According to a new report, published by KBV research, The Global Blockchain In Energy Market size is expected to reach $58.8 billion by 2030, rising at a market growth of 75.0% CAGR during the forecast period.
The Peer-To-Peer Transaction segment is generating the highest revenue in the Global Blockchain In Energy Market, By Application in 2022; thereby, achieving a market value of $21.3 billion by 2030. Prosumers, individuals, or entities that produce and consume energy, can leverage P2P transactions to sell excess energy directly to other consumers. Blockchain ensures a transparent and trustless system, empowering prosumers to participate in the energy sector and monetize surplus energy. P2P transactions are particularly beneficial for integrating renewable energy sources into the grid. Blockchain provides a transparent and traceable ledger, assuring consumers of the renewable origin of the energy they purchase and fostering a more sustainable energy ecosystem.
The Platform segment is registering a CAGR of 74.3% during (2023 - 2030). Platforms offer tools and frameworks for the creation and execution of smart contracts. Smart contracts automate and enforce the terms of agreements, such as energy trading contracts, without the need for intermediaries. This capability enhances the efficiency and transparency of transactions in the energy sector. Blockchain platforms play a key role in establishing interoperability standards, allowing different participants in the energy ecosystem to connect and collaborate seamlessly. Interoperability ensures that various blockchain networks can communicate and share data, fostering a more integrated and efficient energy.
The Public segment is leading the Global Blockchain In Energy Market, By Type in 2022; thereby, achieving a market value of $39.9 billion by 2030. Public services provide scalable infrastructure, allowing energy companies to adjust their blockchain networks dynamically based on demand. As the energy industry evolves and expands, the scalability of public platforms accommodates the growing needs of blockchain applications. Public platforms offer user-friendly interfaces and pre-configured templates, simplifying the deployment of blockchain solutions. Energy companies can quickly set up and deploy blockchain networks without the complexities of managing on-premises infrastructure.
The Oil & Gas segment is experiencing a CAGR of 77.2% during (2023 - 2030). Oil & gas companies deal with large volumes of sensitive data. Blockchain's decentralized and cryptographic features enhance data security and integrity, protecting against unauthorized access, tampering, and data breaches. Joint ventures are common for large projects in the oil & gas segment. Blockchain can provide a transparent and secure platform for managing joint ventures and recording contributions, expenses, and revenue distribution among multiple partners in a trustless and automated manner.
Full Report: https://www.kbvresearch.com/blockchain-in-energy-market/
The Europe region dominated the Global Blockchain In Energy Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $20.5 billion by 2030. The North America region is anticipating a CAGR of 74.3% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 75.9% during (2023 - 2030).
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