Tuesday 4 August 2020

Blockchain size in energy market to top $3bn by 2025

WASHINGTON, May 8, 2019

Blockchain technology in energy market size will surpass $3 billion by 2025, said US-based Global Market Insights, a global market research and strategy consulting firm.
Rising security concerns of grids & networks on account of increasing interconnection and digitalization will drive the blockchain technology in energy market growth. Ability to enhance process efficiency, flexibility, and lead time reduction have garnered the attention of power industry giants, thereby stimulating the technology demand.

Moreover, increased loads from influx of electric vehicles, burgeoning number of smart appliances along with growing share of variable distributed generation in the grids will complement the industry outlook.

Enhanced government emphasis toward improving energy efficiency, privacy, interoperability and cybersecurity coupled with increasing regulatory focus to implement & improve the current process will propel the Europe blockchain technology in energy market.

In 2018, the European Commission introduced EU blockchain observatory & forum to encourage the region’s cross border engagement with the technology and its various stakeholders. In addition, introduction and implementation of various programs to accelerate the deployment of the technology in the energy sector will fuel the industry growth. For instance, various utilities are offering green purchase programs that allow customers to buy bundled energy & renewable energy credits from specific renewable energy projects.
Blockchain technology in energy market in the private category is set to grow over 45 per cent by 2025. Capability to provide simple governance structures, lower cost operations and faster transactions are some of the prominent features stimulating the technology growth. Increasing trend to build smart contract applications coupled with the accessibility to select the participants will enhance the business outlook.
High potential of the technology to bring reliability & efficiency to the value chain of various industries including the power sector will boost the blockchain technology in energy market size. In addition, growing integration of renewable energy sources with the grid on account of achieving government renewable targets will augment the business growth.

Massive convenience provided by the technology in electricity trading coupled with burgeoning investments toward the blockchain technology pilot projects globally will instigate a favourable industry scenario.
Oil & gas blockchain technology in energy market is set to witness substantial growth on account of fewer cost intermediaries, limited overhead cost and reduced cash cycle times. Rising focus of various industry giants toward the adoption of technology to streamline trading in the non-digital crude oil industry along with plans to exhibit enhanced security & optimized efficiency in transactions will boost the industry landscape.

For instance, Shell and BP announced the launch of blockchain oil trading platform to automate & digitize various oilfield related services. Furthermore, potential to reduce discrepancies in the operations by enhancing accuracy in freight rates, invoice generation and shipment routing will propel the industry growth.
Eminent participants across the market comprises Infosys Limited, Power Ledger, Accenture, Drift, Grid Singularity, SAP, Oracle, Electron, Grid+, Greeneum, LO3 Energy, Conjoule GmbH, WePower, EnergiMine, Sun Exchange, amongst others, according to the report. – TradeArabia News Service


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