Blockchain in Manufacturing Market

Blockchain in Manufacturing Market- By application, end-user, and region

Market Synopsys

The market size of the Blockchain in manufacturing market in the year 2022 is valued at USD 931.79 Million and is predicted to reach USD 70058.50 Million by the year 2030 at an 71.60% CAGR during the forecast period. Nowadays, manufacturing companies are transforming their processes digitally and are inventing numerous applications and systems for gaining transparency in the business which is the key growth factor for the Blockchain in Manufacturing market. Blockchain technology in manufacturing help companies to track and trace all the incoming parts throughout the supply chain which provides convenience across the process and further drives the growth of the market in the years to come. The feature of Blockchain in Manufacturing industry terminates the intermediary function and upgrades the security and data management of the overall process which drives the growth of Blockchain in Manufacturing in years to come. The revenue growth in the global Blockchain in Manufacturing market is significantly driven by increased transparency and trust at all the stages of the industrial value chain, from raw materials to finished products. Moreover, various companies are adopting IoT technologies and blockchain technology on a large scale as this technology analyses real-time data and help in the easy development of solutions which is projected to drive the growth of Blockchain in Manufacturing market during the forecast period. In addition, blockchain technology has the ability to change the overall identification of the traditional manufacturing sector as the growing use of AI enabled machinery and automation in the manufacturing industry that further increases the demand for blockchain technology in the manufacturing sector in the upcoming years.

Market Segmentation:

The Blockchain in Manufacturing market is segmented on the basis of application and end-users. Based on application type, the market is segmented as 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. By end users’ type, the market is segmented as Energy & Power, Industrial, Automotive, Pharmaceuticals, Aerospace & Defense, Food & Beverages, Textile & Clothing, Others (Electronics, Printing, Chemicals).

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Logistic and Supply Chain Management holds the largest market share in the Blockchain in Manufacturing market

In 2021, the logistic and supply chain management segment had a major share and is expected to continue its dominance during the forecast period. The logistic and supply chain includes product development production, sourcing, and logistics among all those activities resulting the segment in gaining the highest revenue share in the Blockchain in Manufacturing market. The technology-enabled supply chain solutions can offer an intelligent, interconnected network that binds multiple suppliers’, manufacturers, service providers, distributors together all over the world. Moreover, blockchain can assist supply chain management by providing reliable data management and visualization capabilities to the users due to which the category is growing in the coming years.

The energy and power sector acquires the major shares in the Blockchain in Manufacturing market

In 2021, the energy and power industry in the end user segment is expected to hold the major shares in the Blockchain in Manufacturing market during the forecast period. Using AI and IoT helps to solve the issues such as fuel mix, inspection, maintenance, and air quality and predict the possible issues that can occur in the future. Moreover, the use of these technologies in energy plant involves engineering design knowledge, deep physics insights, and new technologies in inspections that offers an overall solution for machinery inspections and predictive maintenance which contributes to the sector growth during the forecast period. Companies like Intel and IBM are trying to develop innovations in green energy sector to know the demand for blockchain that will organize all sorts of transactions which are expected to fuel the growth of the sector in the coming years.

North America region holds the largest revenue shares in the Blockchain in Manufacturing market

In 2021, North America region acquires the largest market share in the Blockchain in Manufacturing market. The North American region includes a well-established economy and allows it to invest in the development of new technologies in the manufacturing sector. The Blockchain in Manufacturing market is projected a considerable growth in revenue due to the presence of key players in the region. The US, Canada, and Mexico are expected to experience considerable growth in the Blockchain in Manufacturing market during the forecast period owing to the increased adoption of blockchain technology across industries such as energy and power.