The Blockchain in the Energy Market is set to grow from its current market value of more than $5 billion to over $25 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Rising security concerns of grids & networks on account of increasing interconnection and digitalization will drive the blockchain in energy market growth. Ability to enhance process efficiency, flexibility, and lead time reduction have garnered the attention of power industry giants, thereby stimulating the technology demand. Moreover, increased loads from the influx of electric vehicles, burgeoning number of smart appliances along with a growing share of variable distributed generation in the grids will complement the industry outlook.
Enhanced government emphasis toward improving energy efficiency, privacy, interoperability and cybersecurity coupled with the increasing regulatory focus to implement & improve the current process will propel the Europe blockchain in the energy market.
High potential of the technology to bring reliability & efficiency to the value chain of various industries including the power sector will boost the blockchain in energy market size. In addition, the growing integration of renewable energy sources with the grid on account of achieving government renewable targets will augment the business growth. Massive convenience provided by the technology in electricity trading coupled with burgeoning investments toward the blockchain technology pilot projects globally will instigate a favorable industry scenario.