WASHINGTON, March 15, 2022 (GLOBE NEWSWIRE) -- Global Blockchain in Manufacturing Market is estimated to reach USD 14033.77 Million in the year 2028. The Market stood at a revenue of USD 543.90 Million in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 71.90%.
Blockchain technology has the potential to change the entire identity of the traditional manufacturing sector. Increase in the energy demands motivates world industries working in the energy & power sector to approve the blockchain solutions that would assist them in the enhancement of production along with the lower downtime and minimal maintenance during the forecast period. The growth in the demand for blockchain in the industrial manufacturing sector is predicted to enhance the market growth in the upcoming years. Moreover, other key factor for growth of the Blockchain in Manufacturing Market is companies are moving towards the adoption of blockchain and IoT technologies as these technologies authorize analysis of real-time data, easy development of solutions, identifying the movement of high-value equipment, and monitoring customer purchase behavior. These technological solutions offer different solutions such as manufacturing of products and access to company business insights in order to enhance the performance of their machinery and compare the usage of products across different regions. In addition, the real-time analytics tools assist in aligning the statically changing demands in the ecosystem of industrial equipment is further estimated to enhance the market demand. The implementation of blockchain technology in the sector of manufacturing can make the supply chain more secure, by making operations more transparent due to which its demand is growing in the manufacturing industry.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Blockchain in Manufacturing market is predicted to grow at a CAGR of roughly 71.90% during the forecast period.
- The Blockchain in Manufacturing market was estimated to be worth roughly USD 543.90 Million in 2021 and is expected to reach USD 14033.77 Million by 2028; based on primary research.
- On the basis of region, Europe is projected to dominate the worldwide Blockchain in Manufacturing market.
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List of Prominent Players in the Blockchain in Manufacturing Market:
- NVIDIA Corporation (US)
- XAIN AG (Germany)
- CargoX (Slovenia)
- RIDDLE&CODE GMBH (Austria)
- Chronicled (US)
- LO3 Energy (US)
- Electron (UK)
- Filament (US)
- Grid Singularity (Germany)
- Ship chain (US)
- Microsoft Corporation (US)
- Advanced Micro Devices, Inc. (US)
- International Business Machines Corporation (US)
- Intel Corporation (US)
- Oracle Corporation (US)
- Factom (US)
- Big chain DB GmbH (Germany)
- Blockchain Foundry Inc. (Canada)
- Wipro Ltd. (India)
- Amazon.com, Inc. (US)
- Syncron International AB (Sweden)
- Electron (UK)
- Chroma Way AB (Sweden)
- Project Provenance Ltd (UK)
- Everledger Ltd. (UK)
- Supercomputing Systems AG (Switzerland)
- Storj Labs Inc. (US)
- and Cloud Technology Partners, Inc. (US)
Market Dynamics:
Drivers:
Blockchain in manufacturing provides Blockchain-as-a-Solution (BaaS) for businesses which drives the growth of Blockchain in Manufacturing Market. Blockchain helps in simplifying the business Processes and also grants transparency and stability in the business across various countries which further helps in the development of the Blockchain in Manufacturing Market globally. Moreover, Blockchain in Manufacturing Market sector is also responsible for the significant growth in Venture Capital Investments and initial Coin Offerings (ICO) which is projected to enhance the growth of the market in the near future. Increased demand for real-time data analysis, enhanced visibility, preventive maintenance, energy efficiency are the major factors driving the growth of Blockchain in Manufacturing Market during the forecast period. Advancements in the operations of Information Technology (IT) and Operational Technology (OT) are the other prime factors that drive the growth of the Blockchain in Manufacturing Market in the upcoming years.
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Challenges:
Lack of awareness among the manufacturers about Blockchain potentials is the major challenge in the Blockchain in Manufacturing Market which is estimated to hamper the growth of the market over the coming years. Rising concerns in privacy, security, and control sectors in the industries are the other challenge in the Blockchain in Manufacturing Market which can reduce the overall growth of the market during the forecast period. Conflicts related to data ownership and inconsistent Business Semantics are the factors which has a major effect on the Blockchain in Manufacturing Market and which can limit the growth of the market in the years to come. Moreover, the high system requirements for data storage and the high cost of implementation are expected to hinder the growth of Blockchain in Manufacturing Market during the forecast period.
Regional Trends:
In 2021, the North-America region is appeared as the largest market among other regions for the Blockchain in Manufacturing Market with the highest revenue share. Moreover, growth in the adoption of blockchain technology in the manufacturing sector is responsible for the revenue growth in the North-American region. The North American region has a well-established and steady economy which authorizes it to do considerable investments in the development of the latest technologies in the manufacturing sector which drives the growth of the region in upcoming years.
Asia Pacific region is expected to dominate the Blockchain in the manufacturing market in terms of fast growth in CAGR during the forecast period. This is due to rapid industrialization; the Asia Pacific region is undergoing fast conversion towards development which will further drive the growth of Blockchain in Manufacturing Market in the upcoming years. Significant growth in technological vendors such as Japan, China, Malaysia, Indonesia, and India are the major factors driving the growth of the APAC region.
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "Blockchain in Manufacturing Market Size, Share & Trends Analysis Report by Application (Predictive Maintenance, Asset Tracking and Management, Business Process Optimization, Logistics and Supply Chain Management), by End Use (Energy & Power, Industrial, Automotive, Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/blockchain-in-manufacturing-market-market-951578
Recent Developments:
- 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. Manufacturers of vaccines can use the system to detect payment of vendors, inventory, and smart contracts through the Internet of Things (IoT) connections.
- In October 2020, Tomo Chain, a smart contract platform based in Singapore own Lition for an unannounced amount. After this ownership Lition become a core sector of Tomo Chain and pursue to develop its sidechain technology for commercial use, by focusing on the expansion and collaborations of Blockchain in Manufacturing Market.
The report on the Blockchain in Manufacturing Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Blockchain in Manufacturing Market?
- How will the Blockchain in Manufacturing Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Blockchain in Manufacturing Market?
- What is the Blockchain in Manufacturing market drivers and restrictions?
- What will be the CAGR and size of the Blockchain in Manufacturing Market throughout the forecast period?
This market titled “Blockchain in Manufacturing Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 543.90 Million |
| Projected Market Size in 2028 | USD 14033.77 Million |
| CAGR Growth Rate | CAGR of 71.90% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • 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 • End Use • Energy & Power • Industrial • Automotive • Pharmaceuticals • Aerospace & Defense • Food & Beverages • Textile & Clothing • Others (Electronics, Printing, Chemicals) |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • NVIDIA Corporation (US) • XAIN AG (Germany) • CargoX (Slovenia) • RIDDLE&CODE GMBH (Austria) • Chronicled (US) • LO3 Energy (US) • Electron (UK) • Filament (US) • Grid Singularity (Germany) • Shipchain (US) • Microsoft Corporation (US) • Advanced Micro Devices, Inc. (US) • International Business Machines Corporation (US) • Intel Corporation (US) • Oracle Corporation (US) • Factom (US) • Big chain DB GmbH (Germany) • Blockchain Foundry Inc. (Canada) • Wipro Ltd. (India) • Amazon.com, Inc. (US) • Syncron International AB (Sweden) • Electron (UK) • Chroma Way AB (Sweden) • Project Provenance Ltd (UK) • Everledger Ltd. (UK) • Supercomputing Systems AG (Switzerland) • Storj Labs Inc. (US) • and Cloud Technology Partners, Inc. (US). |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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