Zion Market Research has published a new report according to which the global blockchain in energy market was valued at around USD 208 million in 2017 and is expected to reach about USD 11,899 million by 2024, increasing at a CAGR of above 78.2% between 2018 and 2024.
Specifically, Zion Market Research’s report is entitled to “Blockchain in Energy Market by Type (Public and Private), by Component (Platform and Services), by End-User (Power Sector and Oil and Gas Sector), and by Application (Grid Management, Energy Trading, Government Risk and Compliance Management, Payment Schemes, Supply Chain Management, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024″.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
As stated in the report, Blockchain can be also called “decentralized ledger technology” as it has no central server. On the contrary, the authentication of these servers is handled publicly. It enables people to trade energy by themselves.
The Blockchain project has plenty benefits since it offers fast and safe transaction at a low cost. Yet, because of the lack of regulations, advancements in the international trade and supply chain management are expected to provide many opportunities for the key players working in the global blockchain in energy market.
The application of global blockchain in energy market includes grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others.
In 2017, the power sector dominated the market. This will play a crucial role to the rising demand for renewable energy around the globe.
The Blockchain project, globally, includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
According to Zion Market Research, the European blockchain in energy market is expected to experience major growth in the years following. This is obvious by the numerous startups that are interested in blockchain.
In addition, UK and Germany held the largest market share in this regional market in 2017.
Also, important energy firms across Europe are to apply for blockchain processes in network management and billing, electric mobility, renewable power origin testimonials, decentralized power production, and retail sales.
North America is expected to experience important growth in the blockchain department, as stated by the Zion Market research because of government’s support. Specifically, the government made an investment of approximately USD 22 million for various products and services in the field of emerging technologies.
Asia Pacific is allegedly expected to have a rapid rate of increase in the blockchain in energy market in the following years. The Asia Pacific’s financial services are proceeding to important investments for the development in the market.
Additionally, the expansion of new and renewable energy supply in Asia Pacific countries are expected to boost the market in the future.
Concluding, the Latin American and the Middle Eastern and African regions are to witness mediocre increase in the blockchain in energy market over the forecast time period. This is a result of the increasing oil and gas sector in the Middle East region and rapid industrialization in the Latin American region.
For more information, see here.
