Grid Management Segment to Register Highest Growth in United States Blockchain in Energy Market During Forecast Period

According to TechSci Research report, “United States Blockchain in Energy Market By Type, By Component, By End User, By Application, By Region, Forecast & Opportunities, 2024”, the United States blockchain in energy market is expected to grow at a steady CAGR during the forecast period on account of the growing investment in various innovative projects such as solar systems for electric vehicles charging & e-mobility. Additionally, capability to provide simple governance structures, lower-cost operations, faster transactions, among others are some of the major factors anticipated to boost United States blockchain in energy market over the coming years. However, factors such as lack of common set of regulatory standards, uncertain regulatory landscape, concerns related to the authenticity of users, among others can restrict the growth of market during forecast period.

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The United States blockchain in energy market is segmented based on type, component, application, end user industry, company and region. Based on type, the market can be bifurcated into private and public. The private blockchain segment is expected to witness significant growth during forecast period since it is comparatively more secure than the public blockchains. Additionally, private blockchains can be implemented on small scale. Based on end user, the market can be divided into oil & gas and power. The power segment is expected to dominate the market during forecast period. This can be accredited to the fact that blockchain in the power segment plays a major role in managing distributed energy resources and provides companies with more cost-effective and efficient solutions to record and process transactional data. Based on application, the market can be fragmented into energy trading, grid management, payment schemes and supply chain management. The grid management segment is expected to dominate the market owing to the increasing power demand, regulatory shift towards low cost electricity access, adoption of smart grid technology, among others.

Microsoft Corporation, International Business Machines Corporation, Infosys Limited, Accenture, SAP, LO3 Energy Inc., Greeneum Smart Energy Platform Ltd, Drift Marketplace, Inc., IOTA Foundation, ImpactPPA and others are some of the leading players operating in United States blockchain in energy market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“United States blockchain in energy market is expected to witness significant growth during the forecast period, owing to the various government initiatives to support this market in the region. Additionally, presence of major players such as Drift and WePower, which are involved in various technological innovations for the region’s blockchain in energy market, is further anticipated to propel the market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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