Blockchain in Energy Market Size

Blockchain in Energy Market size was valued at USD 958.5 million in 2023 and is set to cross USD 1.53 trillion by 2036, registering more than 76.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blockchain in energy is evaluated at USD 1.54 billion.

The growth of the market can primarily be attributed to the growing demand for energy worldwide, along with the increasing adoption of advanced digital technologies in the energy sector. According to the bp’s Statistical Review of World Energy 2021, the consumption of primary energy around the world increased from 505.38 Exajoules in the year 2010 to 581.51 Exajoules in the year 2019. Additionally, emerging technologies, such as internet of things (IoT), artificial intelligence (AI), cloud computing, big data, advanced analytics, and others are widely now being adopted by almost all industry domains, including the energy sector. The blockchain technology in the energy sector is primarily used to address the rising global concerns regarding the environment, including climate change, biodiversity & conservation, healthy ocean, water security, clean air, and resilience to weather & disaster. Besides this, blockchain in energy is also used to lower costs of distribution, and to increase transparency amongst the stakeholders without compromising privacy.

Blockchain in energy is also widely being adopted as the technology enables decentralized communication and coordination by creating an infrastructure which allow peers to connect safely, cheaply and quickly with each other without the need of a centralized intermediary. Moreover, blockchain in energy also helps in the management of power generation & distribution, sales, payments, contract management, billings, innovative financing mechanisms, and trading & incentives.