Global investment in blockchain technology in energy markets is set to reach $34.7 billion by 2025, as Premium Market Insights (PMI) reported. Valued at just $156.5 million in 2016, the sector is forecast to grow at a rate of 82% a year.
Growth 📈 of #Blockchain use in the energy sector for #Data management, #Financial tracking & interactions 📢Top two main adoption drivers?✅reducing operational costs ✅capital expenditure Discover more here : https://t.co/X7nftwv644 — Infrachain (@infrachain) April 2, 2020
It has been reported that although $35 billion seems high, it’s dwarfed by the net worth of $1.85 trillion for the energy market as a whole. Key players using blockchain and DLT in the field include Accenture, AWS, Bigchaindb, Deloitte, IBM, Infosys, Microsoft, Nodalblock, Oracle, SAP, Enosi, and Electron.
However, blockchain is used within energy markets for data management, financial tracking and interactions.
According to the report, drivers for adoption include reducing operational costs and capital expenditure. Increasing automation will see blockchain employed for data security and integrity.
The projected high rate of growth could be affected this year, as energy markets take a deep hit as a result of both the coronavirus and the oil crisis.
It has been analyzed that companies are finding increasing numbers of use cases for blockchain in the energy sector.
Thus, Power Ledger has just announced a partnership with green energy retailer ekWateur to provide almost a quarter of a million French residents with the opportunity to choose their renewable energy source.