Blockchain in Energy Market will be driven by rising focus of oil & gas companies on eliminating the need for confirmation processing and clearinghouses paired with a potential to offer higher degree of accuracy, reliability and security of transactions across the segment. Blockchain in energy market is anticipated to experience stellar growth from oil & gas applications over the projected timeframe owing to the increased efforts to optimize trade accuracy as well as technical efficiency to enhance trade data accessibility. The technology’s extensive ability to enhance the efficiency in back office and subsequent working capital cycle minimization will reinforce the industry outlook.
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Growing power grid complexity due to increased adoption of renewable energy sources paired with surging demand for energy efficient systems to enhance grid efficiency will foster blockchain in energy market size. The advent of smart metering systems along with the rise of peer-to-peer platforms have resulted in disintermediation, which will further drive the adoption of blockchain in utility applications during analysis period. In addition, increased deployment of blockchain projects worldwide and accelerating investments towards advancing the technology will boost the industry penetration.
Blockchain in energy industry share from the private segment will amass modest proceeds owing to superior security services along with strict control to minimize downtime. Further, limited competition at present and lesser load enhances its capability to attain faster transaction rate as compared to its counterpart. Private blockchain in energy market is expected to witness a growth of over 45% from 2019-2025, fueled by an escalating need to achieve energy supply/demand balance combined with rising security concerns, on the account of advancements in internet connected devices.
Europe blockchain in energy market is expected to garner substantial revenues over by 2025 on account of growing investments towards digitization of processes and technology adoption, combined with revised initiatives for promoting and exploring R&D in secure blockchain. Besides, growing necessity for ensuring privacy, efficiency, interoperability and cybersecurity to enhance existing operations will influence the industry demand.
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