By 2024, the global energy blockchain market will be nearly 11.9 billion yuan

According to the latest report by Zion Market Research, the global energy blockchain value was about $208 million in 2017 and is expected to reach $11.
899 billion by 2024, with a compound annual growth rate of more than
78.
20% between 2018 and 2024.

Blockchain can also be referred to as distributed ledger technology
.
It has no core system or central server
.
Applications of blockchain in the energy market include payment schemes, grid management, governance risk and compliance management, energy trading, and supply chain management
.

Blockchain in the energy market has evolved to meet the growing demand
for electricity worldwide.
These systems are beneficial because they provide fast and secure transactions at low cost without involving any conventional intermediates
.
This, in turn, is likely to drive this market in
the future.

Electric and utility companies are exploring different ways to develop and implement blockchain technology as it provides an efficient way to record and process data, and customers can provide simplified and accurate billing access
.
The system can provide efficient access to various energy sources and accurate utilization of service data
.

However, the lack of clear regulatory standards and uncertainty in the regulatory environment may hamper this market
.
Nevertheless, advances in international trade and supply chain management are expected to provide many opportunities
for major players in blockchain in the global energy market.

Blockchain in the global energy market is segmented
on the basis of type, component, application, and end-user.
By type, this market is segmented into private and public markets; The Components segment includes platforms and services; Applications include grid management, energy trading, government risk and compliance management, payment solutions, supply chain management, and more
.
By end-user, this global market is segmented into power, oil, and gas sectors
.
In 2017, the power sector dominated the market and is expected to continue this trend during the forecast period, which can be attributed to the growing
global demand for renewable energy.

By region, the global energy blockchain market includes North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
.
European blockchain is expected to see significant growth
in the coming years.
This can be attributed to the large number of startups in blockchain and executed projects, as well as government support
in the region.
In 2017, the UK and Germany held the largest market share in the regional market
.
In addition, major energy companies in Europe may apply for regional chain processes, including network management and billing, e-mobility, renewable energy certificates of origin, distributed generation, and retail operations
.

Blockchain in North America's energy market is expected to grow significantly in the future due to initiatives by governments to
support this market.
For example, the government has invested
approximately $22 million in various products and services in emerging technology areas.
In addition, major players such as Drift and WePower are also involved in various technological innovations
in blockchain for the growth of the energy market in the region.

Asia Pacific is expected to see rapid growth
in the energy market blockchain in the coming years.
Financial services institutions in the region are making huge investments
in the development of the market in the region.
Various strategies and collaborations are also being adopted by national and local governments to address security and latency issues, and the expansion of new and renewable energy supply in Asia Pacific is expected to further drive this market in the coming years
.
In addition, Latin America and the Middle East & Africa region are expected to witness moderate growth
during the forecast period.