As per the Paris Agreement, the countries globally have intended to reduce carbon footprints and planned new development activities that are in line with the global goals. However, according to the International Renewable Energy Agency, the current national goals fall short of meeting the set targets. This also represents an opportunity for countries to realign their goals and strategies. The increasing finance availability and subsidies will translate into the adoption of renewable energy. Institutional investments from the World Bank and Asian Development banks will further increase the technology penetration of blockchain and increase market demand.
COVID-19 Impact Analysis
The coronavirus pandemic has altered the way the world functions, compelling companies to derive a new way to operate. The energy industry is laden with a myriad of problems, especially with increasing losses and increased nonperforming assets. With the impact of the pandemic, there is a default in payments from industries and the residential sector. With high operating costs, an increased number of intermediaries and obsolete energy meters are creating roadblocks for market growth. This is nudging market players to adopt new technology, such as blockchain, to address the underlining problems.
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The coronavirus pandemic has also had a considerable effect on the nascent cryptocurrency industry. Blockchain technology and cryptocurrency are already dealing with various governmental regulations due to scams and the unchecked, unregulated market. This technology of payments showcases a huge potential in the coming years as they can be translated into mainstream payments assets for many countries, but it is yet to institutionalized, which may cause hindrance in the widespread adoption in the coming years.
Energy Blockchain Market: Segmentation
Central and South America and the Caribbean
The Middle East
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now