Global Energy Sector: Blockchain Application to hit $6.29 Billion by 2024
Brian Njuguna Nov 24, 2019 13:00
BIS Research has presented a new market intelligence report dubbed ‘Global Blockchain in Energy Market - Analysis and Forecast, 2018-2024.’ It reveals that blockchain application in the energy market was worth $518.6 million in 2018 and its value will reach $6.29 billion in 2024.
BIS Research has presented a new market intelligence report dubbed ‘Global Blockchain in Energy Market - Analysis and Forecast, 2018-2024.’ It reveals that blockchain application in the energy market was worth $518.6 million in 2018 and its value will reach $6.29 billion in 2024.
The market growth witnessed is primarily linked to the increasing demand for decentralized power generation, coupled with the elevated integration of renewable energy sources.
Blockchain is viewed as a booming market in the energy sector because of the distributed ledger technology it offers. Additionally, its combination with grid-interactive devices is speculated to considerably transform this sector.
Blockchain frontrunners in the energy sector
The report reveals that nations, such as the Netherlands, Germany, the U.S., and the UK, are the frontrunners in blockchain application in the energy market. Other key countries in this category include Australia and Estonia.
The utilization of blockchain has instigated a wide range of market expansion opportunities in these nations.
Rakhi Tanwar, the principal analyst at BIS Research, acknowledged: “There have been significant investments in the blockchain in the energy industry for the last three years. The industry is receiving investment from high-profile individuals, financial investors, and major energy companies. In 2018, an amount of $466 million was invested in the industry, with 189 companies operating in the blockchain in the energy market.”
Blockchain application in the energy sector is offering cost-effective strategies to households. As reported by Blockchain.News on Nov 8, Power Ledger, a Perth-based energy trading software company, and Powerclub, an Australian electricity wholesaler, have signed a deal to offer households unparalleled authority over their energy usage via blockchain.
Image via Shutterstock
Image source: Shutterstock
