Westford, USA,, March 20, 2023 (GLOBE NEWSWIRE) -- With its established technological infrastructure and advanced manufacturing capabilities, North America is well-positioned to lead the way in the blockchain in manufacturing market. As the manufacturing industry continues to adopt AI-enabled machinery and automation, blockchain technology is set to revolutionize traditional identification processes, further increasing demand in the future. In addition, with its decentralized ledger system, blockchain can help to prevent fraud, reduce supply chain inefficiencies, and enhance product traceability. As a result, manufacturers can benefit from improved productivity, cost savings, and enhanced customer satisfaction.
Smart manufacturing is becoming an increasingly important sector in today's technology-driven world, and its market size is estimated to reach a whopping USD 638.28 billion by 2028, according to SkyQuest. This growth is expected to be fueled by a CAGR of 15.3%, which is a testament to this industry's widespread adoption and rapid development. The growth of the smart manufacturing sector, as predicted by SkyQuest, is sure to create significant opportunities for the blockchain in manufacturing market. With the potential to revolutionize the way manufacturers operate, blockchain technology is set to become an integral part of the smart manufacturing landscape in the years ahead.
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Browse in-depth TOC on the "Blockchain in Manufacturing Market"
- Pages - 245
- Tables - 94
- Figures - 69
Blockchain technology can potentially transform many industries, and manufacturing is no exception. By leveraging blockchain, manufacturers can increase efficiency, improve supply chain transparency, reduce costs, and enhance data security. Blockchain can also help manufacturers track products throughout the supply chain. By using blockchain to create a digital ledger of products and their movements, manufacturers can ensure that products are authentic, safe, and meet quality standards.
Prominent Players in Blockchain in Manufacturing Market
- NVDIA Corporation
- Chronicled
- Shipchain
- LO3 Energy
- XAIN AG
- Electron
- CargoX
- Advanced Micro Devices, Inc.
- Filament
- International Business Machines Corporation
- Grid Singularity
- Microsoft Corporation
- RIDDLE & CODE GMBH
Logistics and Supply Chain Management Segment to Witness High Growth as Blockchain Technology Ensures Complete Transparency and Traceability of Supply Chain
Logistics and supply chain management have become one of the fastest-growing segments in the blockchain in manufacturing market. According to recent research, this trend is expected to continue its dominance throughout the forecast period of 2022 to 2028. Blockchain technology has the power to completely revolutionize supply chain management by increasing transparency, security, and efficiency. With the help of blockchain, manufacturers can track the movement of their products from the raw materials stage to the finished product stage, ensuring that all parties involved in the supply chain have access to the same information. This can help to reduce fraud, errors, and delays, leading to cost savings and increased customer satisfaction.
According to recent market research, North America maintained its position as the leading contributor to the blockchain in manufacturing market in 2021. This is due to the region's high adoption of blockchain technology across various industries, including manufacturing. In addition, the region's advanced technological infrastructure and supportive regulatory environment have also played a crucial role in driving the growth of blockchain in manufacturing. Furthermore, North America is projected to continue to experience a high compound annual growth rate (CAGR) between 2022 and 2028. This is due to the increasing awareness among manufacturers about the benefits of blockchain, such as enhanced security, transparency, and traceability.
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Energy and Power Segment to Garner Substantial Growth as Blockchain Technology Enables the Creation of Decentralized Energy Production Systems
In 2021, the energy and power segment held a significant share of the blockchain in manufacturing market. This segment has been actively exploring the use of blockchain for various applications, such as supply chain management, energy trading, and grid management. With the growing adoption rate of renewable energy sources and increasing demand for efficient energy management, the energy and power segment is expected to hold a high market share. Looking ahead, the energy and power segment is estimated to grab a higher share of the market from 2022 to 2028. The increasing need for transparency and security in the energy sector, coupled with the potential for blockchain to enable peer-to-peer energy trading and decentralized energy management, is expected to drive the adoption of blockchain technology in this segment.
The Asia Pacific region has emerged as a promising market in the blockchain industry, particularly in the manufacturing sector. In 2021, the region has shown remarkable growth and has become a key player in the global blockchain in manufacturing market. Per projections, the region will likely register high growth by 2028. In addition, many regional governments have recognized the potential of blockchain technology and are taking steps to promote its adoption. For instance, the Chinese government has launched a blockchain-based service network to promote the development and adoption of blockchain technology in various industries, including manufacturing.
The blockchain in manufacturing market presents significant opportunities for companies willing to invest in research and development and expand their distribution networks. The report provides valuable insights into the market, including trends, challenges, and emerging opportunities. With the help of SkyQuest's report, businesses can gain valuable insights and recommendations to help them grow and stay ahead of the competition in this dynamic market.
Key Developments in Blockchain in Manufacturing Market
- Smart manufacturing is a rapidly growing trend in the industrial world that seeks to optimize and streamline manufacturing processes using advanced technologies such as the IoT, AI, and ML. One of the most promising emerging technologies in this field is digital twin technology. It involves creating a virtual replica of a physical asset, system, or process to simulate and analyze its behavior in real-time.
- Teijin and Fujitsu have recently announced their collaboration in developing a new commercial platform for manufacturing recycled materials. The platform will be based on blockchain technology, providing a secure and transparent system for managing the manufacturing process from start to finish. In addition, blockchain technology enables secure and immutable data recording, ensuring that all data related to the manufacturing process is accurate and tamper-proof.
- Clarins, a well-known beauty brand, has recently launched its T.R.U.S.T platform that uses blockchain technology to provide transparency on ingredient traceability and product manufacturing. This move by Clarins is a major step towards building a more sustainable and responsible beauty industry. With the T.R.U.S.T platform, customers can make informed decisions about the products they buy and can choose brands that align with their values.
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Key Questions Answered in Blockchain in Manufacturing Market Report
- What strategies can companies adopt to leverage the emerging trends in the global market?
- How do established companies overcome new entrants' challenges in the global market?
- What cultural factors must companies consider when marketing their products and services in different regions?
- How can companies address regulatory challenges in different regions while maintaining competitiveness?
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