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 |
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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.
