USD 542.56 million
Blockchain In Manufacturing Market Size, Share, Growth Analysis, By Application(Predictive Maintenance, Logistics & Supply Chain, Counterfeit Management, Business Process Optimization, Others), End users(Automotive, Textile, Aerospace, Pharmaceuticals, Energy & Others), and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2092 |
Region:
Global |
Published Date: June, 2024
Pages:
245
|Tables:
94
|Figures:
76
Blockchain In Manufacturing Market Insights
Blockchain In Manufacturing Market size was valued at USD 542.56 million in 2022 and is poised to grow from USD 931.79 million in 2023 to USD 70058.5 million by 2031, growing at a CAGR of 71.6% in the forecast period (2024-2031).
Manufacturing firms are currently digitally modernising their operations and integrating a wide range of systems and applications. They must also take into account the information that is shared across corporate boundaries. Blockchain technology has the power to completely alter how traditional production is identified. The use of blockchain technology in the manufacturing industry helps trading partners have instantaneous, low-cost confidence in the legitimacy of the other party in any financial or trading connection. The implementation of blockchain technology may also benefit the manufacturing sector by increasing supply chain security and process transparency. With the development and application of smart contracts, it can also be applied in B2B scenarios.
Significant growth opportunities for the blockchain industry in the manufacturing sector are provided by the development of 3D printing technology, the transformation of global trade and supply chain management, and the widespread use of blockchain technology for payments, smart contracts, and digital identities.
US Blockchain In Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Logistics and Supply Chain Management
Fastest Growth
Business Process Optimization
Growth Rate
71.6% CAGR
Blockchain in Manufacturing Market ($ Mn)
Country Share for North America Region (%)
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Blockchain In Manufacturing Market Segmental Analysis
Global blockchain in manufacturing market is segmented based on the application, end user, and region. Based on application, the market is segmented into Predictive maintenance (vibration monitors, thermography, ferrography), Logistics and Supply Chain Management (ledger system, smart contracts), Counterfeit Management (barcodes, QRcodes, Radio frequency identification tags), Business Process Optimization (ledger technology) and others. Based on the end user, the market is segmented into automotive (streamlining transactions, car and vehicle tracking, autonomous driving), textile and clothing (enhanced traceability in transactions, real-time tracking of goods), aerospace and defense (aircraft maintenance, finance, biometric identity verification), pharmaceuticals (transparency and traceability, data integrity, counterfeit drug mitigation), energy & power ( secure platform for P2P trading), and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Blockchain In Manufacturing Market Analysis by Application
Logistics and supply chain management dominated the market and anticipated to have the largest market share. By providing users with dependable data management and visualisation capabilities, blockchain can help supply chain management. Blockchain, artificial intelligence, and the internet of things (IoT) are assisting traditional methods of supply chain management, product tracking, and inventory management to evolve to handle modern complexities. Technology-enabled supply chains can provide an intelligent, interconnected network that binds together multiple tiers of suppliers, manufacturers, service providers, distributors, and customers dispersed across the globe.
Business optimization is fastest growing segment during the forecast period. Within organisations processes can be tracked, managed, and improved using business process optimization techniques. This offers businesses an excellent chance to assess whether internal controls already integrated into their business processes are operating as intended and to optimise a process utilising both historical data and current data. Process optimization examines each crucial stage of a process and offers the best options based on projections for demand, error, maintenance, and consumption.
Blockchain In Manufacturing Market Analysis by End Users
The automotive sector of the blockchain in manufacturing market holds the highest share. The blockchain technology provides the automotive sector with streamline transactions, enhancing vehicle and component tracking, and support autonomous driving initiatives. This ability of blockchain technology to provide transparent records, secure transactions, management of complex supply chain, fraud detection and improving efficiency leads the automotive industry in this market. The automotive manufacturers blockchain technology in various applications for ensuring the originality of parts and enabling secure and transparent financial transactions. It ensures the availability of real time and accurate information.
