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

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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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.

Bitcoin as well as other forms of cryptocurrency. Each section of the blockchain contains data of the transaction as well as a timestamp, which by nature, cannot be transformed. Blockchain stores data, without a necessary authority. There can be numerous applications in which blockchain can be used such as integrity management, digital currencies as well as foreign exchange transfer. In terms of the manufacturing industry, Blockchain can be employed for applications such as supply chain management, digital product memory, Internet of Things and Industry 4.0 applications, 3D printing, and more. \r\nRising technologies involving Blockchain are aiding the growth of the Global Blockchain in the Manufacturing Market. Implementation of blockchain technology in the manufacturing sector benefits in giving trading partners an important and more decrease cost trust in the identity and stature of the counterparty in any business or trading relationship. Furthermore, the adoption of blockchain technology could help the manufacturing industry by composing the supply chain more secure, by manufacturing processes more transparent. It can also be used in B2B situations with the production and implementation of smart contracts.\r\nGlobal Blockchain in Manufacturing Market Overview\r\nThe global blockchain in the manufacturing market is principally driven by the growing number of applications that involve Blockchain, as well as the incorruptible nature of the Blockchain. Raising venture capital funding and investments in blockchain technology is also an essential factor in increasing market growth. Besides, the increased demand for improved security of supply chain transactions, lower operational costs, and the growing popularity of blockchain technology in retail and supply chain management are other remarkable major factors driving the blockchain in the manufacturing market swiftly. Moreover, increasing demand for real-time data analyses, effective visibility, and proactive maintenance, and increased emphasis on energy efficiency and cost of production are also encouraging market growth. \r\nHowever, the lack of blockchain technicians in the manufacturing sector and unpredictable regulatory standards and landscape, and the absence of a common set of standards are some major factors expected to hinder the growth of this market to a notable extent. On the other hand, lack of awareness about the block chain’s potential among manufacturers and concern regarding security, privacy, and control are the fundamental challenges of this market. Nevertheless, factors such as advancement in 3d printing technology, molding international trade and supply chain management, and huge adoption of blockchain technology for payments, smart contracts, and digital identities are expected to significant growth opportunities for blockchain in manufacturing market players during the forecast period.\r\nGlobal Blockchain in Manufacturing Market by Application\r\n•\tAsset Tracking and Management\r\n•\tReal-Time Workforce Tracking and Management\r\n•\tQuality Control and Compliance\r\n•\tPredictive Maintenance\r\n•\tLogistics and Supply Chain Management\r\n•\tBusiness Process Optimization\r\n•\tCounterfeit Management\r\nBased on Application, the market is bifurcated into 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. Logistics and supply chain management applications are supposed to account for the largest market share as well as the highest CAGR throughout the forecast period. Blockchain can assist in supply chain management by giving user’s reliable data management and visualization abilities. The technology-enabled supply chain can present an intelligent, interconnected network that ties together various tiers of suppliers, manufacturers, service providers, distributors, and customers distributed across the globe.\r\nGlobal Blockchain in Manufacturing Market by Vertical\r\n•\tAerospace and Defense\r\n•\tEnergy & Power\r\n•\tAutomotive\r\n•\tPharmaceuticals\r\n•\tFood & Beverages\r\n•\tIndustrial\r\n•\tTextile\r\nBased on Vertical, the market is bifurcated into Aerospace and Defense, Energy & Power, Automotive, Pharmaceuticals, Food & Beverages, Industrial, and Textile. Energy & power and industrial sectors are anticipated to account for major shares of the overall blockchain in the manufacturing market throughout the forecast period. Maintenance, investigation, fuel mix, ambient temperature, air quality, and physical movement are important issues in the energy & power sector. Using blockchain along with AI and IoT can help resolve such issues and foretell possible issues that may arise in the future.\r\nGlobal Blockchain in Manufacturing Market by Geography\r\n•\tNorth America\r\n•\tEurope\r\n•\tAsia Pacific\r\n•\tRest of the world. \r\nBased on regional analysis, the Global Flexible Substrates Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America dominates the blockchain in the manufacturing market due to the broad availability of chief industry players of blockchain technology solutions providers, growing venture capital funding, and investments in blockchain technology. Asia-Pacific is the expected region in terms of growth in blockchain in the manufacturing market due to increasing government investments in logistics infrastructure development and diffusion of warehouse management systems and broadly rising demand and development in cold chain infrastructure have made China a top market in this region.\r\n"}'>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.

