In terms of revenue, the Global Blockchain in Manufacturing Market is expected to reach 14033.77 USD Million by 2028, growing at a CAGR of 71.60% from 2022 to 2028. The Blockchain in Manufacturing Market is expected to witness swift growth in the forecast period owing to the demand which has been increased from industrial and energy & power sectors. Rising energy demand globally encourages associations that are working in the energy & power sector to approve blockchain solutions that can help them improve productivity with reduced downtime and less maintenance.
- Logistics and supply chain management segment is anticipated to hold a significant share for the Blockchain in Manufacturing Market. Blockchain can uphold supply chain management by providing users with decisive visualization and data management capabilities. The technology-driven supply chain can offer an interconnected, and intelligent network that binds multiple tiers of suppliers, distributors, service providers, manufacturers, and customers together who are distributed across the world; technologies like blockchain, IoT, and AI are helping conventional methods of product tracking, supply chain management, and inventory management develops to handle current complexities.
- Energy & power segment is anticipated to hold a significant share for Blockchain in Manufacturing Market. Maintenance, fuel mix, inspection, ambient temperature, material movement, and air quality are key issues in the power & energy industry. Using blockchain with IoT and AI can help resolve such problems and predict attainable issues which may appear in the future.
- Asia Pacific is the largest regional segment. Manufacturing is one of the key pillars of the region’s economy and is undergoing a swift transformation. In order to cut costs, low-end manufacturing associations are moving to Southeast Asia, including electronics and automotive manufacturing firms.
Some of key players in Blockchain in Manufacturing Market includes, NVIDIA Corporation (US), XAIN AG (Germany), CargoX (Slovenia), RIDDLE&CODE GMBH (Austria), Chronicled (US), LO3 Energy (US), Electron (UK), Filament (US), Grid Singularity (Germany), Shipchain (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), International Business Machines Corporation (US), Intel Corporation (US), Oracle Corporation (US), Factom (US), BigchainDB GmbH (Germany), Blockchain Foundry Inc. (Canada), Wipro Ltd. (India), Amazon.com, Inc. (US), Syncron International AB (Sweden), Electron (UK), ChromaWay AB (Sweden), Project Provenance Ltd (UK), Everledger Ltd. (UK), Supercomputing Systems AG (Switzerland), Storj Labs Inc. (US), and Cloud Technology Partners, Inc. (US)..
Companies are shifting toward adopting IoT and blockchain as these can enable detect movement of high value equipment, real-time data analyses, monitoring customer purchase behavior, and easy deployment of solutions. Furthermore, real-time tools for analysis helps in aligning to changing requirements in the equipment ecosystem in industries. Moreover, blockchain can back supply chain management by providing users with decent visualization and data management capabilities.