Oil & gas blockchain in energy market will exhibit substantial growth on account of rising concerns to enhance the trade accuracy along with technical efficiency of the technology to improve accessibility to trade data. Extensive ability to improve the scheduling and back office efficiency along with subsequent reduction in the working capital cycle will accelerate the product penetration across the industry. Furthermore, growing emphasis to eradicate the need for clearinghouses and confirmation processing combined with its potential to provide high degree of security, accuracy and reliability of transactions will propel the business outlook.
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The global blockchain technology in energy market is garnering increased traction in the recent years owing to the growing number of programs aimed at the digital transformation of conventional power utilities and the rising prominence of renewable energy sources. Providing higher security measures, faster transactions, lower cost operations, and simple governance structure than the public blockchains, the private blockchains are being increasingly preferred by enterprises and energy corporations. In fact, as per a research report by Global Market Insights, Inc., the private category of the blockchain technology in energy industry is slated to register 45 percent annual growth rate by the year 2025.
Emergence of peer-to-peer platform along with the unveiling of smart meters have initiated disintermediation, thereby driving the blockchain in energy market. Emerging focus of power utilities to explore thy potential benefits of the technology coupled with increasing percentage of empowered prosumers existing in the renewable power trading will further foster the industry growth. For instance, residents in Bangkok are involved in peer-to-peer energy trading and have a total generating capacity of about 635 kW.
Blockchain in energy market from private category in 2025 will grow over 45%. Strict control to reduce the downtime along with massive level of security provided by this platform are some of the key parameters stimulating the technology adoption. Moreover, lesser load and limited participants increases its competence to achieve faster transaction rate in comparison to its counterpart, thereby enhancing the business growth.
Accelerating investments toward the adoption of the technology coupled with enhanced initiatives toward exploring and promoting its research & development will drive the Europe blockchain in energy market. Enhanced focus to promote energy efficiency, privacy, cybersecurity and interoperability to implement & improve the current technology will further propel the industry landscape.
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Propelled by the expanding renewable and natural gas sectors, the blockchain in energy market is slated to record substantial growth in upcoming years. According to Global Market Insights, Inc., blockchain in energy market size is estimated to cross the $3 billion renumeration mark by 2025.
Some Points From Table Of Content: –
Chapter 4 Blockchain in Energy Market, By Category
4.1 Blockchain in energy market share by category, 2018 & 2025
4.2.1 Global market from private, 2017 – 2025
4.2.2 Global market from private, by region, 2017 – 2025
4.3.1 Global market from public, 2017 – 2025
4.3.2 Global market from public, by region, 2017 – 2025
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