The global blockchain in energy utilities market is expected to grow by 60 percent by 2024, according to a new report from Infoholic Research LLP published on Feb. 15.

Per the report, the global blockchain in energy utilities market was assessed to be $210.4 million in 2018, and is expected to reach $3.4 billion by 2024. Infoholic Research thus predicts the growth at a compound annual growth rate of 59.4 percent during the period from 2018 to 2024.

The report also notes that the key driver of growth in the next five to six years will be sales of distributed energy and peer-to-peer (p2p) electricity. “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,” the report further explains.

To prepare the report, Infoholic Research reportedly analyzed the deployment of blockchain in the energy utilities market on a global scale by components, services, application, and regions. The research firm tracked statistical figures of such regions as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, while revenue was mainly generated in North America, Europe, and Asia Pacific.

Blockchain technology has found multiple applications in the energy sector. In January, Spain’s major energy company Iberdrola began using blockchain to track renewable energy. During a pilot program, Iberdrola monitored renewable energy delivered from two wind farms and one power station to bank offices in Basque Country and the city of Cordoba. The test was reportedly a success, and Iberdrola believes that blockchain tech will help issue a guarantee of origin.

That same month, Danish state-owned energy company Energinet announced it would use IOTA’s Tangle technology in the energy and Internet of Things (IoT) markets. Energinet reportedly looks to create new solutions based on IoT for emerging phenomena, such as green energy and electric vehicles.