In 2018, the global energy market blockchain value reached $3 million

According to the latest report from Markets and Markets, the blockchain value of the global energy market will grow from $394 million in 2018 to $7.
11 billion in 2023, with a CAGR of 78.
32%
during the period.
The growing popularity of blockchain technology in the energy sector and growing security concerns across the globe are likely to drive blockchain growth
in the energy market.

In 2018, the global energy market blockchain value reached $394 million

By type, the private sector will account for the largest share
of blockchain in the energy market.
Private blockchains have led the market
in 2017.
Compared to public blockchains, private blockchains offer more security because they are completely controlled and operated
by a single organization.
Only intended users can make and verify transactions, showing greater efficiency and faster operation
.

By composition, the service segment is expected to account for the largest share
.
Since most companies are working with various blockchain startups to implement blockchain operations such as energy trading, grid management, and supply chain management, the service sector led the energy market in blockchain in
2017.
Energy trading includes peer-to-peer energy trading, smart contracts, and real-time pricing, which will help improve transparency between transactions, data management, data visibility, and communication between systems
.

By region, Europe is the leading market for blockchain in the energy market
.
Europe led the global market
in 2017 due to the largest number of blockchain startups and implementation projects and regulatory support provided by the government.
Germany and the UK are the largest markets
for blockchain in the region's energy market.
In addition, most utilities such as National Electricity (Italy), Rheinland Group (Germany), and Waterfall Energy (Sweden) are working
with blockchain provider Ponton (Germany).
The collaboration revolves around the Enerchain project, which focuses on blockchain technology in the energy sector in order to bring peer-to-peer trading to the wholesale energy market
.
Thus, factors such as increasing investment in adopting blockchain platforms are driving blockchain
in the region's energy market.

To gain insight into the competitive landscape, the report includes profiles
of some of the top players in blockchain in the energy market.
Key players include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India) and SAP (Germany).

Leading players are adopting various strategies to increase their share
of blockchain in the energy market.

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