Latest News- Blockchain Technology In Energy Market: Power is expected to lead the End-user segment during 2025-2029

The Blockchain Technology In Energy Market is being driven by Use of blockchain technology to prevent failure in power grids

The Blockchain Technology In Energy Market is expected to grow at a CAGR of 85.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7799.7 million. Blockchain-as-a-Service (BaaS) is a business solution that enables enterprises to establish and manage blockchain-connected nodes through third-party providers. Major tech companies, including IBM, Oracle, Amazon, and SAP, are increasingly investing in BaaS by launching new products. For instance, Amazon's BaaS offering allows enterprises to experiment with blockchain technology without the financial burden and risk of in-house deployment. This trend is expanding the reach of BaaS into various industries, such as insurance, cybersecurity, and supply chain management. By implementing BaaS, enterprises can mitigate fraud, enhance transparency, and ensure secure record keeping. The adoption of BaaS is becoming increasingly essential as businesses recognize its potential to streamline operations and improve efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Power
  • Oil and gas
• Type
  • Public blockchain
  • Private blockchain
  • Hybrid blockchain
• Deployment
  • Cloud-based
  • On-premises
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Use of blockchain technology to prevent failure in power grids
• Integration of blockchain technology with smart meter
• Improved supply chain efficiency in energy sector

However, the market also witnesses some limitations, which are as follows:

• High cost of implementing and maintaining blockchain technology
• Poor internet connectivity in developing countries
• Low adoption due to unregulated or low regulated market

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Market Scope in Blockchain Technology In Energy Market Research Report

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Research Analysis Overview

Blockchain technology is revolutionizing the energy market by enabling the trading of energy derivatives, enhancing renewable energy integration, and boosting grid resilience through distributed generation and energy asset management. The infrastructure supports energy data exchange, improving market liquidity, and enabling energy hedging. With a focus on environmental sustainability and climate change mitigation, blockchain addresses energy poverty and social impact through smart city initiatives. Ensuring electric grid security, it mitigates cybersecurity threats, enhances distributed ledger security, and addresses scalability, decentralized governance, and energy innovation. Additionally, it supports R&D in carbon capture, hydrogen energy, solar energy, wind energy, biomass energy, and smart building technologies.

Market Research Overview

In the dynamic energy market, Blockchain technology is revolutionizing the way businesses trade and manage renewable energy through smart contracts. This distributed ledger technology enables peer-to-peer energy trading, allowing energy producers to sell excess capacity directly to consumers, increasing energy efficiency and reducing reliance on traditional energy suppliers. Smart contracts, an integral part of Blockchain, automate the execution of energy transactions, ensuring transparency, security, and efficiency. The global application software market, including Blockchain solutions, is projected to grow significantly due to the increasing adoption of advanced technologies in various industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/