Market Size of Blockchain Technology in Aerospace and Defense Industry
| 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 |
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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 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 |
Blockchain Technology in Aerospace and Defense Market Size Summary
The blockchain technology market within the aerospace and defense sectors is poised for significant expansion, driven by the need for enhanced transparency and connectivity in complex supply chains. This technology is increasingly being adopted by major players in the aviation industry, such as Hyperledger Fabric, Accenture PLC, Microsoft, and Loyyal Corporation, alongside airlines and airports, to streamline operations and improve efficiency. The aerospace segment is expected to experience the most rapid growth, fueled by substantial investments in research and development aimed at integrating blockchain into commercial aviation. Airlines like Lufthansa, Air New Zealand, and Air France KLM are exploring blockchain applications for various business functions, including cargo and baggage tracking, distribution, and loyalty programs, to boost profitability. Meanwhile, the defense sector is gradually adopting blockchain for applications such as cyber warfare protection, shipment tracking, and secure communication, although its growth is currently slower compared to aerospace.
North America is projected to lead in market growth, supported by significant investments from U.S.-based companies and government initiatives. Companies like Honeywell and Boeing are pioneering blockchain applications in areas such as aircraft parts e-commerce and urban aerial mobility, respectively. Government efforts, including the use of blockchain in military applications and cybersecurity research, further bolster market expansion in the region. The market is characterized by fragmentation due to numerous local players, but consolidation is anticipated as established companies acquire startups. Partnerships and joint ventures between blockchain providers and aerospace and defense entities are expected to further drive market growth during the forecast period. Key players in this space include Winding Tree, Loyyal Corporation, Accenture PLC, Microsoft, and Aeron Labs.
Blockchain Technology in Aerospace and Defense Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End User
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2.1.1 Aerospace
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2.1.2 Defense
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Rest of World
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Blockchain Technology in Aerospace and Defense Market Size 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.
