Abstract: Deeper insight into the complex dynamics of dense gas-particle flows can be gained from the investigation of the energy cascade of the particulate phase. To this end, an in-depth systematic study is performed that uses a particle energy budget analysis to examine the dynamics of a three-dimensional bubbling bed. The budget analysis helps not only to quantify the relative importance of various terms contributing to the energy cascade but also to identify the regions in the bed where most of the energy cascade takes place. It was determined that most of the energy cascade takes place in the central region of the bed, whereas the contribution from the near-wall region was insignificant. It was also found that the flow inside the bed tends on average toward local equilibrium. In this regard, it was determined that the wall boundary conditions significantly affect the local equilibrium.