North America Increasing the Global Dominance in Blockchain in Energy Utilities Market
The Global Blockchain In Energy Utilities Market is expected to witness a CAGR of 59.4% to reach $3,460.4 million by 2024
Bangalore, India, January 23, 2019 With its recently published study “Global Blockchain in Energy Utilities Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global blockchain in energy utilities market will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, the adoption of digital and blockchain technologies varies depending on the regions. North America is the largest contributor to the market followed by Europe. Lack of awareness about the technology and the early stages of the technology are the reasons for its slow adoption among energy utilities in most of the regions. The US with the largest number of start-ups and innovators has a huge market for blockchain. Europe has a lot of potential but strict regulations on security and trust issues could hinder its growth. Asia Pacific is the region to be focused due to the economic growth, investments in digitization, and robotic process automation across business operations in the energy industry.
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The global blockchain in energy utilities market is estimated to grow from $210.4 million in 2018 to $3,460.4 million by 2024, growing at a CAGR of 59.4% during the forecast period 2018–2024. The grid management application has gained significant traction among various industrial and commercial energy producers due to the tremendously increasing renewable energy sources.
The global blockchain in energy utilities market report quantifies the market for component, services, applications, and regions. Among services, development & integration services is expected to grow at the highest CAGR during the forecast period. This can be attributed to the fact that business organizations are looking for advanced blockchain-powered energy solutions to assist users with making payment with cryptocurrency, to check exchanges, to close computerized contracts, to execute exchanges, among other applications. In terms of services, the consulting & advisory services and testing services show great opportunity and is projected to grow at a higher CAGR during the forecast period, 2018–2024.
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“Blockchain is currently at a nascent stage in the energy industry. In the recent years, a significant number of energy companies have adopted blockchain technology as part of their strategy, which has also resulted in energy companies entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their business operations. This will boost the development and adoption of blockchain solutions in energy utilities” said Pradeep Singh, Sr. Research Analyst, Infoholic Research.
Key insights of the report include
- Components - Platform and Services
- Services - Consulting & advisory services, Development & integration services, Testing services, and Others (support & maintenance).
- Applications - Grid management, Energy trading, Payment schemes, Supply chain and logistics, and Others.
- Industry Verticals - Power Sector, and Oil & Gas Sector
- Regions - North America, Europe, Asia Pacific, Latin America, Middle East & Africa (LAMEA)
Industry outlook: Market trends, drivers, restraints, and opportunities