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According to a new report from Infoholic Research LLP released Feb. 15, the global block chain in the energy utility market is expected to grow 60% by 2024.
According to the report, the global blockchain of the energy utility market was valued at $ 210.4 million in 2018 and is expected to reach $ 3.4 billion in 2024. Infoholic Research predicts growth at a rate of compound annual growth of 59.4% from 2018 until 2024.
The report also notes that the main driver of growth over the next five to six years will be the sale of distributed power and peer-to-peer electricity (P2P). "Due to the growing automation of energy utilities, companies are making real-time changes to the infrastructure that will help them convert to blockchain software and [total cost of operation] TCO, "explains the report.
To prepare this report, Infoholic Research would have badyzed blockchain deployment in the global energy utility market by components, services, applications and regions. The research company tracked statistics for regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, while revenues were primarily generated in North America, Europe and Asia Pacific.
Blockchain technology has found multiple applications in the energy sector. In January, Iberdrola, Spain's leading energy company, began using the blockchain to track renewable energies. During a pilot program, Iberdrola monitored the renewable energies provided by two wind farms and a power plant in bank offices in the Basque Country and in the city of Córdoba. The test would have been a success and Iberdrola think the blockchain technology will help to issue an original guarantee.
In the same month, Denmark's public energy company Energinet announced that it would use IOTA's Tangle technology in the energy and IoT markets. It would seem that Energinet is looking to create new solutions based on IoT for emerging phenomena, such as green energy and electric vehicles.
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