LONDON–(BUSINESS WIRE)–The global blockchain technology in energy market is expected to grow by USD 283.41 million during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The use of blockchain technology in the energy sector has modernized the power grids by making them smarter and improving their performance. This is helping enterprises in the energy sector to track down failure in power grids in advance and inform the companies. Blockchain technology also facilitates faster repair processes by notifying authorities about the necessary devices and tools required to repair the power grid. This allows enterprises to reduce the instances of failure in power grids.
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As per Technavio, the growing strategic alliances for the development of blockchain technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Blockchain Technology in Energy Market: Growing Strategic Alliance for the Development of Blockchain Technology
The growing competition and rising demand for blockchain technology in the energy sector is encouraging vendors to form strategic alliances to expand their market reach and customer base. For instance, in 2016, IOTA, a non-profit organization and ENGIE, collaborated to develop a smart energy ecosystem using blockchain. The rise in the number of many such strategic alliances is expected to boost the growth of the market.
“Advent of BaaS and the implementation of the peer-to-peer exchange of electricity at large-scale will further boost market growth during the forecast period,” says a senior analyst at Technavio.