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Blockchain in manufacturing market expected to reach USD 700-58.5 million by end of 2031, need for transparency and security across multiple manufacturing verticals driving the market

Blockchain in manufacturing market expected to reach USD 700-58.5 million by end of 2031, need for transparency and security across multiple manufacturing verticals driving the market

WESTFORD, Massachusetts., July 10, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain In Manufacturing market size was estimated at $542.56 million in 2022 and is set to grow from $931.79 million in 2023 until USD 70058.5 million by 2031, with a CAGR of 71.6% during the forecast period (2024-2031).

Modernization of manufacturing processes across the globe is setting the pace for blockchain in manufacturing market development. Advancement in blockchain technology and its integration with manufacturing practices will help blockchain in manufacturing companies expand their business scope in the future. Better transparency and security offered by blockchain technology-based manufacturing solutions is what makes the market highly favorable in the future. The global blockchain in manufacturing market is segmented into application, end-user, and region.

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Blockchain Market Overview in Manufacturing:

Reporting coverage

Details

Market revenues in 2023

$931.79 million

Estimated value in 2031

$70058.5 million

Growth percentage

Ready to grow with a CAGR of 71.6%

Forecast period

2024–2031

Forecast units

Value (USD million)

Reporting coverage

Sales forecast, competitive landscape, growth factors and trends

Segments covered

Application and end user

Geographies covered

North America, Europe, Asia Pacific, Middle East and Africa, Latin America

Highlights of the report

Updated financial information / product portfolio of players

Key market opportunities

Increasing use of automation and IoT technologies

Key Market Drivers

High demand for smart manufacturing to improve productivity and increasing demand for proactive maintenance

Segments covered in Blockchain in the manufacturing market looks like this:

  • Application
    • Predictive maintenance (vibration monitors, thermography, ferrigraphy), logistics and supply chain management (general ledger system, smart contracts), counterfeit management (barcodes, QR codes, radio frequency identification tags), business process optimization (general ledger technology) and more
  • End users
    • Automotive (streamlining of transactions, tracking of cars and vehicles, autonomous driving), textiles and apparel (enhanced traceability in transactions, real-time tracking of goods), aerospace and defense (aircraft maintenance, finance, biometric identity verification), pharmaceuticals (transparency and traceability, data integrity, reduction of counterfeit medicines), energy and electricity (secure platform for P2P trading) and others

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Emphasis on improving supply chain management to promote use of blockchain technology

The robust security and transparency offered by blockchain-based supply chain solutions makes this segment highly viable for market players. Manufacturing companies using blockchain technology are improving the efficiency and transparency of supply chains through advanced data visualization and management capabilities. Blockchain is also optimizing logistics by providing improved traceability and handling of various assets involved in the production process. From manufacturers to consumers, these solutions are expected to benefit everyone.

As uncertainty in international markets increases, the need for business optimization has increased. Blockchain technology can help streamline business operations by minimizing operational costs and automating various other tasks through smart contracts and other features. Application of business optimization is a segment that can prove to be a game changer for both new and established blockchain in manufacturing companies.

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Automotive Industry Takes the Lead in Blockchain in Manufacturing

Automakers are constantly focusing on improving their operations by adopting advanced manufacturing techniques and technologies. The growing demand for vehicles and the need for new manufacturing technologies to create unique vehicle components will also play a crucial role in determining the future of blockchain manufacturing. From supply chain to vehicle sales, Blockchain is expected to revolutionize every aspect of the automotive industry in the long run.

The use of Blockchain in pharmaceutical manufacturing is expected to have a positive outlook in the coming years. Pharmaceutical companies can use Blockchain to track pharmaceutical ingredients and even solve the problem of counterfeit drugs by keeping track of all the pharmaceutical products produced. Secure data exchange is another advantage of using Blockchain technology in pharmaceutical manufacturing.

New companies in the global blockchain in manufacturing market will have to focus on providing services to penetrate the market and then move to blockchain in manufacturing solutions. Established blockchain in manufacturing suppliers should focus on the automotive and pharmaceutical industries to take their business to the next level in the future.

Related report:

Blockchain Market

Blockchain as a service market

Blockchain in the healthcare market

Cryptocurrency market

Automotive Blockchain Market

About us:

SkyQuest is an IP-focused research and investment bank and technology and asset accelerator. We provide access to technologies, markets and finance across all sectors, namely Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors to leverage external sources of R&D. Furthermore, we help them optimize the economic potential of their intellectual assets. Our experience in innovation management and commercialization has extended our reach across North America, EuropeASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apacheweg,
Westford,
Massachusetts 01886
US (+1) 351-333-4748
Email address: [email protected]
Visit our website: https://www.skyquestt.com/

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