According to a recent report, 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 report by BIS Research titled “Global Blockchain in Energy Market ? Analysis and Forecast, 2018-2024” states that 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. The increasing use of renewable sources of energy for electricity.
Generation leads to unstable power supply
Increase in the demand-supply gap, according to BIS Research. There has been a growing need to maintain the demand for energy with Greece WhatsApp Number Data 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 report notes South Africa Telegram Number that the oil and gas sector has also been suffering from high operational costs and low efficiency rates across the industry. Countries such as the US, Germany, the Netherlands, and the UK 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. High growth in the market in the coming.
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