Global Blockchain Technology in Energy Market 2019-2023 | Need to Prevent Failure in Power Grids Will Boost Demand | Technavio

Technavio analysts forecast the global blockchain technology in energy market to register a CAGR of over 65%, according to their latest market research report. However, the market is expected to decelerate on a year-on-year basis during the forecast period.

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The advent of BaaS is one of the major trends being witnessed in the global blockchain technology in energy market 2019-2023. BaaS helps vendors set up the blockchain connected nodes on behalf of enterprises and manage it at the back-end. The growing evolution of BaaS is encouraging vendors such as IBM, Oracle, Microsoft, Amazon [through its subsidiary Amazon Web Services CAWS], and SAP to invest in this technology by launching new products. Moreover, BaaS is slowly gaining traction in diverse fields such as insurance, cybersecurity, and supply chain management. Enterprises are experiencing an increasing need to adopt BaaS as it helps them in reduce fraud, increase transparency, and provide secure record keeping. Hence, enterprises that lack resources and infrastructure to develop in-house blockchain opt for BaaS providers to make the task easier.

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According to Technavio analysts, one of the key factors contributing to the growth of the global blockchain technology in energy market is the use of blockchain technology to prevent failure in power grids:

Global blockchain technology in energy market: Use of blockchain technology to prevent failure in power grids

Blockchain technology is used for distributing power sources, as it can modernize the power grid. Using blockchain technology in power grids can improve their performance by making them smart power grids. Blockchain will help enterprises in tracking down failure in the power grid and communicate it to the companies. With the use of blockchain technology, enterprises can get a daily update, which helps in the timely detection of problems. In addition, blockchain technology makes the repairing process faster, enabling power grids to indicate to the authorities the necessary devices and tools required to repair the power grid. This, in turn, will help in reducing losses that enterprises may incur in case of a working failure, thereby increasing the adoption of blockchain technology in the energy sector.

According to a senior analyst at Technavio for research on IT professional services, “Other key factors that are expected to boost the growth of the blockchain technology in energy market is the integration of blockchain technology with smart meter and improved supply chain efficiency in the energy sector.”

Global blockchain technology in energy market: Segmentation analysis

The global blockchain technology in energy market research report provides market segmentation by end-user (power and oil and gas), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The EMEA region held the largest share of the market in 2018, accounting for close to 41% share, followed by the Americas and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share.

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