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Blockchain in Oil and Gas Market Trends

Report ID: GMI12508
Published Date: Dec 2024
Report Format: PDF

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Blockchain in Oil & Gas Market Trends

Rising collaborative innovations in different entities in the oil & gas value chain, from exploration companies to service providers, regulators, and customers will create lucrative opportunities for the technology growth. Furthermore, blockchain also eliminates intermediaries and automates processes, helping the industry to reduce operational costs, thereby improving the industry landscape.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market size for blockchain in the oil & gas was valued at USD 984.4 million in 2024 and is expected to reach USD 29.16 billion by 2034, driven by a CAGR of 41.9% from 2025 to 2034.

The supply chain segment is projected to grow by more than USD 15.5 billion by 2034, driven by the rising demand for real-time data sharing and monitoring among stakeholders.

The U.S. market is anticipated to grow to over USD 3.8 billion by 2034, driven by increasing scrutiny from regulators, investors, and the public.

Major players in the industry include Accenture, ConsenSys, Hindustan Petroleum, IBM, Infosys Limited, Kaleido, Neoflow, SAP, VAKT Global, VeChain, and Zupple Labs.