Global Blockchain In Manufacturing Market Size By Application (Asset Tracking and Management, Real-Time Workforce Tracking and Management), By Vertical (Aerospace and Defense, Energy & Power, Automotive), By Geographic Scope And Forecast

Blockchain In Manufacturing Market Size And Forecast

Blockchain In Manufacturing Market size was worth USD 40.0 Million in 2021 and is expected to generate a revenue of USD 766.2 Million in 2030, growing at a CAGR of 80.0% during the forecast period i.e. 2022-2030

Blockchain technology can be utilized to provide better visibility, scalability, and security when resources, goods, parts, and money are traded along the manufacturing industry supply chain. The market is expected to rise due to the growing demand from the energy and electricity sectors, as well as the industrial sector. Increasing worldwide energy demand motivates energy and power firms to explore blockchain solutions that can help them improve productivity while reducing maintenance and downtime. The Global Blockchain In Manufacturing Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market.

Global Blockchain In Manufacturing Market Definition

Blockchain is a system of records that manages and tracks transactions carried out using Bitcoin and other kinds of cryptocurrency. Each part of the blockchain contains transaction data as well as a timestamp, which cannot be altered by nature. Blockchain is a distributed ledger that holds data without the need for a central authority. It can be used for a variety of purposes, including integrity management, digital currency, and foreign exchange transfer. Blockchain can be used in the manufacturing industry for supply chain management, digital product memory, Internet of Things, Industry 4.0 applications, 3D printing, and other applications.

Global Blockchain In Manufacturing Market Overview

The global blockchain in manufacturing market is expected to increase due to the incorruptible nature of the blockchain, as well as the expanding number of applications that use it. Raising venture capital funds and investments in various blockchain technologies are also critical to market expansion. Other notable drivers pushing the blockchain in manufacturing sector are the increased demand for greater supply chain transaction security, lower operating costs, and the growing use of blockchain technology in retail and supply chain management. In addition, the rising need for real-time data analysis, effective visibility, and proactive maintenance, as well as a greater focus on energy efficiency and cost of production, are driving market expansion.

However, the shortage of blockchain experts in the manufacturing sector, as well as the unpredictability of regulatory norms, landscape, and the lack of a single set of standards, are all predicted to stymie the market's growth.

Global Blockchain In Manufacturing Market: Segmentation Analysis

The Global Blockchain In Manufacturing Market is segmented based on Application, Vertical, and Geography.

Blockchain In Manufacturing Market, By Application

• Asset Tracking and Management
• Real-Time Workforce Tracking and Management
• Quality Control and Compliance
• Predictive Maintenance
• Logistics and Supply Chain Management
• Business Process Optimization
• Counterfeit Management

Based on the Application, the global blockchain in manufacturing market is segmented as asset tracking and management, real-time workforce tracking and management, quality control and compliance, predictive maintenance, logistics and supply chain management, business process optimization, and counterfeit management. The asset tracking and management segment is projected to grow faster than others during the forecast period.

Blockchain In Manufacturing Market, By Vertical

• Aerospace and Defense
• Energy & Power
• Automotive
• Pharmaceuticals
• Food & Beverages
• Industrial
• Textile

Based on the Verticals, the global blockchain in manufacturing market is classified into aerospace and defense, energy and power, automotive, pharmaceuticals, food and beverages, industrial, and textile. The aerospace and defense segment is expected to grow at the highest pace during the forecasted period due to high demand.

Blockchain In Manufacturing Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world.

Based on Geography, the global blockchain in manufacturing market is classified into four regions: North America, Europe, Asia Pacific, and the rest of the world. The global blockchain in manufacturing market in the Europe region is expected to grow at the fastest pace because of the higher acceptance of blockchain and recently updated regulations.

Key Players

The "Global Blockchain In Manufacturing Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as IBM Corporation, Intel Corporation, Microsoft Corporation, Amazon.Com, Inc., Nvidia Corporation, Advanced Micro Devices, Factom, Wipro Limited, Oracle and Xain AG. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.

Key Developments

• In December 2020, using the IBM Blockchain Transparent Supply (BTS) platform, IBM Research developed a solution for the textile industry. It allows customers to trace the full fabric manufacturing process, from raw material receipt to cleaning, spinning, weaving, quality control, distribution, and sales.