BY 2024, BLOCKCHAIN INVESTMENTS IN THE ENERGY MARKET WILL REACH $3.4 BILLION
According to a new report from Infoholic Research LLP, the use of blockchain in the energy services market is expected to grow by 60% by 2024.
According to the report, the blockchain in 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 the key stimulus for growth in the next five to six years will be the sale of distributed energy and P2P-electricity.
Blockchain technology has found many applications in the energy sector. In January, Spain’s largest energy company 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 improve the efficiency of the energy sector with the help of blockchain. In addition, last month, Power Ledger and Sharing Energy announced that they will use the blockchain to sell solar energy.
In addition, in December last year, Reliance Industries Limited invested $5 million in a platform for trading energy resources on the blockchain, and the research company Zion Market Research said that according to its estimates, the blockchain will reach $12 billion by 2024 in the energy market.