Altcoin News: By 2024, Investment in the Blockchain in the Energy Market Will Reach $3.4 Billion

February 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

According to a new report by Infoholic Research LLP, the use of the blockchain in the energy services market is expected to grow by 60% by 2024.

According to the report, the blockchain on the energy services market in 2018 was estimated at $210.4 million, and it is expected that by 2024 this figure will increase to $3.4 billion. Thus, Infoholic Research predicts an increase of 59.4%. The report also notes that sales of distributed energy and P2P electricity will be the key growth driver in the next five to six years.

“ Furthermore, power utilities can optimize the generation, distribution, and consumption of electricity through blockchain technologies. The development of specially designed blockchain solutions for electricity grids and new players such as decentralized producers of renewable energies are regularly generating large amounts of data that energy companies need to address.” the report explains.

To prepare the report, Infoholic Research reportedly analyzed the deployment of the blockchain on the energy services market on a global scale in terms of components, services, applications, and regions. The research firm tracked statistics from North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Blockchain technology has found many applications in the energy sector. In January, the largest energy company in Spain, Iberdrola, began using the blockchain to track renewable energy sources. In the same month, the Danish Ministry of Energy and IOTA announced that they plan to increase the efficiency of the energy sector with the help of the blockchain. In addition, last month, Power Ledger and Sharing Energy announced that they would use the blockchain for selling solar energy.

In addition, last December Reliance Industries Limited invested $5 million in the blockchain trading platform for energy resources, and research company Zion Market Research announced that Global blockchain in retail market was valued at $49 million in 2017 and is expected to reach $3704 million by 2024

Author: Marko Vidrih