Exactitude Consultancy
Blockchain in Energy Market Overview (2024-2034)
Luton, Bedfordshire, United Kingdom, Jan. 22, 2025 (GLOBE NEWSWIRE) — Blockchain technology is revolutionizing the energy sector by enhancing transparency, security, and efficiency in energy transactions. As of 2024, the blockchain in energy market is valued at USD 3.1 billion, with projections indicating a significant growth, reaching approximately USD 103.4 billion by 2034. This growth reflects a compound annual growth rate (CAGR) of 43.7%.
Blockchain technology holds transformative potential for the energy sector by offering a secure, transparent platform for managing transactions and data. Its application in the energy market spans several key areas, including peer-to-peer energy trading, renewable energy certificates (RECs), grid management, supply chain tracking, and smart contracts.
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Decentralized Energy Marketplaces: Blockchain can facilitate the creation of decentralized platforms where individuals and businesses can buy and sell energy directly. This shift from centralized utilities can enhance efficiency and create a more resilient energy system.
Renewable Energy Certificates (RECs): Blockchain provides a secure and transparent method for tracking the ownership and transfer of RECs, which represent the environmental attributes of renewable energy. This can boost the value of RECs and stimulate greater investment in renewable energy projects.
Grid Management: By enabling real-time monitoring and control of energy transactions, blockchain technology can enhance grid management, reducing energy waste and ensuring a more stable, reliable grid.
Supply Chain Management: Blockchain can track the origin and movement of energy resources such as oil, gas, and minerals, helping to prevent fraud, increase transparency, and promote sustainability within the energy supply chain.
Smart Contracts: These self-executing contracts automate processes like billing, payment, and energy trading. In the energy sector, smart contracts can streamline operations and ensure seamless execution of energy transactions.
Growth in Renewable Energy Generation Supporting Sustainability Goals
Blockchain technology is poised for rapid adoption in the energy and utilities sectors, largely driven by the increase in renewable energy generation aimed at supporting sustainability initiatives. This is further supported by efforts from oil and gas companies to enhance operational efficiency and security.
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