Blockchain in Energy Market: Introduction
Blockchain is a decentralized ledger technology that can be applied to the energy sector. In the energy sector, blockchain enables the trading of energy. Blockchain is expected to enable a fundamental shift in the distribution of energy.
Blockchain technology, when attached to a crypto currency, allows public members to trade freely and encrypts all transactions in a virtually unbreakable way. All transactions are recorded on a shared ledger without the interference of a third party such as bank, stockbroker, or any energy company. Furthermore, many aspects of the energy revolution are expected to suddenly become connected due to blockchain technology. For instance, townships or counties could tie their own small grids to individual solar systems. Smart appliances could be connected to specific energy management programs, which could provide real-time data about these secure systems.
Global Blockchain in Energy Market: Overview
The global blockchain in energy market can be segmented based on type, component, end-user, application, and region. Based on type, the global blockchain in energy market can be classified into private and public. The private segment led the blockchain in energy market in 2017, as the private sector provides more security as compared to the public sector for users of blockchain technology. The blockchain technology in the private sector is completely operated and controlled by a single organization. In this sector, only predetermined users can make and verify transactions. The blockchain technology in the sector runs significantly faster and exhibits greater efficiency.
In terms of component, the global blockchain in energy market can be classified into platform and services. The services segment dominated the blockchain in energy market in 2017, as most companies are planning to tie up with various blockchain start-ups in order to implement blockchain operations such as grid management, energy trading, and supply chain management. Based on end-user, the market can be segmented into power and oil & gas. In terms of application, the blockchain in energy market can be categorized into energy trading, grid management, payment schemes, and supply chain management.
Global Blockchain in Energy Market: Trends & Developments
Global energy prices are influenced by the availability of renewable energy at low costs, which has influenced the blockchain in energy market positively. Companies operating in the blockchain in energy market offer customized energy solutions to fulfill global energy demands. For instance, Elec-Tron, Inc., a major player in blockchain in energy market, planned to contribute to various developments in this blockchain based supply chain management and smart agreement platforms that are used in the oil & gas sector.
One of blockchain technology’s extremely promising use cases is renewable energy independence and trading on the global level. The world is shifting toward renewable energy and moving away from the use of gas, coal, and petrol. Therefore, blockchain becomes a key way to connect renewable technologies, grids, and devices to people and communities. Blockchain functions as a public ledger that can take inputs such as amount of energy produced from smart devices such as solar panels. It records these inputs, assigns a price, sends it to smart homes via grid, and records incoming payments for energy purchased.
Global Blockchain in Energy Market: Regional Outlook
Europe dominated the global blockchain in energy market in 2017, owing to a significant number of project implementations and the presence of blockchain start-ups in the region coupled with the incorporated regulatory support from the European government. Germany and the U.K. are major countries of the blockchain in energy market in the region. Factors such as increasing investments toward the adoption of blockchain platforms in the region are driving the blockchain in energy market in Europe.
Global Blockchain in Energy Market: Key Players
Key players operating in the global blockchain in energy market include Microsoft, Accenture, IBM, Infosys, and SAP SE. The leading players are adopting various strategies to increase their shares in the blockchain in energy market. Other players in the market include BigchainDB, BTL Group Limited, Deloitte, Grid+, Infosys, Nodalblock, AWS, Oracle, Power Ledger, WePower, and Lo3 Energy, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.