Blockchain in Energy Market Growing at Highest CAGR of 78.32% from 2018 to 2023

According to the new market research report "Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.                             

The report segments the blockchain in energy market, by application, into grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. The energy trading segment is expected to grow at the highest CAGR during the forecast period as the use of blockchain technology is emerging primarily in areas such as energy trading, maintenance of distributed energy systems, and peer-to-peer energy trading systems. 

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The blockchain in energy market, by end-user, is segmented into power and oil & gas. The power segment is estimated to be the fastest growing segment during the forecast period as it has the largest number of implemented blockchains in energy projects and R&D investments. Whereas for the oil & gas sector, the use of blockchain technology is still emerging.

Europe: The leading market for blockchain in energy market

In this report, the blockchain in energy market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and RoW. Europe led the global blockchain in energy market in 2017 owing to the maximum number of blockchain startups and implemented projects along with the incorporated regulatory support from the government. Germany and the UK are the largest markets for blockchain in energy market in the region. Moreover, most of the utility companies such as Enel (Italy), RWE (Germany), and Vattenfall (Sweden) are collaborating with Ponton’s (Germany). The collaboration revolves around for the Enerchain project that focuses on blockchain technology in the energy sector to bring peer-to-peer trading to the wholesale energy market. Therefore, factors such as increasing investments towards the adoption of blockchain platform are driving the blockchain in energy market in the region.

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The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).

Utility Drones Market to exceed $538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023

The global Utility Drones Market is projected to reach USD 538.6 million by 2023, at a CAGR of 37.34% from 2018 to 2023. Drones that are mainly used for utilities inspection, survey, and asset management are called utility drones. In 2017, North America was the largest market for utility drones, followed by Asia Pacific and Europe. Growing demand for minimizing outages related to transmission and distribution infrastructure, cost efficiency, and reachability in hazardous locations are the major factors driving the utility drones market.

The renewable segment is estimated to grow at the fastest rate during the forecast period. Increasing investments in renewable energy sources to curb CO2 emissions across the world is the major factor driving the growth of the renewable segment of the utility drones market. The International Energy Agency’s (IEA) has predicted high growth of the renewable segment by 2022, with capacity estimated to expand by over 920 GW.

“North America: The largest market for utility drones”

North America is estimated to be the largest market for utility drones in 2018 and is projected to grow at the highest CAGR during the forecast period. Continuous investments in power infrastructure, increasing power consumption, and subsequently increasing focus on renewable power generation are the key factors driving the growth of utility drones in the region. The US accounted for the largest share of the utility drones market in North America in 2017 and has the highest CAGR during the forecast period. Almost all the countries in the region are augmenting their renewable generation capacities. The need of monitoring extra connections in linking solar and wind parks to grids, is forcing utility companies to adopt much more advanced technology for maintenance and inspection of assets.

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Moreover, the region plans to increase renewable power generation by 45% by 2025, according to EIA’s Annual Energy Outlook 2016. In June 2016, the US, Canada, and Mexico entered into an agreement and established a goal of 50% electricity generation from clean energy sources by 2025. All these factors are expected to drive the utility drones market in North America during the forecast period. Thermal Aerial Surveillance Drone Utility has thermal and video cameras with 3-axis gimbals stream images in real time. This type of utility drones provides safe monitoring and inspecting temperature-related problems.

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A few global players dominate the utility drones market. The key players operating in the utility drones market are Cyberhawk (Scotland), Delair (France), Measure (US), PrecisionHawk (US), and HEMAV (Spain). The other players in the market are Aerodyne (England), Asset Drone (US), ABJ Drones (US), Terra Drone (Japan), Sky-Futures (England), Sharper Shape (US), Sky Scape (US), and ULC Robotics (US).