On the other hand, the fastest growing sector off the blockchain in manufacturing market is the pharmaceutical sector. Blockchain technology plays an important role in tackling counterfeit drugs. It provides an immutable ledger that manages and tracks drugs from manufacturer to the end user. This helps in providing authenticity of product and ensures patients safety. It also promotes secure data sharing which helps in collaboration and innovations. As the need for improved drug safety is increasing with time, therefore the adoption of blockchain in pharmaceutical sector is also growing, thus leading to widespread acceptance.
Blockchain in Manufacturing Market By Application
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Blockchain In Manufacturing Market Regional Insights
North America dominated the global market and held largest market share. Implementation of blockchain technology in the manufacturing sector in the region is boosting the revenue share. The North American region has a strong and stable economy, which enables it to make significant investments in the creation of cutting-edge manufacturing technologies, which will fuel the region's growth in the coming years.
Asia Pacific was the fastest growing region in 2021, as one of the economic pillars of the Asia-Pacific region is manufacturing, which is changing quickly. According to reports, low-end manufacturers, including those in the automotive and electronics industries, are relocating to Southeast Asia in order to reduce prices. According to estimates, the automobile sector could have yearly growth of 6-8% during the anticipated period. China manufacturing industry, which is one of the largest in the world in terms of output, is changing quickly. This extensive transition has helped the nation maintain its position in the global manufacturing market.
Blockchain in Manufacturing Market By Geography
- Largest
- Fastest
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Blockchain In Manufacturing Market Dynamics
Blockchain In Manufacturing Market Driver
Increasing demand for real-time and proactive maintenance
- The adoption of blockchain solutions that can improve productivity while requiring little upkeep and little downtime is driving market growth. Companies are embracing blockchain and IoT because these technologies allow for real-time data analysis, the ability to track the movement of expensive equipment, and other benefits.
Blockchain In Manufacturing Market Restraint
Lack of Awareness
- Lack of awareness about blockchain potential among manufacturers is as a major resistant for the growth of the market. Many customers are not aware about blockchain usages in manufacturing, which will hinder the market growth during forecast period. Also, the absence of a single set of standards and an unclear regulatory environment are major barriers to the market growth during forecast period.
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Blockchain In Manufacturing Market Competitive Landscape
Global Blockchain in Manufacturing Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Blockchain In Manufacturing Market Top Player's Company Profiles
- Microsoft Corporation
- IBM
- Intel Corporation
- Amazon Web Services
- Oracle Corporation
- SAP SE
- Blockchain Foundry Inc.
- Factom
- Chain Inc.
- Wipro Limited
- Accenture
- Bitfury Group
- Chronicled
- Filament
- Guardtime
- LO3 Energy
- RIDDLE&CODE
- Syncronology
- Virtual Operations
- XAIN AG
Blockchain In Manufacturing Market Recent Developments
- In October 2022, Immutable Partners with NFT.NYC, these partnership will support NFT engagement at NFT.NYC events worldwide.
- In September 2022, Polygon Partners With Blockchain Founders Fund to Empower Web3 Entrepreneurs.
- In July 2021, Tech Mahindra, Information Technology company in India launched a blockchain-based system to trace the supply of vaccines all over the world.
Blockchain In Manufacturing Key Market Trends
- The used of Electronics and Semiconductor Vertical is creating new trend for the blockchain. To cut the lead time and lower the production cost, it is necessary to improve the supply chain’s material integrity, demand for parts, and complex manufacturing processes. Blockchain might be used in a variety of ways at each level of the manufacturing process for semiconductors and devices to speed up operations and address security concerns.
Blockchain In Manufacturing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Blockchain in Manufacturing Market analysis, Asia Pacific is expected to capture higher market share, the growth of the region is attributed to growing industrialization in these regions. China has emerged as a significant contributor to market growth in Asia Pacific. In terms of application, the logistics and supply chain application segment dominates the market. The segment's leading position can be attributed to its dependable data management and visualisation capabilities, blockchain can help supply chain management. In terms of end users, the energy and power generation led the market. The market growth is increase during forecast period because many companies are involved blockchain in their manufacturing process for faster the production and lower the production cost.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 542.56 million |
| Market size value in 2031 | USD 70058.5 million |
| Growth Rate | 71.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain In Manufacturing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain In Manufacturing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain In Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain In Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain In Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain In Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Blockchain In Manufacturing Market Report Snapshots
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