Blockchain applications in electricity microgrids that harness local renewable sources such as solar and wind are expected to reach an annual market value exceeding $1.2 billion globally by 2028. Navigant Research reports in a new study that the compound annual growth rate is projected at 67.8%.
Europe is expected to be the largest market accounting for about half in 2028 and a cumulative revenue of $1.5 billion. North America will account for about one-third with a cumulative revenue of $905 million and Asia Pacific about one-sixth with revenue of $470 million.
Microgrids are considered a key component of the future clean energy system. Connected to the main grid, they can enable energy self-sufficiency or provide local power in the event of grid failure. For remote areas they offer a cost-effective approach to rural electrification.
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