MarketResearch, a market research and analysis firm, presented an interesting report where it talks about the current energy market, focusing specifically on the application of blockchain technology in this global sector.
Qualified "Global Blockchain in Energy Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028"This report presents a comprehensive, circumstantial and detailed analysis of the current market situation. blockchain energy worldwide, as well as current trends, multiple applications in use and development, and current and expected market growth by 2028.
In general, the Global Blockchain in Energy It shows a detailed analysis of the competitive scenario that exists within this sector, where renowned and important companies participate, such as: IBM, Deloitte, SAP DE, Accenture, Microsoft, Infosys Limited, BigchainDB GmbH, Oracle Corporation, Power Ledger Pty Ltd, Amazon, Entre otras muchas.
The firm responsible for presenting this report is MarketResearchMarketResearch, a market research and analysis company with extensive experience and a specialized team capable of providing strategic and tactical support for its clients, is responsible for analyzing the different markets and scenarios present in all sectors, creating a wide variety of research reports, such as the one presented on this occasion, based on the analysis of the blockchain market applied to the energy sector.
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Potentials of blockchain technology within the global energy sector
MarketResearch points out that blockchain technology is widely applied in the energy sector, an implementation that is becoming more essential and important every day due to the introduction of devices IoT (Internet of Things), such as smart equipment and appliances and electric vehicles, which require a voltage charge for their subsequent operation. The increase in digital platforms and infrastructures and the millions of commercial operations that are carried out through the Internet are also factors that support the rise and growth of the global energy market. Meanwhile, the research and studies carried out on blockchain technology since its launch in 2009 together with Bitcoin, demonstrate that technology has great potential, not only for the financial area, but also for multiple sectors and industries, such as Energy.
“The above-mentioned factors are expected to drive the growth of global blockchain in the energy market, owing to the various benefits offered by blockchain technology that enables various distributed power generation network operators to optimize their grid distribution operations through automated smart contracts that enable flexibility and real-time pricing of electricity consumption.”
Blockchain can help significantly improve the operations of power grids, making them more effective and efficient, while contributing to the reduction of operating costs and efficient management in the provision of services, among other factors. All these elements, together with the growing demand of the energy sector at a global level and the need to raise awareness in society about its use and importance, will contribute to the growth and development of blockchain technology within the energy market in the future, as the best option for the efficient and effective management of this important resource.
Current regulatory landscape on the energy sector and blockchain
The MarketResearch report also points out that there are currently no clear and precise regulations directly associated with the energy sector, which may affect the development and mass adoption of the technology to a certain extent.
“The uncertain regulatory landscape associated with grid generations and rising concerns regarding user authenticity among power distribution operators are major factors expected to restrict the growth of global blockchain in the energy market.”
The firm also points out that another factor that may delay the adoption of the technology is the current low supply of blockchain professionals, despite the high market demand for qualified technical personnel to design projects based on this technology.
At this point it is important to highlight that several companies and organizations are taking initiatives to promote the development of knowledge and application of blockchain and distributed technologies around the world. A recent example of this is the investment round that is being prepared NWC10Lab and Stocken Capital with which they will help 3 Spanish companies to tokenize their governance through blockchain technology. Likewise, Hyperledger Fabric will be giving a free course in Spain and Latin America to train all those blockchain technology entrepreneurs, the smart contracts and the new version of Hyperledger.
However, as the shortage of professionals in this sector is still large, MarketResearch estimates that it will be a factor hindering the growth of the potential market in the next 10 years.
Segmentation of the global energy market
Another important point considered by MarketResearch when writing the report was the segmentation of the energy market into 4 fundamental elements: Components, Final user, Application y Region.
By segmenting the market, MarketResearch believes that it will be much easier and more effective to carry out an in-depth study, organization, and marketing approach for each sector. By segmenting the global energy market, each group will be able to focus on the sector of their interest, having a better command of each element, efficiently identifying the focus and needs of each client.
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