Blockchain in Manufacturing Market

Global Blockchain in Manufacturing Market Size (2023 to 2028)

The global blockchain in the manufacturing market is expected to be worth 95.90 billion USD in 2023. It is expected to grow at a CAGR of 75.32% during the forecast period and reach a value of 1588.46 billion USD by 2028.

Blockchain may be a system of records that manage and track transactions disbursed using Bitcoin and other forms of cash. Each part of the blockchain contains transaction data additionally as a timestamp, which cannot be altered naturally. Blockchain could be a distributed ledger that holds data without the necessity of a central authority. Blockchain is also used for a spread of purposes, including integrity management, digital currency, and exchange transfer. Blockchain could also be employed in the manufacturing industry for supply chain management, digital product memory, the Internet of Things and Industry 4.0 applications, 3D printing, and other applications. The expansion of the world Blockchain in the Manufacturing Market is being aided by emerging technologies integrating Blockchain. Implementing blockchain technology within the manufacturing industry provides trade partners with a major and lower-cost level of trust within the counterparty's identity and standing in any business or trading transaction. Furthermore, blockchain adoption might benefit the manufacturing industry by making supply chains safer and production processes more transparent. It's going to be employed in business-to-business contexts to make and implement smart contracts.

Manufacturers are functioning on blockchain solutions, which may help them improve operations, get more visibility into supply networks, and monitor assets with unparalleled precision. Blockchain has the flexibility to vary the way companies create, engineer, manufacture, and scale their goods. Furthermore, it's rewriting how organizations interact thanks to its ability to push trust among competitors who must collaborate inside similar ecosystems. The manufacturing industry isn't any exception, and it's presently experiencing a renaissance of interest in next-generation technology, with blockchain particularly attracting many people's attention.

Global Blockchain in Manufacturing Market Drivers:

The expanding number of Blockchain-based applications, similarly because of the incorruptible nature of the Blockchain, are driving the worldwide blockchain in the manufacturing market. Raising working capital funds and investments in blockchain technologies are critical to plug expansion. Other notable important drivers propelling the blockchain within the industrial business quickly include the rising need for greater supply chain transaction security, lower operating costs, and the growing popularity of blockchain technology in retail and supply chain management. Additionally, the rising need for real-time data analysis, effective visibility, and proactive maintenance, as well as a greater target energy efficiency and price of production, are driving market expansion. During the forecast period, advancements in 3D printing technology, global trade and supply chain management, and widespread adoption of blockchain technology for payments, smart contracts, and digital identities are expected to produce significant growth opportunities for Blockchain In Manufacturing Market players.

Global Blockchain in Manufacturing Market Restraints:

The dearth of blockchain experts in the manufacturing sector, as well as the unpredictability of regulatory norms and landscape and the lack of a single set of standards, are all predicted to stymie the market's growth. The basic obstacles of this sector, on the other hand, include a lack of understanding about the blockchain's potential among producers, as well as concerns about security, privacy, and control.

Impact of COVID-19 on the global blockchain in manufacturing market:

Coronavirus has wreaked havoc on the whole planet. Lockdowns and robust social distancing measures are implemented in nearly every country. Supply networks are disrupted as a result of this. The epidemic has wreaked havoc on global systems. COVID-19 has had three major effects on the world economy: direct effects on production and demand, supply chain and market disruption, and financial impact on enterprises and financial markets. The research includes a dashboard overview of top firms like IBM Corporation, Intel Corporation, Microsoft Corporation, and Amazon Web Services, as well as their effective marketing tactics, market contributions, and state-of-the-art headways in both verifiable and current settings.

REPORT COVERAGE:

This research report on the global blockchain in the manufacturing market has been segmented and sub-segmented into the following categories.

Blockchain in Manufacturing Market - By Application:

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

Logistics and Supply Chain Management is predicted to hold the dominant share within the Global Blockchain in Manufacturing Market during the forecast period. A blockchain supply chain can assist participants in better managing the provision chain by recording price, date, location, quality, certification, and other pertinent information. The supply of this information within the blockchain can improve material supply chain traceability, reduce counterfeit and Gray market losses, improve visibility and compliance over outsourced contract manufacturing, and potentially boost an organization's position as a responsible manufacturing leader.

