Blockchain in Energy Utilities Market by Offerings (Vertical Solutions, Blockchain-as-a-Service), by Deployment (Proof of Concept, Pilot, Production), Forecast 2024-2032
The Blockchain in Energy Utilities Market size was valued at USD 127.5 million in 2023 and is projected to reach USD 418.35 million by 2032, exhibiting a CAGR of 18.5 % during the forecast period. Blockchain technology in energy utilities represents the next ground-breaking approach to managing energy securely and concurrently. It runs as a distributed ledger that keeps transparency and integrity in registering each transaction across a network of computers. There are two main kinds of blockchains: the first is the permission blockchain, which is the cooperative one, and the second is the permissionless blockchain, which offers more control to the participants. The key features involve smart contracts that automate agreements and enforce them as well as consensus mechanisms that validate transactions without the help of intermediaries. The applications include peer-to-peer energy trading, grid management, asset tracking and renewable energy certificate (REC) trading. The benefits are multi-fold and they include reduced transaction costs, better security, improved transparency and more efficiency during energy transactions. Blockchain technology is the driver of decentralized energy systems and their complementation with renewable sources which contribute to the sustainability and resiliency of energy utilities of the future.
Blockchain in Energy Utilities Trends
The blockchain in energy utilities market is expected to witness significant growth in the coming years. The increasing adoption of renewable energy sources and the growing demand for energy efficiency are driving the market. Governments and industry leaders are actively supporting the development and implementation of blockchain solutions in the energy sector.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 18.5% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 18.5% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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