Various enterprises are currently developing blockchain applications for the energy sector. Additionally, international energy companies are also establishing blockchain-based projects as well. All these applications are designed to create a direct connection between the suppliers and consumers of energy.
The report analyzes the opportunities in the market for stakeholders by identifying the applications of blockchain in energy sector. Furthermore, the report profiles the key players of the blockchain in the energy market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for the players to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
The blockchain in energy market is estimated to be $XXX million in 2018 and is expected to reach $XXX million by 2024, growing at a CAGR of XX% during the forecast period 2018–2024.
One of the promising applications of blockchain innovation is renewable energy independence and trading on the worldwide scale. As the power utilities move from utilizing coal, gas, and petroleum into more renewable forms of energy, blockchain turns out to be the most feasible approach to connect renewable technologies, devices, and grids to people, communities, and energy networks.
Blockchain, which works as an open record, can take inputs such as quantity of energy produced from solar panels or other energy sources, capture and record data, assign a price and then send it out to smart homes on the grid while recording incoming payments for the corresponding energy purchased.
Key Segments: The blockchain in energy market is segmented by component types, by applications, by deployment modes, by end users, and by regions.