Asset Tracking and Management are expected to see a significant share and growth in the Global Blockchain Manufacturing Market during the forecast period. Blockchain enables you to build a system that combines third-party technology and procedures with internal systems to provide a single source of truth for asset management operations. This facilitates the addition of additional partners by allowing transactions to be controlled by the blockchain.

Real-Time Workforce Tracking and Management is expected to see rapid growth in the Global Blockchain in Manufacturing Market during the forecast period. Pharmaceutical businesses may use blockchain to monitor pharmaceuticals across the whole supply chain using individual serial numbers. The network ledger keeps track of production changes by serial number and acts as a tamper-proof source of truth, preventing unscrupulous actors from exploiting the system.

Blockchain in Manufacturing Market - By End User Vertical:

• Energy & Power
• Industrial
• Automotive
• Pharmaceuticals
• Aerospace & Defence
• Food & Beverages
• Textile & Clothing

Energy and power are expected to hold the dominant share in the Global Blockchain Manufacturing Market during the forecast period. In the energy industry, blockchain is seen as a potential method for recording and facilitating transactions between energy providers and consumers, with a variety of applications, including Peer-to-peer power trading: Automated smart contracts are used to sell excess renewable energy to other network participants. Indeed, blockchain is poised to transform the renewable energy industry in a variety of ways, from certifying the source of green energy by allocating generation assets to a specific point of consumption to making energy grids more accessible through real-time data sharing and enabling two-party transactions.

Automotive, Aerospace, and defense are expected to see a significant share and growth in the Global Blockchain Manufacturing Market during the forecast period. Because it provides perfect transparency, blockchain is extremely valuable. All car shipments are optimized at the same time. Pricing, shared inventory, payments, logistics, and contact information are all seamlessly integrated. The blockchain might be used to completely verify and safeguard vehicle mileage, allowing drivers who don't drive often to save money on their insurance. Blockchain is a promising and growing technology that has the potential to enable decentralized trust, data security and integrity, traceability, transparency, visibility, and auditability across a wide range of industries, including aerospace and military.

Industrial is expected to see rapid growth in the Global Blockchain in the Manufacturing Market during the forecast period. Simply said, blockchain technology is a decentralized, distributed ledger that tracks the origin of digital assets. The information on a blockchain can't be changed by configuration, making it a genuine disruptor in regions like installments, network protection, and medical services.

Blockchain in Manufacturing Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Asia-Pacific is expected to have the dominant share in the Global Blockchain Manufacturing Market during the forecast period. China's manufacturing sector, which is one of the world's largest in terms of production, is experiencing fast change. This large-scale transition has helped the country preserve its global industrial leadership position. Japan, with the exception of China, is mostly an industrial country. According to the IMF, the country's manufacturing sector has outperformed the services sector in terms of industrial productivity due to greater use of ICT. The country's most productive industrial sectors are the automobile and electronics industries. On the other hand, India is one of the most powerful emerging economies in Asia, and the manufacturing sector has seen significant growth in the country as a result of government initiatives such as 'Make in India,' which aim to give the manufacturing hub global recognition and are expected to drive the adoption of blockchain technology.

North America is expected to have the next dominant share in the Global Blockchain Manufacturing Market during the forecast period. In the manufacturing sector, the region is predicted to have the greatest market share of blockchain. The United States and Canada are leading the way in terms of blockchain adoption in manufacturing services, thanks to the presence of key industry participants such as IBM, Intel, Oracle, and others. Manufacturers contributed the most to the US economy, accounting for the maximum percentage of the country's production, and it has enormous growth potential.

KEY MARKET PLAYERS:

IBM Corporation, Intel Corporation, Microsoft Corporation, Amazon.Com Inc., Nvidia Corporation, Advanced Micro Devices, Factom, Wipro Limited, Oracle, Xain AG.

RECENT HAPPENINGS IN THE MARKET:

• The Role of Blockchain in Food Tracking in E-Commerce As more people shop for food online, the FDA is focusing on supply chain safety concerns.
• Welspun India has launched Wel-Trak 2.0 Blockchain, which is one of the largest traceability and ESG transparency rollouts in the textile sector.