How can blockchain change the energy market?
【Published by Ling Yu Han（凌郁涵）】
According to the report released by Zion Market Research, the global block chain in the energy market was estimated at around USD 208 million in 2017 and is expected to reach around USD 11,899 million by 2024. Between 2018 and 2024, a CAGR of over 78.20% will be achieved. The emergence of blockchains may bring different sparks to the energy industry, from supporting point-to-point (P2P) energy trading to grid management, all contributing to the innovative development of the energy industry.
The main reason for the rapid adoption of blockchain in energy is the increasing power demand across the globe, the report cites. The systems built on blockchain are faster, more transparent, and also more secure, as they don’t involve any intermediates. The application of global blockchain in energy market includes grid management, energy trading, government risk and compliance management, payment schemes, supply chain management, and others. This should drive this market in the future. Utilities are exploring ways to develop and implement blockchain technology by providing efficient ways to capture and process data, and provide customers with streamlined and accurate access to their invoices.
The Blockchain project has plenty benefits since it offers fast and safe transaction at a low cost. Yet, because of the lack of regulations, advancements in the international trade and supply chain management are expected to provide many opportunities for the key players working in the global blockchain in energy market.
According to Zion Market Research, the European blockchain in energy market is expected to experience major growth in the years following. This is obvious by the numerous startups and government that are interested in blockchain. In addition, UK and Germany held the largest market share in this regional market in 2017.
North America is expected to experience important growth in the blockchain department, as stated by the Zion Market research because of government’s support. Specifically, the government made an investment of approximately USD 22 million for various products and services in the field of emerging technologies.
Asia Pacific is allegedly expected to have a rapid rate of increase in the blockchain in energy market in the following years. The Asia Pacific’s financial services are proceeding to important investments for the development in the market. Additionally, the expansion of new and renewable energy supply in Asia Pacific countries are expected to boost the market in the future.
Concluding, the Latin American and the Middle Eastern and African regions are to witness mediocre increase in the blockchain in energy market over the forecast time period. This is a result of the increasing oil and gas sector in the Middle East region and rapid industrialization in the Latin American region.
■ Source: cnyes
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