.
    • Strategic recommendations for the new companies and start-ups.
    • Supply chain trends mapping the latest technological advancements.
    • Strategic recommendations in business segments based on market estimations.

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    Detailed TOC of Blockchain Market in the Energy Sector Market 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Emergence Of Variable Electricity Rates And Need For Peer To Peer Trading
    4.3.2 Aggressive Spending By Venture Capitalists
    4.4 Market Restraints
    4.4.1 Scalability Constraints
    4.5 Value Chain / Supply Chain Analysis
    4.6 Industry Attractiveness Porters Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Application
    5.1.1 Payments
    5.1.2 Smart Contracts
    5.1.3 Digital Identities
    5.1.4 Governance, Risk, and Compliance Management
    5.1.5 Other Applications
    5.2 Geography
    5.2.1 North America
    5.2.2 Europe
    5.2.3 Asia Pacific
    5.2.4 Latin America
    5.2.5 Middle East and Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 SAP SE (SAP)
    6.1.2 Microsoft Corp
    6.1.3 Accenture PLC
    6.1.4 IBM Corporation
    6.1.5 LO3 Energy Inc.
    6.1.6 GREENEUM
    6.1.7 Drift Marketplace Inc.
    6.1.8 IOTA Foundation
    6.1.9 Btl Group Ltd
    6.1.10 Power Ledger Pty Ltd
    6.1.11 ImpactPPA
    6.1.12 Electron (Chaddenwych Services Limited)

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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    Name: Ajay More

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