Report ID: UCMIG45D2005 | Region: Global | Published Date: December, 2022 | Pages: 165Cloud API Market
Report ID: SQSG45D2027 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Blockchain in Manufacturing Market was valued at USD 54.13 million in 2021, and it is expected to reach a value of USD 3294.66 million by 2028, at a CAGR of 79.85% over the forecast period (2022-2028).
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.
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Global Blockchain in Manufacturing Market is segmented based on the application, end user, provider, and region. Based on the application, the Global Blockchain in Manufacturing Market is segmented into Business Process Optimization, Logistics and Supply Chain Management, Counterfeit Management. Based on the end user, the market has been segmented into Automotive, Energy & Power, Industrial, Pharmaceuticals. By provider, the market is segmented into Middleware Providers, Infrastructure and Protocols Providers, Application and Solution Providers. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
Logistics and supply chain management dominated the market and anticipated to have the largest market share in 2021. 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.
Analysis by End Users
Energy and power generation segment held the largest share in the Global Blockchain in Manufacturing Market. Major difficulties in the energy and power sector include material mobility, maintenance, inspection, fuel mix, ambient temperature, and air quality. Such problems can be resolved, and potential future problems can be predicted, by combining blockchain, AI, and IoT. These technologies are used in energy plants to provide a comprehensive solution for preventive maintenance and machinery inspections. They combine deep physics insights, engineering design expertise, and new inspection technologies. Industrial applications is faster growing segment due to increasing used of Global Blockchain in Manufacturing Market to solve various problems.
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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.
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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.
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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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.
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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.
|Market size value in Manufacturing||USD 54.13 million|
|Market size value in 2028||USD 3294.66 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global 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 Global 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.
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