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. Businesses are increasingly turning to Blockchain-as-a-Service (BaaS) providers to set up and manage their blockchain nodes, eliminating the need for costly in-house development. IBM, Oracle, Amazon, and SAP are among the major companies investing in this technology, offering solutions that enable enterprises to test blockchain technology with minimal risk and cost. BaaS is revolutionizing industries such as insurance, cybersecurity, and supply chain management, providing enhanced security, transparency, and secure record keeping. Amazon's BaaS solution, for instance, empowers businesses to experiment with blockchain technology without the burden of deployment and maintenance costs. The adoption of BaaS is gaining momentum, as enterprises recognize its potential to mitigate fraud, streamline operations, and enhance overall business 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 and enhancing renewable energy integration. It improves grid resilience through distributed generation and energy asset management, facilitating energy data exchange for increased market liquidity. Blockchain infrastructure supports energy hedging, promoting environmental sustainability and climate change mitigation. Social impact is addressed through energy poverty alleviation and smart city initiatives. Electric grid security and cybersecurity threats are mitigated with distributed ledger security and decentralized governance. Energy innovation thrives with R&D in areas like carbon capture, hydrogen energy, solar, wind, biomass energy, and smart building technologies. Blockchain's scalability ensures efficient energy market operations and secure energy data exchange.

Market Research Overview

In the dynamic energy market, Blockchain technology is revolutionizing the sector through smart contracts, energy trading, and renewable energy solutions. Distributed ledger technology enables peer-to-peer energy trading, increasing energy efficiency and reducing reliance on traditional energy providers. This innovative approach aligns with the global application software market, which covers the development and production of specialized business software, including cloud-based solutions. Technavio, a leading technology research firm, calculates the size of this market based on the combined revenue of companies providing all types of IT software, including those leveraging Blockchain technology for energy market disruption.. 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/