Blockchain in Energy Market Size

Blockchain in Energy Market Size

Blockchain in Energy Market size in 2018 surpassed USD 220 million and is projected to grow at more than 50% CAGR from 2019 to 2025.

The enterprise ethereum blockchain is considered to be the next big thing in the energy sector. Blockchain can be effectively used for sustainability and energy conservation by devising new energy business models, moving carbon credits and real-time data management. The market for blockchain in energy will possibly augment owing to increased preference for decentralized power generation. 

Positive outlook toward digitization of systems on account of increasing installation of smart meters across regions is set to foster the blockchain in energy market share. Decentralized energy systems along with widespread adoption of smart management & control systems to implement advanced communication is projected to complement the industry outlook. In addition, rapid development in the Renewable Energy Sources (RES) owing to privatization of the energy sector coupled with government initiatives toward electricity conservation will augment the product installation. For instance, in 2018, RES contributed 40% of the total electricity production in Germany.
 

Rising focus toward energy utilities in exploring the latent benefits of the technology for low-carbon transition and sustainability will stimulate the blockchain share in energy sector. Reducing dependency on fossil fuels coupled with increasing independence of local grid from outside energy sources in the long term is anticipated to drive the industry scenario. Increasing investment in numerous innovative projects ranging from solar systems for electric vehicles charging & e-mobility will further boost the product adoption.