Technavio has forecast a 65% increase in the global blockchain technology in energy market between 2019 and 2023.
Driving the market growth is an increase in the use of blockchain to prevent failure in power grids.
Grid operators are using the technology to distribute power sources in grid modernisation initiatives
The technology is helping make grids smarter by providing operators with real-time data regarding the operations of grid assets.
The data will help operators to track failures faster, reduce energy losses and reduce grid operations and maintenance costs.
Overall, the technology is helping simplify the energy transition to low-carbon and customer-centricity.
According to a senior analyst at Technavio for research on IT professional services, “Other key factors that are expected to boost the growth of the blockchain technology in energy market is the integration of blockchain technology with smart meter and improved supply chain efficiency in the energy sector.”
One of the major trends being witnessed in the market is the advent of BaaS.
BaaS helps vendors set up the blockchain connected nodes on behalf of enterprises and manage it at the back-end.
The growing evolution of BaaS is encouraging vendors to invest in this technology by launching new products.
The EMEA region held the largest share of the market in 2018, accounting for close to 41% share, followed by the Americas and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share.