Bitcoin as well as other forms of cryptocurrency. Each section of the blockchain contains data of the transaction as well as a timestamp, which by nature, cannot be transformed. Blockchain stores data, without a necessary authority. There can be numerous applications in which blockchain can be used such as integrity management, digital currencies as well as foreign exchange transfer. In terms of the manufacturing industry, Blockchain can be employed for applications such as supply chain management, digital product memory, Internet of Things and Industry 4.0 applications, 3D printing, and more. \r\nRising technologies involving Blockchain are aiding the growth of the Global Blockchain in the Manufacturing Market. Implementation of blockchain technology in the manufacturing sector benefits in giving trading partners an important and more decrease cost trust in the identity and stature of the counterparty in any business or trading relationship. Furthermore, the adoption of blockchain technology could help the manufacturing industry by composing the supply chain more secure, by manufacturing processes more transparent. It can also be used in B2B situations with the production and implementation of smart contracts.\r\nGlobal Blockchain in Manufacturing Market Overview\r\nThe global blockchain in the manufacturing market is principally driven by the growing number of applications that involve Blockchain, as well as the incorruptible nature of the Blockchain. Raising venture capital funding and investments in blockchain technology is also an essential factor in increasing market growth. Besides, the increased demand for improved security of supply chain transactions, lower operational costs, and the growing popularity of blockchain technology in retail and supply chain management are other remarkable major factors driving the blockchain in the manufacturing market swiftly. Moreover, increasing demand for real-time data analyses, effective visibility, and proactive maintenance, and increased emphasis on energy efficiency and cost of production are also encouraging market growth. \r\nHowever, the lack of blockchain technicians in the manufacturing sector and unpredictable regulatory standards and landscape, and the absence of a common set of standards are some major factors expected to hinder the growth of this market to a notable extent. On the other hand, lack of awareness about the block chain’s potential among manufacturers and concern regarding security, privacy, and control are the fundamental challenges of this market. Nevertheless, factors such as advancement in 3d printing technology, molding international trade and supply chain management, and huge adoption of blockchain technology for payments, smart contracts, and digital identities are expected to significant growth opportunities for blockchain in manufacturing market players during the forecast period.\r\nGlobal Blockchain in Manufacturing Market by Application\r\n•\tAsset Tracking and Management\r\n•\tReal-Time Workforce Tracking and Management\r\n•\tQuality Control and Compliance\r\n•\tPredictive Maintenance\r\n•\tLogistics and Supply Chain Management\r\n•\tBusiness Process Optimization\r\n•\tCounterfeit Management\r\nBased on Application, the market is bifurcated into 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. Logistics and supply chain management applications are supposed to account for the largest market share as well as the highest CAGR throughout the forecast period. Blockchain can assist in supply chain management by giving user’s reliable data management and visualization abilities. The technology-enabled supply chain can present an intelligent, interconnected network that ties together various tiers of suppliers, manufacturers, service providers, distributors, and customers distributed across the globe.\r\nGlobal Blockchain in Manufacturing Market by Vertical\r\n•\tAerospace and Defense\r\n•\tEnergy & Power\r\n•\tAutomotive\r\n•\tPharmaceuticals\r\n•\tFood & Beverages\r\n•\tIndustrial\r\n•\tTextile\r\nBased on Vertical, the market is bifurcated into Aerospace and Defense, Energy & Power, Automotive, Pharmaceuticals, Food & Beverages, Industrial, and Textile. Energy & power and industrial sectors are anticipated to account for major shares of the overall blockchain in the manufacturing market throughout the forecast period. Maintenance, investigation, fuel mix, ambient temperature, air quality, and physical movement are important issues in the energy & power sector. Using blockchain along with AI and IoT can help resolve such issues and foretell possible issues that may arise in the future.\r\nGlobal Blockchain in Manufacturing Market by Geography\r\n•\tNorth America\r\n•\tEurope\r\n•\tAsia Pacific\r\n•\tRest of the world. \r\nBased on regional analysis, the Global Flexible Substrates Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America dominates the blockchain in the manufacturing market due to the broad availability of chief industry players of blockchain technology solutions providers, growing venture capital funding, and investments in blockchain technology. Asia-Pacific is the expected region in terms of growth in blockchain in the manufacturing market due to increasing government investments in logistics infrastructure development and diffusion of warehouse management systems and broadly rising demand and development in cold chain infrastructure have made China a top market in this region.\r\n"}'>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 MarketSegmentation Analysis

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

Blockchain In Manufacturing Market, By Application

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