New York, United States, Dec. 6, 2022 (GLOBE NEWSWIRE) — Aviation Blockchain Market Overview
Market Research Future (MRFR)’s report highlights, “The aviation blockchain market Information by vertical, end user, application and region – Forecast to 2030“, the market will reach USD 16.861 billion by 2030 at a CAGR of 21.8%.
Market overview
Blockchain is a decentralized technology that eliminates risks associated with partially held information. Similarly, companies in the aerospace industry are eager to integrate blockchain technology into their operations in the retail network. This includes complicated stuff, a large manufacturing network and a secondary sales industry that has existed for decades with occasionally moving members. In addition, a significant portion of the aviation industry is looking at blockchain innovation as a creative way to track and distribute reliable aircraft design information across the multifaceted inventory network. In addition, blockchain can ultimately benefit many suppliers by building a single plane.
The capacity to streamline and guarantee smoother, more efficient operations that reduce complexity and cost savings is driving the adoption of blockchain in the aviation industry. Some factors driving the market expansion include the improved passenger experience, reduced maintenance costs, simplified business transactions and higher transparency and traceability of operations. Thanks to blockchain technology, the airline industry now benefits from a transparent and well-connected supply chain. This technology is necessary for the aerospace industry because of the extensive and intricate supply networks that support the sector’s expansion.
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Report scope:
| Report attribute | Details |
| 2030 Market size | 16,861 billion |
| CAGR | 21.8% (2020–2030) |
| Foundation year | 2019 |
| Forecast period | 2020–2030 |
| Historical data | 2018 |
| Forecasting units | Value (billion USD) |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | By vertical, end user, application and region |
| Geographies covered | North America, Europe, Asia-Pacific, Middle East and Africa and Latin America |
| Important market drivers |
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Market Competitive Landscape:
The famous contenders in the aviation blockchain market are:
- Aeron Labs (Canada)
- Infosys (India)
- Insolar Technologies (Switzerland)
- IBM (USA)
- Skybuys (Australia)
- Sweetbridge, Inc. (USA)
- Microsoft Corporation (USA)
- Moog Inc. (USA)
- Olistics (Switzerland)
- Quillhash Technologies Pvt. Ltd (India)
- AVINOC Ltd (China)
Market USP covered:
Market drivers:
For the adoption and implementation of blockchain technology, industry participants work closely with airport authorities. They also keep the industry informed about innovations in the aviation sector. Reduced costs and conditional complexity are a couple of factors that influence the market’s growth. However, the absence of standards and common practices, slow harmonization and resistance to change in the avionics industry are believed to hinder market growth and expansion in the absence of cutting-edge information storage systems. In addition, IoT is integrated with analytics technology for aviation blockchain markets to provide a more open and efficient warehouse network, which is expected to drive the growth of the global aviation blockchain market.
Due to the intricate supply chain management in this industry, blockchain technology can help ensure a superior and efficient supply chain. This is one of the major applications of blockchain technology that is likely to increase the market revenue over the expected period of time. In the coming years, increased use of developing and changing technologies by aircraft carriers and airports is expected to contribute significantly to market expansion. Implementation of blockchain technology in aviation provides efficient aerospace transactions, maximum operational efficiency and user transparency. The airline, airport, lessor and MRO industry all use the aviation blockchain in some capacity.
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Market restrictions:
On the other hand, lack of laws and uniform standards is predicted to hinder market expansion. The aviation blockchain sector is expected to face challenges from the aviation industry’s slow integration and resistance to change.
COVID 19 analysis
Due to travel restrictions, a gloomy demand forecast and the expected economic performance of market participants in 2020, the extension of the COVID-19 pandemic has had a detrimental effect on the global aviation blockchain business. The total shutdown and temporary shutdown of industries, which governments have already announced in several places, hurt the overall production and sales activities. In February 2021, the second wave of COVID-19 hit harder than the first strain and was expected to have a more severe overall impact on the economic outlook. Government travel restrictions, changes in customer behavior and the worldwide economic crisis have all contributed to a decline in the travel industry.
Market segmentation
By application, the market includes passenger identity management, supply chain management, aircraft maintenance, aircraft and crew data management, cargo and baggage tracking, and smart contracts. After the end market, the market includes MRO, airlines, airports and manufacturers. By vertical, the market includes civil and commercial and military.
Regional insight
The aviation blockchain market in North America is expected to grow at the largest CAGR. One of the main drivers of this region’s favorable market growth is the increasing adoption of technology by airports, airlines and MRO service providers. Major airports and key industry players are present in North America, which is expected to increase the use of blockchain in the aviation industry. The development of the European market is expected to be influenced by the increasing acceptance of UAVs by the strategic powers for strategic missions during the study period. During the forecast period, the market in this sector is expected to show a significant CAGR. The aviation blockchain’s primary market in the world is Asia-Pacific, which is expected to maintain its control by the end of the estimated time frame.
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The market is expected to be led by North America, which is expected to grow at the highest CAGR. One of the key factors drastically influencing the growth is the increasing reception of innovation via aircraft, aircraft terminals and MRO expert collaboration in this location. The aviation blockchain market is expected to be driven by the region’s presence of key air terminals and industry players. Market growth is expected to be driven by rising defense spending and increasing demand for new aircraft in countries such as China and India. The growth of the aviation blockchain market is believed to be driven by an increase in the use of UAVs in Latin America for gathering intelligence on drug trafficking and radical movements, monitoring deforestation and controlling illegal movement.
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