New Report Shows That Blockchain In Energy Utilities Market Will Grow 60% By 2024

The global blockchain in the energy utilities market is expected to grow by 60% by 2024, according to a new report which is in the forefront of the latest digital currency news on our site.

According to the researcher Infoholic Research LLP and the officially published documents on February 15th, the global blockchain in energy utilities market was assessed to be $210.4 million in 2018 but is expected to reach $3.4 billion by 2024. The company also predicts the growth at a compound annual level of 59.4% during the period from 2018 to 2024.

The key driver of growth in the field of blockchain, as per the report, will be sales of distributed energy and peer-to-peer (p2p) electricity. As an excerpt from it explains:

“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,”

In order to prepare the report, Infoholic Research analyzed the deployment of blockchain in the energy utilities market on a global scale, testing its components, services, application and regions. The research firm also tracked many statistics of regions such as North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

To sum things up, blockchain technology has found a lot of applications in the energy sector and the future seems bright – at least from this perspective.