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Blockchain Technology in Energy Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 138
  • SKU: IRTNTR72406
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The blockchain technology in energy market share is expected to increase by USD 919.5 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 66.37%.

This blockchain technology in energy market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blockchain technology in energy market segmentation by end-user (power and oil and gas) and geography (Europe, North America, APAC, Middle East and Africa, and South America). The blockchain technology in energy market report also offers information on several market vendors, including Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, and Wipro Ltd. among others.

What will the Blockchain Technology in Energy Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Blockchain Technology in Energy Market Size for the Forecast Period and Other Important Statistics

 

Blockchain Technology in Energy Market: Key Drivers, Trends, and Challenges

The use of blockchain technology to prevent failure in power grids is notably driving the blockchain technology in energy market growth, although factors such as the high cost of implementing and maintaining blockchain technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blockchain technology in energy industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Blockchain Technology in Energy Market Driver

The use of blockchain technology to prevent failure in power grids is one of the key drivers supporting the blockchain technology in energy market growth. 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. It will help enterprises in tracking down failure in the power grid in advance 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, it makes the repairing process faster, enabling the power grids to indicate to the authorities the necessary devices and tools required to repair the power grid. This, in turn, helps in reducing the losses that enterprises may incur in case of a working failure, thereby increasing the adoption of blockchain technology in the energy sector

Key Blockchain Technology in Energy Market Trend

The advent of BaaS is one of the key trends contributing to the blockchain technology in energy market growth. BaaS is slowly gaining traction in diverse fields such as insurance, cybersecurity, and supply chain management. Enterprises are experiencing the growing need to adopt BaaS, as it helps them in reducing fraud, increasing transparency, and providing secure record keeping. Hence, enterprises that lack resources and infrastructure to develop a blockchain in-house opt for BaaS providers to make the task easier. This will, in turn, increase the adoption of BaaS, especially in the transportation and logistics industry, thereby driving the market growth during the forecast period

Key Blockchain Technology in Energy Market Challenge

The high cost of implementing and maintaining blockchain technology is one of the factors hindering the blockchain technology in energy market growth. With the adoption of blockchain technology, the energy sector is expected to have long-term benefits in terms of productivity, security, and efficiency. However, the initial implementation of the technology is capital-intensive. This is because the software required to run blockchain technology in organizations must be developed as per the requirements of the firm. Thus, it is expensive to purchase, procure, or develop in-house. Also, enterprises in the energy sector incur expenses for implementing servers and nodes to hold the exponentially increasing amount of data that is added to the blockchain. Thus, such an increasing cost will limit the growth of the market during the forecast period.

This blockchain technology in energy market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global blockchain technology in the energy market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blockchain technology in energy market during the forecast period.

Who are the Major Blockchain Technology in Energy Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Accenture Plc
  • Amazon.com Inc.
  • BigchainDB GmbH
  • Capgemini SE
  • Chaddenwych Services Ltd.
  • Deloitte Touche Tohmatsu Ltd.
  • Drift Marketplace Inc.
  • Enosi Australia Pty Ltd.
  • Greeneum Ltd.
  • HCL Technologies Ltd.
  • Infosys Ltd.
  • International Business Machines Corp.
  • LO3 Energy Inc.
  • Oracle Corp.
  • Power Ledger Pty Ltd.
  • SAP SE
  • Tata Consultancy Services Ltd.
  • Tencent Holdings Ltd.
  • WePower UAB
  • Wipro Ltd.

 

This statistical study of the blockchain technology in energy market encompasses successful business strategies deployed by the key vendors. The blockchain technology in energy market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies to compete in the market.

Product Insights and News

  • Accenture Plc - Through the North American segment, the company sells and delivers a full range of its services and capabilities to clients across North America. 
  • Accenture Plc - The company offers the blockchain technology for oil and gas to secure trail of documentation and to verify employees, contractors, and experts. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The blockchain technology in energy market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Blockchain Technology in Energy Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the blockchain technology in energy market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Blockchain Technology in Energy Market?

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38% of the market’s growth will originate from Europe during the forecast period. The UK, Germany, and Russia are the key markets for blockchain technology in energy market in Europe. Market growth in this region will be faster than the growth of the market in North America and South America.

Generating electricity from renewable sources will facilitate the blockchain technology in energy market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market witnessed certain challenges due to the rapid spread of the COVID-19 pandemic in the region during 2020 and in early 2021. However, the adoption of blockchain technology solutions in the energy sector has increased since the outbreak, owing to rising initiatives and funding in the energy sector by the governments of various countries in the region. Therefore, such major initiatives by the governments to help in the immediate recovery of key businesses from the pandemic are expected to propel the growth of the market in the region during the forecast period.

What are the Revenue-generating End-user Segments in the Blockchain Technology in Energy Market?

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The blockchain technology in energy market share growth by the power segment will be significant during the forecast period. Governments in various countries such as Germany are shifting their power generation process toward renewable sources, thus relying heavily on solar power and volatile wind. In addition, customers are installing their own equipment, ranging from batteries to solar panels and smart appliances, to control their consumption and production of electricity. Blockchain technology in this sector can help in enabling frictionless, swift, transparent, and secure currency trading. It can also be used to cope with increasingly complex electric power systems. Such advantages will drive the segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the blockchain technology in energy market size and actionable market insights on post COVID-19 impact on each segment.

