Energy Blockchain Applications Are Expected to Experience a Compound Annual Growth Rate of 67% over the Next Decade
Early growth is expected to be concentrated in regions with competitive market structures and low barriers to market entry in Europe, Asia Pacific, and parts of the US
A new report from Navigant Research provides an overview of the developing market for energy blockchain applications, providing global forecasts for energy blockchain revenue through 2028.
Energy and power sector stakeholders are experimenting with blockchain technology along the energy value chain. This extends from supply chain transparency to asset financing, proof of origin for power generation, electric vehicle charging and grid integration, and transactive energy. Although a few energy blockchain products have been commercialized, most remain in the early stages of testing and business model development. Click to tweet: According to a new report from @NavigantRSRCH, energy blockchain applications are expected to generate $19 billion in cumulative revenue over the next decade, reaching an annual market size of $7.7 billion in 2028, at a compound annual growth rate (CAGR) of 66.9%.
“As the grid system becomes increasingly digital, distributed, and decentralized, new information technologies are needed to support interactions and transactions between grid participants,” says Johnathon de Villier, research analyst at Navigant Research. “Blockchain is one of several distributed ledger technologies that could serve as a framework for these emerging markets by providing a mathematical basis for information management and coordination across participants in a network and minimizing the role of intermediaries while reducing transaction costs and friction.”
According to the report, early growth of energy blockchain applications is expected to be concentrated in regions with competitive market structures and low barriers to market entry in Europe, Asia Pacific, and parts of the US. Europe and North America are projected to be the leading markets for most of the forecast, but a rapid growth rate of 83.3% in Asia Pacific propels the region to the front in 2027.
The report, Energy Blockchain Applications Overview, provides an overview of the developing market for energy blockchain applications. The study explores the blockchain market by region and segment, with examples of key use cases in each market. Global forecasts of energy blockchain revenue extend through 2028. The report also describes the components of a blockchain architecture and explores the competitive landscape and key challenges that must be addressed before blockchain can be widely adopted in the energy sector. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Energy Blockchain Applications Overview, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant - A Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.