According to the reports, the market for global Blockchain in energy utilities is predicted to reach USD 3.4 billion by 2024, up from USD 210.4 million in 2018. Published by Infoholic Research, the report expected the growth at a CAGR of 59.4 percent throughout the forecast period of 2018-2024.
The report revealed that the market is largely driven by sales of distributed energy and peer-to-peer (p2p) electricity during the next 5 to 6 years. Organizations, owing to augmenting automation in energy utilities, are making real-time changes to the infrastructure that will assist them to convert into Blockchain-based software and lessen the total cost of operation. Infoholic Research reportedly evaluated the implementation of Blockchain in the energy utility market on a global scale by components, services, application, and regions. The research firm tracked statistical facts and figures in the regions of North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. It then found that revenue was mainly produced in North America, Europe, and the Asia Pacific.
In the energy sector, today’s organizations began using Blockchain solution to advance their business applications. For instance, Spain’s major energy company Iberdrola, in January, has started utilizing Blockchain to track renewable energy. That same month, Danish state-owned energy company Energinet announced it would deploy IOTA’s Tangle technology in the energy and IoT (Internet of Things) marketplaces. Energinet reportedly seeking to develop new solutions based on IoT for emerging phenomena like green energy and electric vehicles.