 

Blockchain Technology in Energy Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 66.37%

Market growth 2022-2026

$ 919.5 million

Market structure

Fragmented

YoY growth (%)

62.65

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 38%

Key consumer countries

US, China, UK, Germany, and Russia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, and Wipro Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Blockchain Technology in Energy Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive blockchain technology in energy market growth during the next five years
  • Precise estimation of the blockchain technology in energy market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the blockchain technology in energy industry across Europe, North America, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of blockchain technology in energy market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Power - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Power - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Power - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Power - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Power - Year-over-year growth 2021-2026 (%)
    • 5.4 Oil and gas - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Oil and gas - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Oil and gas - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Oil and gas - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Oil and gas - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 36: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 42: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 UK - Market size and forecast 2021-2026
      • Exhibit 66: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.10 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 Russia - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Russia - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Russia - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Accenture Plc
              • Exhibit 89: Accenture Plc - Overview
              • Exhibit 90: Accenture Plc - Business segments
              • Exhibit 91: Accenture Plc - Key news
              • Exhibit 92: Accenture Plc - Key offerings
              • Exhibit 93: Accenture Plc - Segment focus
            • 10.4 Amazon.com Inc.
              • Exhibit 94: Amazon.com Inc. - Overview
              • Exhibit 95: Amazon.com Inc. - Business segments
              • Exhibit 96: Amazon.com Inc. - Key news
              • Exhibit 97: Amazon.com Inc. - Key offerings
              • Exhibit 98: Amazon.com Inc. - Segment focus
            • 10.5 Capgemini SE
              • Exhibit 99: Capgemini SE - Overview
              • Exhibit 100: Capgemini SE - Business segments
              • Exhibit 101: Capgemini SE - Key news
              • Exhibit 102: Capgemini SE - Key offerings
              • Exhibit 103: Capgemini SE - Segment focus
            • 10.6 Chaddenwych Services Ltd.
              • Exhibit 104: Chaddenwych Services Ltd. - Overview
              • Exhibit 105: Chaddenwych Services Ltd. - Product / Service
              • Exhibit 106: Chaddenwych Services Ltd. - Key offerings
            • 10.7 Deloitte Touche Tohmatsu Ltd.
              • Exhibit 107: Deloitte Touche Tohmatsu Ltd. - Overview
              • Exhibit 108: Deloitte Touche Tohmatsu Ltd. - Business segments
              • Exhibit 109: Deloitte Touche Tohmatsu Ltd. - Key offerings
              • Exhibit 110: Deloitte Touche Tohmatsu Ltd. - Segment focus
            • 10.8 Greeneum Ltd.
              • Exhibit 111: Greeneum Ltd. - Overview
              • Exhibit 112: Greeneum Ltd. - Product / Service
              • Exhibit 113: Greeneum Ltd. - Key offerings
            • 10.9 HCL Technologies Ltd.
              • Exhibit 114: HCL Technologies Ltd. - Overview
              • Exhibit 115: HCL Technologies Ltd. - Business segments
              • Exhibit 116: HCL Technologies Ltd. - Key news
              • Exhibit 117: HCL Technologies Ltd. - Key offerings
              • Exhibit 118: HCL Technologies Ltd. - Segment focus
            • 10.10 International Business Machines Corp.
              • Exhibit 119: International Business Machines Corp. - Overview
              • Exhibit 120: International Business Machines Corp. - Business segments
              • Exhibit 121: International Business Machines Corp. - Key offerings
              • Exhibit 122: International Business Machines Corp. - Segment focus
            • 10.11 Oracle Corp.
              • Exhibit 123: Oracle Corp. - Overview
              • Exhibit 124: Oracle Corp. - Business segments
              • Exhibit 125: Oracle Corp. - Key news
              • Exhibit 126: Oracle Corp. - Key offerings
              • Exhibit 127: Oracle Corp. - Segment focus
            • 10.12 SAP SE
              • Exhibit 128: SAP SE - Overview
              • Exhibit 129: SAP SE - Business segments
              • Exhibit 130: SAP SE - Key news
              • Exhibit 131: SAP SE - Key offerings
              • Exhibit 132: SAP SE - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 133: Inclusions checklist
                • Exhibit 134: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 135: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 136: Research methodology
                • Exhibit 137: Validation techniques employed for market sizing
                • Exhibit 138: Information sources
              • 11.5 List of abbreviations
                • Exhibit 139: List of abbreviations
              • Engineering and Research and Development Services

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                TechnavioINFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases
                Technavio

                TechnavioDATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts
                Technavio

                TechnavioREPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape
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                The blockchain technology in energy market growth will increase by $919.5 million during 2022-2026.
                The blockchain technology in energy market is expected to grow at a CAGR of 66.37% during 2022-2026.
                Technavio has segmented the blockchain technology in energy market by end-user (Power and Oil and gas) and geographic (Europe, North America, APAC, Middle East and Africa, and South America).
                Accenture Plc, Amazon.com Inc., BigchainDB GmbH, Capgemini SE, Chaddenwych Services Ltd., Deloitte Touche Tohmatsu Ltd., Drift Marketplace Inc., Enosi Australia Pty Ltd., Greeneum Ltd., HCL Technologies Ltd., Infosys Ltd., International Business Machines Corp., LO3 Energy Inc., Oracle Corp., Power Ledger Pty Ltd., SAP SE, Tata Consultancy Services Ltd., Tencent Holdings Ltd., WePower UAB, Wipro Ltd. are a few of the key vendors in the blockchain technology in energy market.
                Europe will register the highest growth rate of 38.4% among the other regions. Therefore, the blockchain technology in energy market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
                The key factors driving the blockchain technology in energy market growth are:
                • Use of blockchain technology to prevent failure in power grids
                • Advent of BaaS
                The blockchain technology in energy market vendors should focus on grabbing business opportunities from the power segment as it accounted for the largest market share in the base year.
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