Aerospace & Defense Blockchain Technology Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 35.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
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?
Aerospace & Defense Blockchain Technology Market Analysis
The blockchain technology in the aerospace and defense market is anticipated to register a CAGR of over 35% during the forecast period.
- Due to the presence of large and complex supply chains in the aerospace and defense industry, blockchain technology can help in maintaining a well-connected and transparent supply chain. This is one of the major driving factors for the use of blockchain technology in the aerospace and defense industry.
- In the growing aviation industry, the blockchain platform providers, like Hyperledger Fabric, Accenture PLC, Microsoft, and Loyyal Corporation,along with aviation industry players, like airports and airlines, are investing in developing and incorporating this technology into the aviation industry.
- Currently, defense growth is slowerin comparison tothe aerospace segment, with a lot of investments in R&D for protection against cyber warfare, tracing defense-related shipments, and contractsand creating secure government portals and efficient battlefield messaging services, among otherapplications.
Aerospace & Defense Blockchain Technology Market Trends
This section covers the major market trends shaping the Aerospace & Defense Blockchain Technology Market according to our research experts:
The Aerospace Segment to Experience the Highest Growth During the Forecast Period
The aerospace segment of the market studied is expected to register the highest CAGR during the forecast period. This growth is primarily driven by the increase in investments on R&D of blockchain technology into commercial aviation. Airlines, like Lufthansa, Air New Zealand, and Air France KLM, invested, and are evaluating, this technology for incorporating it into their business models, including retail, cargo, and baggage tracking, distribution, and loyalty program, to increase their profitability. Singapore Airlines officially launched its blockchain-based loyalty program for frequent customers in July 2018, after conducting a proof-of-concept trial with KPMG and Microsoft from February. Similarly, companies, like SITA, are working closely with the airport authorities and partnering with each other to integrate blockchain technology and update the industry players about the emerging technologies. SITA Labs partnered with British Airways, Heathrow, Geneva Airport, and Miami International Airport to validate FlightChain platform that demonstrates how flight information can be stored on the blockchain to deliver a single source of truth and shared control of data by airlines and airports. Lufthansa and Air France KLM are also working toward the use of blockchain for managing replacement parts on in-service airplanes. Such advancements are aiding the growth of the segment during the forecast period.
The North America Region to Experience the Highest Growth During the Forecast Period
North America is anticipated to have the highest growth during the forecast period. This is due to the investments by companies based in the United States. Honeywell launched a new e-commerce initiative, GoDirect Trade, a blockchain initiative for aircraft parts. Similarly, Boeing partnered with SparkCognition to form a new company called SkyGrid to develop software for aerial mobility in urban areas for autonomous cargo and passenger air vehicles. SkyGrid technology uses both blockchain technology and artificial intelligence for dynamic traffic routing (unmanned aircraft systems (UAS) traffic management). Additionally, on the other hand, the government has plans to use this technology in military applications. In the past years, the government mandated the blockchain cybersecurity research study. Naval Air Systems Command (NAVAIR) partnered with Indiana Technology and Manufacturing Companies (ITAMCO) to use blockchain technology for a connected and transparent supply chain. Such initiatives by the government and the companies on the technology are anticipated to support the growth of this market in this region.
Aerospace & Defense Blockchain Technology Industry Overview
The prominent players in the blockchain technology in the aerospace and defense market are Winding Tree, Loyyal Corporation, Accenture PLC, Microsoft, and Aeron Labs. The market studied is highly fragmented, due to presence of many local players. However, consolidation of the market is expected to take place with the well-established companies acquiring the startups in the field of blockchain technology. Since the market is still is in its initial stages, the partnerships and joint ventures between the blockchain platform providers and aerospace and defense players are expected to strengthen the growth of the market studied during the forecast period.
Aerospace & Defense Blockchain Technology Market Leaders
-
Winding Tree
-
Loyyal Corporation
-
Accenture PLC
-
Microsoft
-
Aeron Labs
*Disclaimer: Major Players sorted in no particular order
Aerospace & Defense Blockchain Technology Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 End User
- 5.1.1 Aerospace
- 5.1.2 Defense
-
5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Rest of World
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
-
6.2 Company Profiles
- 6.2.1 SIMBA Chain Inc.
- 6.2.2 Accenture PLC
- 6.2.3 Loyyal Corporation
- 6.2.4 Aeron Labs
- 6.2.5 Winding Tree
- 6.2.6 Microsoft
- 6.2.7 Ozone
- 6.2.8 BRUcloud
- 6.2.9 IBM
- 6.2.10 Guardtime
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aerospace & Defense Blockchain Technology Industry Segmentation
The study covers the use of blockchain technology in the aerospace and defense sector and gives a detailed analysis of future possibilities in the market studied.
| End User | Aerospace |
| Defense | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| Rest of World |
Aerospace & Defense Blockchain Technology Market Research FAQs
What is the current Blockchain Technology in Aerospace and Defense Market size?
The Blockchain Technology in Aerospace and Defense Market is projected to register a CAGR of greater than 35% during the forecast period (2024-2029)
Who are the key players in Blockchain Technology in Aerospace and Defense Market?
Winding Tree, Loyyal Corporation, Accenture PLC, Microsoft and Aeron Labs are the major companies operating in the Blockchain Technology in Aerospace and Defense Market.
Which is the fastest growing region in Blockchain Technology in Aerospace and Defense Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Blockchain Technology in Aerospace and Defense Market?
In 2024, the North America accounts for the largest market share in Blockchain Technology in Aerospace and Defense Market.
What years does this Blockchain Technology in Aerospace and Defense Market cover?
The report covers the Blockchain Technology in Aerospace and Defense Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Blockchain Technology in Aerospace and Defense Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Blockchain Technology in Aerospace and Defense Industry Report
Statistics for the 2024 Blockchain Technology In Aerospace And Defense market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Blockchain Technology In Aerospace And Defense analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
