Blockchain in Energy Market by Industry Trends, Regional and Growth Forecast To 2025

Emergence of peer-to-peer platform along with the unveiling of smart meters have initiated disintermediation, thereby driving the blockchain in energy market. Emerging focus of power utilities to explore thy potential benefits of the technology coupled with increasing percentage of empowered prosumers existing in the renewable power trading will further foster the industry growth. For instance, residents in Bangkok are involved in peer-to-peer energy trading and have a total generating capacity of about 635 kW.

Growing demand to achieve balance between energy supply and demand mismatch coupled with increasing security concerns owing to ongoing advancements in internet connected devices will accelerate the blockchain in energy market growth. 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.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/3223

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.

The Challenge: One of the key demands put forward by the Paris Agreement was decentralization of the energy generation system. However, increasing installation of small renewable energy systems, such as rooftop solar, could exert a lot of stress on traditional electricity grids, which were specifically designed with large, centralized energy generation facilities in mind.

The Solution: The blockchain technology’s ability to enable peer-to-peer energy transactions is expected to be a viable solution to this problem as it could effectively stabilize the grid by enabling peer-to-peer energy trading and by incentivizing local consumption during the time of production.

The Potential: According to the United Nations, several nations across the globe are rapidly boosting their share of wind power & solar photovoltaics. Indeed, renewable energy is slated to account for 40% of the world’s energy production by 2040.

The blockchain in energy market is thus projected to accrue substantial gains in the years to come, propelled by the explosive growth of renewables sector.

While clean energy is gearing up to represent a majority of the world’s energy production in the coming years, the sector would still require the support of the conventional energy industry to be able to meet consumer demands. Although it would be playing a supportive role, the conventional energy sector would still need to keep its carbon emissions in check. To adhere to the carbon emission rules, natural gas is becoming the fuel of choice.

The Drivers: According to the Union of Concerned Scientists, this paradigm shift to natural gas can be credited to the fact that it emits approximately 50% to 60% less CO2, when it is burned in a new & efficient natural gas power facility, compared to the emissions from a typical coal-fired plant.

The Numbers: According to the International Energy Agency, natural gas accounts for 22% of the energy utilized across the world and also makes up approximately a quarter of electricity generation. Moreover, natural gas is also projected to overtake coal as the world’s second largest energy source by 2030.

The Potential: The oil & gas sector, in recent times, is transforming into a data-intensive industry. According to the Society of Petroleum Engineers, the industry is increasingly incorporating machine learning, artificial intelligence & IoT into its operations.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/3223

With such depicted levels of growth, the industry is also scaling up the adoption of blockchain technology, carrying its transformation a notch further. Not to mention, lesser overhead costs, lowered cash cycle times, and fewer cost intermediaries will also help propel the blockchain in energy market from O&G applications.

Propelled by the expanding renewable and natural gas sectors, the blockchain in energy market is slated to record substantial growth in upcoming years. According to Global Market Insights, Inc., blockchain in energy market size is estimated to cross the $3 billion renumeration mark by 2025.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Contact Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: [email protected]