The global blockchain in energy market is projected to record a CAGR of 59.49% during the projected period. The rise in the investments by venture capitalists, and the fast-growing end-users like oil and gas, are the factors pushing the growth of the market.
The application of the technical advantages of the blockchain with regard to energy internet is beneficial for its growth. The ability of private blockchain in terms of assessing any degree of transaction results in varied benefits for the sector. The oil and gas blockchain in the energy market is projected to grow during the forecasted period. This is due to the increasing concerns regarding the enhancement of trade accuracy and technical efficiency. There is an emergence of a new distribution system since the number of small businesses setting up renewable energy systems is increasing. The rising power prices result in the increased need for peer-to-peer trading of energy among small businesses. The blockchain lacks standardization with regard to network and technology infrastructure, which can hinder the growth of the market. The innovations in international trade and supply chain management are estimated to result in increased growth opportunities for the market.
The global market for blockchain in energy is segmented and analyzed based on the regions of Europe, North America, Asia Pacific, and the Rest of the World. The European region leads the blockchain in energy market. The deployment of smart metering systems by both the government and private entities in the region results in the increasing need for blockchain technology.
The rising demands are benefiting the players in the market, resulting in market growth benefits. IBM Corporation, Oracle, Sap Se, Accenture Plc, Microsoft Corporation, Infosys Limited, are some of the major market players.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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