Blockchain technology within the energy market has caught the attention of technology research and advisory company Technavio. In their latest report, they project the market will grow by $283.41 million from 2020 to 2024. Titled the Global Blockchain Technology in Energy Market 2020-2024, the report covers the market’s latest drivers and trends, the overall landscape and an up-to-date of what’s happening.
Among the most exciting developments in the use of blockchain in energy is its role in preventing power grid failures. This area alone is expected to present immense growth opportunities, the report says, and will be instrumental to the overall expansion of the market through 2024. In order to capitalize on this, Technavio stresses that market vendors need to focus on growth prospects in the fast-growing segments, without sacrificing their position in the slower-growing ones. This fragmenting of the market is only going to increase during the forecast period, says Technavio.
The report breaks the energy area into two categories: end-user segmentation covering power; and oil and gas and geographic segmentation that includes the Americas, APAC, and EMEA.
Using benchmarking and competitive intelligence, the report offers a detailed analysis of heavy hitting venders such as Microsoft, Accenture, and IBM, as well as for go-to-market strategies, customer profiles and M&As.
