What is Blockchain in Renewable Energy Market?
Blockchain is a decentralized general ledger technology that can be applied to the energy sector. In the energy sector, blockchain enables energy trading. Blockchain is expected to enable a fundamental shift in energy distribution. When blockchain technology is attached to a cryptocurrency, public members can trade freely and encrypt all transactions in a virtually unbreakable manner. All transactions are recorded in a common ledger without the intervention of third parties such as a bank, stockbroker, or energy company. In addition, it is expected that many aspects of the energy transition will suddenly be connected to one another due to blockchain technology. The world is shifting towards renewable energy and away from the use of gas, coal, and gasoline. Therefore, blockchain is becoming an important way to connect renewable technologies, grids, and devices with people and communities. Blockchain acts as a public ledger that can take inputs like the amount of energy from smart devices like solar panels. It records these inputs, assigns a price, sends it over the grid to smart homes, and records incoming payments for purchased energy. With blockchain technology, decentralized renewable energy producers (e.g. solar roofs) can receive RECs in real-time when their electricity is generated. Sensors and smart contracts can record and distribute real-time generation data across the network.
Highlights from Blockchain in Renewable Energy Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft (United States), E.ON (Germany), Infosys (India), Accenture (Ireland), Power Ledger (Australia), IBM (United States), ACCIONA (Spain), Energy Web (Germany), SAP (Germany), WePower (Estonia), Iberdrola (Spain), FlexiDAO (Spain), Siemens (Germany), Brooklyn Microgrid (United States) and The Sun Exchange (South Africa) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Blockchain in Renewable Energy market throughout the forecasted period.
Microsoft (United States), E.ON (Germany), Infosys (India), Accenture (Ireland), Power Ledger (Australia), IBM (United States), ACCIONA (Spain), Energy Web (Germany), SAP (Germany), WePower (Estonia), Iberdrola (Spain), FlexiDAO (Spain), Siemens (Germany), Brooklyn Microgrid (United States) and The Sun Exchange (South Africa) are some of the key players profiled in the study. Blockchain in Renewable Energy Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Smart Contracts, Supply Chain Management, Power, Oil & Gas and Others |
Type | Private Blockchain and Public Blockchain |
Organization Size | Small and Medium-Sized,Large Size |
Providers | Application Provider,Infrastructure Provider,Middleware Provider |
On the basis of geography, the market of Blockchain in Renewable Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Adoption of Blockchain Solutions for Smart Contracts, Payments, and Digital Identities
Market Growth Drivers:
The Increasing Popularity of Blockchain Technology in the Energy Sector and Increasing Investments toward the Adoption of Blockchain Platforms
Challenges:
Concerns Related To the Authenticity of Users
Restraints:
Lack of a Common Set of Regulatory Standards and Uncertain Regulatory Landscape
Opportunities:
Increasing Number of Government Initiatives and Continuous Increase in Investments and Venture Capital Funding in Blockchain Technology and Renewable Resources
Key Target Audience
Providers of Blockchain in Renewable Energy, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
Market Leaders & Development Strategies
In April 2022, Infosys, a leader in next-generation digital services and consulting, completed the acquisition of Oddity, a Germany-based digital marketing, experience, and commerce agency. The acquisition further strengthens Infosys’ creative, branding, and experience design capabilities.
In July 2022, FlexiDAO, a Spanish-Dutch startup, is a renewable matching and certification platform built on the blockchain for 24/7 carbon-free electricity and carbon tracking.