According to an all new study released by Infoholic Research LLP yesterday, the global blockchain in energy utilities market is all set to grow by a whopping 60% within the coming 5 years or so.
To elaborate further on the matter, the report also states that last year, the “global blockchain in energy utilities market” was estimated to be worth $210.4 million but by 2024, this figure is all set to grow to a staggering $3.4 billion. These numbers when extrapolated mathematically show that the aforementioned market is all set to grow at a massive rate of 59.4 percent by 2024.
More on the Matter
A closer look at Infoholic’s recent study shows that one of the key growth drivers for the global blockchain industry (over the next five to six years) will be the “increasing sales of distributed energy and peer-to-peer (p2p) electricity”.
In addition to this, the report also states:
“Due to the increasing automation in energy utilities, organizations are making real-time changes to the infrastructure that will help them to convert into blockchain-powered software and reduce [total cost of operation] TCO,”.
At this point in the article, it should also be noted that in order to prepare for the report, Infoholic’s research team took into consideration things like:
- Deployment of blockchain in the energy utilities market as well as factoring in things like functional components, services, specific applications of blockchain in the power-supply sector etc.
- Blockchain-related usage figures within North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa,
- Revenue generated by the technology in North America, Europe, and Asia Pacific.
As many of our readers probably already know, blockchain tech has already found a plethora of uses within the energy sector. For starters, earlier this year, one of Spain’s major power company’s ‘Iberdrola’ started making use of a blockchain system to track its renewable energy production and distribution.
To be even more specific, using its brand-new blockchain framework, the firm was able to monitor renewable energy delivered from “two wind farms and one power station to selected offices that were located in Basque and Cordoba”.
In addition to this, last month Danish energy firm ‘Energinet’ also released a statement saying that it was all set to deploy IOTA’s Tangle technology to help it distribute its resources much more effectively. Not only that, the folks over at Energinet are now looking to create new solutions that will be based on IoT tech for futuristic products such as electric vehicles.