BLOCKCHAIN IN ENERGY MARKET TO REACH USD 6.8 BILLION BY 2024 | CAGR 72.5% — FORENCIS RESEARCH
Global Blockchain in Energy Market: Key Highlights
- According to the new market research report “Blockchain in Energy Market by Type (Public, Private, Consortium), by Provider (Platform, Services), by Application (Energy Trading Systems, Peer-to-Peer Energy Trading, Electric Vehicle Charging, Project Financing and Others), by End Use Industry (Power, Oil and Gas), by Region (Asia-Pacific, North America, Europe, Middle East & Africa) — Global Forecast to 2024.”, the global Blockchain in Energy Market is estimated to reach USD 6.8 Billion by 2024 at a CAGR of around 72.5% during the review period.
- Increasing smart infrastructure and electrical vehicles with the blockchain technology introduced to serve as an envision for the next generation grid which will lead to grow the demand of the market.
- However, high initial capital cost remain a major restraining factor for the growth of the blockchain in energy market
Global Blockchain in Energy Market: Key Market Dynamics
- Growing investment in blockchain technology provides high efficiency with the real time updates features which increase the demand of blockchain.
- Inclination of governing authorities towards smart cities enhanced the security features, resilience and transparency. And also develop more power grid with the help of peer to peer energy.
- Lack of blockchain standards and range may lead to impact the growth of the market in the projected period.
- Combining blockchain with IoT and other monitoring technology improve the overall security and reduce the cost which will lead to increase the demand of the market.
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Global Blockchain in Energy Market: Regional Overview
Asia-Pacific has been witnessing the adoption of Blockchain technology in the faster way to boost the economy. The Chinese government witness to group, banks, and technologies organization to launch Blockchain-based Service Network (BSN). According to the World Intellectual Property Organization (WIPO), China is leading the world in Blockchain related patents. The region are on the adoption the technology which are emerging to improve its financial management information. With the increasing growth of e-wallet in China, India the region is showing the largest adoption of the technology.
The region is adoption the dynamic ground for the new business growth with the help of Blockchain technology which will increase the demand of the market.
According to the European Commission, in 2020 the European Union artificial intelligence and Blockchain to projected to invest USD 112 Million in startups. The region is witness to a world leading Artificial Intelligence and Blockchain research community which may lead to increase the market demand in the anticipate period.
The Germany has also adoption the blockchain technology to advance its features in digital transformation and growth.
Global Blockchain in Energy Market: Key Players Overview
- SAP SE:
SAP SE is multinational company which manage business operation and customer relation by the enterprise software. The business software of the company includes e-businesses and enterprise management. The blockchain technology is growing as a new features for the faster adoption which may bring rapid innovation in the field of energy sector. Mostly energy sector and startups are testing the blockchain solution such as Ethereum, Hyperledger, and Tendermint. In 2019, Accenture and SAP SE has partner with R3 to build a blockchain real-time gross settlement (RTGS) system which may lead to increase the demand of blockchain market.
- GridPlus, Inc.
The company develops hardware and payment technology which includes smart electric meter, mobile application and agent device. Also, the company provide the software solution and create product the enables the features for digital assets and crypotcurrencies. The company mostly focused to save the electricity which is mainly use for residential with its features such as smart software, hardware and blockchain technologies. In 2017, the GridPlus, Inc. has raised USD 29 Million in its presale in the energy related blockchain ventures.
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