Global Blockchain in Energy Market Anticipated to Reach $6.29 Billion by 2024

FREMONT, California, Nov. 19, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Blockchain in Energy Market − Analysis and Forecast, 2018-2024', the blockchain in energy market was valued at $ 518.6 million in 2018 and is projected to grow at a CAGR of 54.09% during the forecast period from 2018 to 2024. The market is expected to reach $6.29 billion by 2024. The market growth is largely attributed to the increasing integration of renewable energy sources, coupled with the increasing demand for decentralized power generation.

Browse more than 50 Data Tables and 132 Figures spread through 219 Pages and in-depth TOC on "Global Blockchain in Energy Market"

The increasing use of renewable sources of energy for electricity generation leads to unstable power supply and increase in the demand-supply gap. There has been a growing need to maintain the demand for energy with adequate supply, by reducing the overall energy consumption and increasing energy efficiency, sustainably. Distributed ledger technology (DLT) such as blockchain, is a relatively recent technological innovation that has wide-ranging implications for several sectors. The cryptographic technologies underpinning blockchains have been around for a few years, transforming innovative combinations into useful packages. In the power sector, such combination matched with the proliferation of distributed energy resources and grid-interactive devices makes blockchain potential a booming market.  

The oil and gas sector has also been suffering from high operational costs and low efficiency rates across the industry. Countries such as the U.S., Germany, the Netherlands, and the U.K. are the frontrunners in the blockchain in energy market. Other key countries in the blockchain market for energy have been Estonia and Australia. The introduction of blockchain has resulted in numerous market expansion opportunities for leading companies in these countries.

BIS Research Report: https://bisresearch.com/industry-report/blockchain-in-energy-market.ht ...

High growth in the market in the coming future is expected to be driven by rising awareness among governments about the need to mitigate power outages while also addressing the issues concerning the environment. The growing awareness in the market concerning the opportunities in renewable energy and battery storage systems has stimulated large-scale investments in the sector over the last decade.