Global Blockchain In Manufacturing Market Size, Share, Growth Analysis, By Application(Business Process Optimization, Logistics), By End users(Automotive, Energy & Power), By Provider(Middleware Providers, Infrastructure)-Industry Forecast 2022-2028

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 companies are currently digitising their processes and integrating a diverse set of technologies and applications. They must also account for information transferred beyond organisational borders. Blockchain technology has the potential to drastically transform the way traditional manufacturing is identified. The application of blockchain technology in the manufacturing business provides trading partners with quick, low-cost assurance in the authenticity of the other party in any financial or trading transaction. Blockchain technology implementation may also benefit the manufacturing sector by boosting supply chain security and process transparency. It can also be used in B2B settings with the development and application of smart contracts.

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 all provide significant growth opportunities for the blockchain industry in the manufacturing sector.

Top-down and bottom-up approaches were used to estimate and validate the size of global Blockchain in Manufacturing Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report:

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.

Driver

Rising demand for proactive and real-time maintenance

Market expansion is being driven by the adoption of blockchain solutions that can boost productivity while needing minimum maintenance and downtime. Companies are adopting blockchain and IoT because these technologies provide real-time data analysis, the tracking of expensive equipment, and other advantages.

Restraint

Inadequate Awareness

Lack of awareness about blockchain possibilities among manufacturers is a major impediment to market expansion. Many customers are unaware about blockchain applications in manufacturing, which may impede market growth over the projection period. Furthermore, the lack of a unified set of standards and an ambiguous regulatory environment are important impediments to market expansion throughout the forecast period.

Market Trends

The utilisation of the Electronics and Semiconductor Vertical is establishing a new trend in blockchain. To reduce lead time and production costs, the supply chain's material integrity, demand for parts, and complicated manufacturing procedures must be improved. Blockchain might be utilised in a variety of ways at each stage of the semiconductor and device production process to speed up operations and handle security concerns.