The Global Market for Blockchain in Energy Utilities is predicted to witness a higher growth and to reach USD 3,460.4 million by 2024, at a staggering CAGR of 59.4 percent. Last year, the market was valued nearly USD 210.4 million. However, the market reports anticipated that the distributed energy and peer-to-peer electricity sales are some of the major factors which will be responsible to drive the market growth in the next 5–6 years.
Today, owing to the increasing adoption of automation in energy utilities, organizations are making real-time changes to the infrastructure which will assist them in transforming into Blockchain-enabled software and condense TCO. The technology also helps the energy utilities in enhancing their overall productivity. Moreover, Blockchain helps energy trading across various commodity marketplaces, ranging from crude oil, refined products, natural gas, and electric power. By deploying the technology within each business segment, it can produce, refine, distribute, and retail trade information related to pricing, position management, logistics, and risk reporting. Additionally, by utilizing Blockchain solutions, power utilities can optimize the generation, distribution, and consumption of electricity. Blockchain technologies provide adequate solutions for power utilities to accomplish greater reliability, efficiency, and flexibility. It also helps in preserving the balance between consumption and production in a rapidly transforming energy landscape.
Despite this, there is a lack of industry standards, which is still in the development phase. However, the Blockchain in energy utility market has reported significant growth in the digitally connected world. It’s also presenting a plethora of opportunities for all-sized industry players.