Global Blockchain Technology in Energy Market 2019-2023
About Blockchain Technology in Energy
The blockchain technology is a cryptographically managed, distributed ledger system offered by vendors to enterprises engaged in the energy sector.
Technavio’s analysts forecast the Global Blockchain Technology in Energy Market to grow at a CAGR of 65.34% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global blockchain technology in energy market. To calculate the market size, the report considers the revenue generated from the adoption of blockchain technology.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Blockchain Technology in Energy Market 2019-2023
Technavio recognizes the following companies as the key players in the global blockchain technology in energy market: Accenture, IBM, Microsoft, Oracle, and SAP.
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the growing strategic alliance for development of blockchain technology.”
According to the report, one driver influencing this market is the integration of blockchain technology with smart meter. A smart meter is embedded with an in-home display screen that displays the amount of energy consumed in near real-time and automatically sends meter readings to the energy suppliers.
Further, the report states that one challenge affecting this market is the high cost of implementing and maintaining blockchain technology. With the adoption of blockchain technology, the energy sector is expected to have long-term benefits in terms of productivity, security, and efficiency.