The global market for blockchain-based electric vehicles charging and grid integration systems market is expected to increase by 77.9% per annum through 2029, according to Guidehouse Insights.
Annual market revenue is expected to hit $1 billion by 2029 owing to an increase in traditional energy stakeholders exploring the use of blockchain.
EV charging and grid integration use cases for blockchain technology will benefit from clear technological objectives and a straightforward development roadmap, according to a statement.
This roadmap begins with one-way charging services and grows in complexity toward the full integration of EVs into the grid as distributed assets capable of responding to grid signals and providing auxiliary services such as frequency regulation and demand response.
Johnathon de Villier, a research analyst with Guidehouse Insights, said: “The potential for blockchain technology as a positive force in EV charging and integration, and in mobility and transportation overall, should not be underestimated.
“Beyond contributing efficiencies to the information management layer of EV charging and integration solutions, blockchain technology can enable owners of EVs to take advantage of new revenue streams in the form of peer-to-peer charging applications and grid services.”
Click here for more information about the report.