Blockchain in Energy Market to register a colossal CAGR over 2019-2025, Europe to emerge as the pioneering regional contenders

Blockchain in Energy Market growth will be propelled by enhanced government emphasis toward improving energy efficiency, privacy, interoperability and cybersecurity coupled with increasing regulatory focus to implement & improve the current process. In 2018, the European Commission introduced EU blockchain observatory & forum to encourage the region’s cross border engagement with the technology and its various stakeholders. In addition, introduction and implementation of various programs to accelerate the deployment of the technology in the energy sector will fuel the industry growth. For instance, various utilities are offering green purchase programs that allow customers to buy bundled energy & renewable energy credits from specific renewable energy projects.

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.

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The advancements in blockchain technology have made it a critical ‘trustless’ component in big data and smart IoT-based devices, making it capable of unlocking the new business models that are extremely necessary for the proposed transformation of the energy sector in the blockchain in energy market.

According to the World Energy Council, in 2017 a sum ranging between $100-300 million was invested in more than 100 blockchain applications related to the energy sector. Considering its key role in shaping an energy-efficient future, the implementation of blockchain in energy market is expected to increase extensively in the forthcoming years.

Oil & gas blockchain in energy market is set to witness substantial growth on account of fewer cost intermediaries, limited overhead cost and reduced cash cycle times. Rising focus of various industry giants toward the adoption of technology to streamline trading in the non-digital crude oil industry along with plans to exhibit enhanced security & optimized efficiency in transactions will boost the industry landscape. For instance, Shell and BP announced the launch of blockchain oil trading platform to automate & digitize various oilfield related services. Furthermore, potential to reduce discrepancies in the operations by enhancing accuracy in freight rates, invoice generation and shipment routing will propel the industry growth.

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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