Global blockchain technology in the energy sector market would surpass an overall valuation of $10,287 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Increasing adoption of Blockchain-As-A-Service (Baas) and an expanding market for alternative cryptocurrencies is fostering blockchain technology adoption in the energy sector. Merchants have begun accepting cryptocurrencies due to their immutability and high transaction speeds.
Moreover, the growing penetration of mobile devices, lower cost of bandwidth, and enhanced mobile broadband speeds are expected to further support industry growth in the coming future.
The blockchain technology in the energy sector market is segmented on the basis of region, application, type, and end-users.
From a regional perspective, the Asia-Pacific (APAC) blockchain technology in the energy sector stood out by generating the largest revenue stream in 2017. Escalating security concerns coupled with the immutability and high transaction speeds offered by blockchain technology is responsible for fostering industry revenues across the region.
Rising mobile broadband speeds, increasing affordability of computing and bandwidth is supporting industry expansion across the region. Additionally, growing BaaS service adoption rates, emerging trend of smart contracts and payments, and other technological advancements are slated to offer new growth opportunities to the industry during the forecast timeframe.
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Based upon types, the industry is further segmented into private and public sectors. The application segment is further bifurcated into Grid Management, Energy Trading, Payment Schemes, Supply Chain Management, and others. In terms of end-user, the market is segmented into power, oil and gas, and others.
Growing investment by several vendors to fuel technological advancements and the advancements in broadband technology would accelerate Blockchain technology in the energy sector market growth in the coming years.
Some leading enterprises enlisted in the blockchain technology in energy sector market research report include Oracle Corporation, Accenture, Deloitte, Microsoft Corporation, Grid+, IBM Corporation, SAP SE, Nodalblock, Amazon Web Services, Inc., and Power Ledger Pty Ltd.
Companies profiled in the report are known for launching new products and collaborating with other industry leaders to innovate and introduce novel products to address increasing customer requirements and needs.