Market Size of Blockchain in Manufacturing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 76.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blockchain in Manufacturing Market Analysis
The Blockchain in Manufacturing Market will register a CAGR of 76.26% over the forecast period. Blockchain technology in manufacturing provides immutable quality control documentation and manufacturing procedures for data, as well as the ability for customers to track and trace incoming parts across the supply chain. Every transaction, update, and quality control is automatically recorded in the blockchain by the industrial industry's database of blockchain technology.
- Blockchain is increasingly used for logistics and supply chain management, counterfeit management, quality control, and compliance. Manufacturers are working on blockchain implementations that improve operational efficiency, give them more insight into their supply chains, and enable them to track assets with never-before-seen accuracy. Blockchain technology can completely change how manufacturers develop, engineer, produce, and scale their goods.
- In addition, blockchain technology can change the overall identification of the traditional manufacturing sector as the growing use of AI-enabled machinery, and automation in the manufacturing industry further increases the demand for blockchain technology in the manufacturing sector in the upcoming years.
- Moreover, the market is anticipated to develop due to rising demand from the industrial sector, the energy and electricity sectors, and consumers in general. Energy and power companies are encouraged by the rise in global energy demand to investigate blockchain technologies that could increase production while minimizing maintenance and downtime.
- Market growth is anticipated to be significantly constrained by factors such as the risk of compromising sensitive and essential information about a company's core operational procedures, a lack of blockchain experts in the manufacturing sector, the unpredictability of regulatory standards and landscape, and the absence of a set of uniform requirements.
- The COVID-19 epidemic caused significant disruptions to the supply chain systems since many essential tools and materials are heavily reliant on imports from other nations. In addition, the strict directives of the governing authorities to adhere to social distance standards pushed the industries to operate with a small workforce, which resulted in a decline in the sectors' production rates. All of these elements thus have a detrimental impact on the development of blockchain technology in the manufacturing industry.
Blockchain in Manufacturing Industry Segmentation
Blockchain technology, based on peer-to-peer technology, is a distributed ledger that allows data storage globally, allowing any user on the network to see prior entries in real-time.
The Blockchain in Manufacturing Market is segmented by Application (Logistics and Supply Chain Management, Counterfeit Management, Quality Control, and Compliance), End-user Vertical (Automotive, Aerospace and Defense, Pharmaceutical, Consumer Electronics), and Geography (North America, Europe, Asia-Pacific, Rest of the World)
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Application | |
| Logistics and Supply Chain Management | |
| Counterfeit Management | |
| Quality Control and Compliance | |
| Other Applications |
| End-user Vertical | |
| Automotive | |
| Aerospace and Defense | |
| Pharmaceutical | |
| Consumer Electronics | |
| Other End-user Verticals |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Blockchain in Manufacturing Market Size Summary
The blockchain technology in manufacturing is poised for significant growth, driven by its ability to enhance operational efficiency and provide unprecedented insights into supply chains. This technology offers immutable documentation and traceability across the supply chain, which is crucial for logistics, counterfeit management, quality control, and compliance. As manufacturers increasingly adopt AI-enabled machinery and automation, the demand for blockchain solutions is expected to rise, transforming traditional manufacturing processes. The industrial and energy sectors are particularly keen on exploring blockchain to boost production and reduce downtime. However, the market faces challenges such as data security concerns, a shortage of blockchain expertise, regulatory uncertainties, and the lack of standardized requirements, which could hinder its growth.
North America is anticipated to lead the blockchain in manufacturing market due to its rapid adoption of this technology and the presence of major blockchain vendors like IBM, Microsoft, and Amazon Web Services. The region's established economies and advanced technological infrastructure, including IoT and big data, facilitate the integration of blockchain into manufacturing processes. The market is still in its early stages, with limited vendors, but ongoing investments in new technologies are expected to drive growth. Partnerships, such as those between Amazon Web Services and Ava Labs, aim to enhance blockchain adoption, while initiatives like Shell and Accenture's digital book-and-claim service for sustainable aviation fuel demonstrate practical applications of blockchain in the industry.
Blockchain in Manufacturing Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter Five Forces
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Intensity of Competitive Rivalry
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1.3.5 Threat of Substitute Products
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1.4 Assessment of COVID-19 Impact on the Industry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Logistics and Supply Chain Management
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2.1.2 Counterfeit Management
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2.1.3 Quality Control and Compliance
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2.1.4 Other Applications
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2.2 End-user Vertical
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2.2.1 Automotive
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2.2.2 Aerospace and Defense
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2.2.3 Pharmaceutical
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2.2.4 Consumer Electronics
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2.2.5 Other End-user Verticals
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Rest of the World
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Blockchain in Manufacturing Market Size FAQs
What is the current Blockchain in Manufacturing Market size?
The Blockchain in Manufacturing Market is projected to register a CAGR of 76.26% during the forecast period (2024-2029)
Who are the key players in Blockchain in Manufacturing Market?
IBM Corporation, Microsoft Corporation, Intel Corporation, Amazon Web Services, Inc. and Wipro Limited are the major companies operating in the Blockchain in Manufacturing Market.
