BIS Research has presented a new market intelligence report entitled ‘Global Blockchain in Energy Market – Analysis and Forecast, 2018-2024.’ It reveals that blockchain application in the energy market was worth $518.6 million in 2018 and its value will reach $6.29 billion in 2024, reports Blockchain.news.
The market growth witnessed is primarily linked to the increasing demand for decentralised power generation, coupled with the elevated integration of renewable energy sources.
Blockchain is viewed as a booming market in the energy sector because of the distributed ledger technology it offers. Additionally, its combination with grid-interactive devices is speculated to considerably transform this sector.
The report reveals that nations, such as the Netherlands, Germany, the US, and the UK, are the frontrunners in blockchain application in the energy market. Other key countries in this category include Australia and Estonia.