The Blockchain in the energy market is set to grow from its current market value of more than $5 billion to over $25 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Rising security concerns of grids & networks on account of increasing interconnection and digitalization will drive the blockchain 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 the influx of electric vehicles, burgeoning number of smart appliances along with a growing share of variable distributed generation in the grids will complement the industry outlook.
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Source: Smart Energy International