Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Blockchain in Energy Trading Market, The Global Blockchain in Energy Trading Market is projected to grow at a CAGR of around 25.55% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Blockchain in Energy Trading Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 25.55%
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Global Blockchain in Energy Trading Market Segmentation Breakdown:
The Blockchain in Energy Trading Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Public-Market Size & Forecast 2018-2028, (USD Million)
- Private- Market Size & Forecast 2018-2028, (USD Million)
- By Application
- Peer to Peer Energy Trading- Market Size & Forecast 2018-2028, (USD Million)
- Regulation and Compliance Management- Market Size & Forecast 2018-2028, (USD Million)
- Commodity Trading- Market Size & Forecast 2018-2028, (USD Million)
- Electricity Data Management- Market Size & Forecast 2018-2028, (USD Million)
- Grid Management- Market Size & Forecast 2018-2028, (USD Million)
Peer-to-Peer Energy (P2P) trading is gaining notable momentum across developed economies due to the ability of consumers to buy & sell excess energy within their community.
- By End User
- Power Utilities- Market Size & Forecast 2018-2028, (USD Million)
- Oil and Gas- Market Size & Forecast 2018-2028, (USD Million)
- Residential Communities- Market Size & Forecast 2018-2028, (USD Million)
- Commercial & Industrial- Market Size & Forecast 2018-2028, (USD Million)
Among them, the Power Utilities have gained significant traction in recent years & with the continued increase in electricity needs, the segment is anticipated to register exponential growth rates in the forecast years.
Geographical Growth Insights:
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Among the regions globally, Europe is emerging as a significant center for blockchain-based energy trading due to the increasing adoption of advanced technology in various industries and the support from national governments in the region.
MarkNtel Advisors Highlights Key Market Drivers for Blockchain in Energy Trading Market:
Rapid Growth of Renewable Energy Sources to Escalate the Market – The surging growth of renewable sources across the globe is accelerating the Energy Trading Market. Renewable energy sources, such as solar & wind power, are becoming more affordable & reliable owing to increasing government policies & incentives, technological advancement, financial investment from private & institutional investors, etc. According to the IRENA, in 2022, costs for renewables continued to fall in 2021, electricity from wind fell by around 15%, offshore wind by about 13%, and solar photovoltaics (PV) by 13% compared to 2020. As solar & wind become more prevalent, households & businesses are increasingly becoming prosumers, generating their electricity & sometimes producing excess energy that could be shared with others.
Consequently, blockchain technology could facilitate this energy exchange through decentralized & transparent peer-to-peer (P2P) transactions, creating Local Energy Markets. By enabling real-time matching of energy supply & demand blockchain, energy trading optimizes grid stability & fosters a more resilient & decentralized energy ecosystem.
Smart contracts on the blockchain ensure fair compensation for prosumers & streamline energy transactions without intermediaries. As renewable energy continues to grow, the blockchain energy trading market is poised to expand, bringing about a more sustainable & efficient energy future.
A Comprehensive Analysis of Leading Companies in Global Blockchain in Energy Trading Market
- Power Ledger
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- SunContract
- Wepower
- Restart Energy
- Electron
- Mission Innovation
- Blockchain Tech LTD
- Enosi
- Grid Singularity
- LO3 Energy
- Others
Explore More About This Research Report @ https://www.marknteladvisors.com/research-library/blockchain-in-energy-trading-market.html
Global Blockchain in Energy Trading Market Recent Developments
- In 2023, Power Ledgerin partnership with Vietnam Electricity Central Power Corporation (EVNCPC) announced the launch of Vietnam's first peer-to-peer (P2P) energy trading project.
Global Blockchain in Energy Trading Market Growth Opportunity:
Increasing Focus on Environmental Sustainability to Reduce Carbon Emission Reduction – Increasing awareness of climate change & environmental concerns has generated a growing demand for sustainable solutions across the globe. Blockchain's ability to facilitate clean energy trading aligns with this demand, attracting environmentally conscious consumers & businesses.
In addition, companies are increasingly focusing on their carbon footprint & sustainability efforts as part of their Corporate Social Responsibility (CSR) initiatives. Thus, adopting blockchain technology for energy trading aligns with these goals, enhancing brand image & value among customers. The growing need to optimize load balancing during decentralized energy systems blockchain enables more efficient energy distribution.
Surplus energy could be redirected to areas with higher demand, reducing the need for additional carbon-intensive energy generation during peak periods. Hence, the incorporation of blockchain technology into decentralized energy systems offers a pivotal solution for optimizing load balancing & enhancing overall energy efficiency.
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