Blockchain in Energy Market trend will be accelerated by rising demand to achieve balance between energy supply and demand mismatch coupled with increasing security concerns owing to ongoing advancements in internet connected devices. Moreover, increasing deployment of the blockchain projects globally coupled with accelerating investments from various power giants toward its adoption will stimulate the technology demand. For instance, from the second quarters of 2017 till the first quarter of 2018, venture capitals and ICOs invested nearly USD 271 million toward blockchain based applications.
Blockchain in Energy Market in oil and gas sector is expected to witness significant growth in the coming years. Often characterized as a lumbering behemoth opposed to change or innovation in favor of a more conventional manner of operations, the global oil and gas sector has certainly not been immune to the after-effects of the enormous technological disruption and upheaval since the industrial revolution.?Over the recent years, prominent oil and gas companies appear to have sidelined the traditional ways of doing business and seem eager to incorporate new technologies that improve efficiency and profitability.
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Blockchain in Energy Market from private category in 2025 will grow over 45%. Strict control to reduce the downtime along with massive level of security provided by this platform are some of the key parameters stimulating the technology adoption. Moreover, lesser load and limited participants increases its competence to achieve faster transaction rate in comparison to its counterpart, thereby enhancing the business growth.
The revenue graph of blockchain in energy market is poised to depict exponential growth as the need to develop & deploy new efficient ways of generating & delivering electricity, under the Paris Agreement, intensifies. According to the International Finance Corporation, the Paris Agreement aimed to tackle climate change by generating energy through reliable, clean energy sources. However, countering climate change by completely overhauling the way energy is generated would require emerging markets to mobilize trillions of dollars through different sources.
Blockchain Technology in Energy Market, By Category
Blockchain Technology in Energy Market, By Application
- Grid Transactions
- Energy Financing
- Sustainability Attribution
- Electric Vehicle Charging
- Oil & Gas
- Supply Chain
Accelerating investments toward the adoption of the technology coupled with enhanced initiatives toward exploring and promoting its research & development will drive the Europe blockchain in energy market. Enhanced focus to promote energy efficiency, privacy, cybersecurity and interoperability to implement & improve the current technology will further propel the industry landscape.
Blockchain technology is gradually acquiring the recognition as a smart contract facilitator and is outgrowing its adolescent cryptocurrency identity of distributed consensus ledgers. It is allowing companies across various business verticals to control data transparency, increase optimization, reduce waste, and improve cost. With the world swiftly moving toward renewable energy sources, the usage of blockchain in the overall power generation and distribution sector is set to increase exponentially in the forthcoming years. Thriving on the backdrop of a robust startup scene along with growing prominence in the oil and gas sector, the commercialization scale of the blockchain in energy market is slated to surpass USD 3 billion by 2025.
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