According to the World Energy Council , in 2017 an estimated US$100-300 million was invested in more than 100 blockchain applications related to the energy sector. Taking into account the tools that the platform provides the energy market since it’s integration, the market is expected to flourish in the coming years. The future for the platform is projected to be over USD 3 billion dollars by 2025, considering the demands and full scope of the market alongside the stability in the oil and gas market.
Moreover, the oil and gas blockchain will see a robust trend due to the benefiting factors that the platform offers such as fewer cost intermediaries, limited overhead cost and reduced time cycle times. The industry’s gravitation towards the innovative technology has become less about the cryptocurrency and has found its own identity free from the platform on which digital currency can be supported. Industry leaders are more focused on the benefits of accessible data and information among participating parties, immutable transparency, increased optimization, reduced waste, and improved cost (within blockchain and smart contracts).
In the report from Global Market Insights the European energy market is expected to grow reliant on government aid and support of the technology. In regards to that notion the European Commission was in agreement with a pact signing of 27 nations on the platform, specifically designed to workout technical and regulatory matters.
Countering the European Market, the US market will be propelled by heightened awareness and prominence of the startup scene and investments thereof. Similarly, a new legislation in 2018 was passed aiming to support blockchain business development in the United States.
In the development of the global economy in the Asia Pacific region, blockchain in the energy market will show a 52% growth by the year 2025. In 2017, China had invested USD 360 billion by the year 2020 in renewable energy and has added the development of blockchain technology in its thirteenth five year plan.