Europe Blockchain technology in energy market is driven by accelerating investments toward the adoption of the technology coupled with enhanced initiatives toward exploring and promoting its research & development. Enhanced focus to promote energy efficiency, privacy, cybersecurity and interoperability to implement & improve the current technology will further propel the industry landscape.
Oil & gas blockchain technology in energy market is set to witness substantial growth on account of fewer cost intermediaries, limited overhead cost and reduced cash cycle times. Rising focus of various industry giants toward the adoption of technology to streamline trading in the non-digital crude oil industry along with plans to exhibit enhanced security & optimized efficiency in transactions will boost the industry landscape. For instance, Shell and BP announced the launch of blockchain oil trading platform to automate & digitize various oilfield related services. Furthermore, potential to reduce discrepancies in the operations by enhancing accuracy in freight rates, invoice generation and shipment routing will propel the Blockchain technology in energy market growth.
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Growing demand to achieve balance between energy supply and demand mismatch coupled with increasing security concerns owing to ongoing advancements in internet connected devices will accelerate the Blockchain technology in energy market growth. Moreover, increasing deployment of the blockchain projects globally coupled with accelerating investments from various power giants toward its adoption will stimulate the technology demand. For instance, from the second quarters of 2017 till the first quarter of 2018, venture capitals and ICOs invested nearly USD 271 million toward blockchain based applications.
Blockchain technology in energy market from private category in 2025 will grow over 45%. Strict control to reduce the downtime along with massive level of security provided by this platform are some of the key parameters stimulating the technology adoption. Moreover, lesser load and limited participants increases its competence to achieve faster transaction rate in comparison to its counterpart, thereby enhancing the business growth.
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Blockchain technology in energy market in the private category is set to grow over 45% by 2025. Capability to provide simple governance structures, lower cost operations and faster transactions are some of the prominent features stimulating the technology growth. Increasing trend to build smart contract applications coupled with the accessibility to select the participants will enhance the business outlook.
The revenue graph of blockchain technology in energy market is poised to depict exponential growth as the need to develop & deploy new efficient ways of generating & delivering electricity, under the Paris Agreement, intensifies. According to the International Finance Corporation, the Paris Agreement aimed to tackle climate change by generating energy through reliable, clean energy sources. However, countering climate change by completely overhauling the way energy is generated would require emerging markets to mobilize trillions of dollars through different sources.
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Propelled by the expanding renewable and natural gas sectors, the blockchain technology in energy market is slated to record substantial growth in upcoming years. According to Global Market Insights, Inc., blockchain technology in energy market is estimated to cross the $3 billion renumeration mark by 2025.
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