Jersey City, New Jersey, Sept. 07, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently published a report, “Blockchain in the manufacturing market” By application (asset tracking and management, real-time workforce tracking and management), by vertical (aerospace and defense, energy and power, automotive) and by geography. According to Verified Market Research, Blockchain In Manufacturing Market size was valued at USD 40.0 Mn in 2021 and is expected to generate a revenue of USD 766.2 Mn in 2030, growing at a CAGR of 80.0% during the forecast period i.e. 2022-2030.
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Global Blockchain In Manufacturing Market Overview
Blockchain technology can be used to provide better visibility, scalability and security when resources, goods, parts and money are traded along the manufacturing industry’s supply chain. The market is expected to rise due to the increasing demand from the energy and electricity sectors, as well as the industrial sector. Increasing worldwide energy demand is motivating energy and power companies to explore blockchain solutions that can help them improve productivity while reducing maintenance and downtime.
The global blockchain in manufacturing market is expected to increase due to the incorruptible nature of blockchain as well as the growing number of applications that use it. Raising venture capital funds and investments in various blockchain technologies are also essential for market expansion. Other notable drivers pushing blockchain in the manufacturing sector are the increased demand for greater security for supply chain transactions, lower operating costs, and the growing use of blockchain technology in retail and supply chain management.
Important developments
- In December 2020, using the IBM Blockchain Transparent Supply (BTS) platform, IBM Research developed a solution for the textile industry. It allows customers to track the entire fabric production process, from receiving raw materials to cleaning, spinning, weaving, quality control, distribution and sales.
Key players
The major players in the market are IBM Corporation, Intel Corporation, Microsoft Corporation, Amazon.Com, Inc., Nvidia Corporation, Advanced Micro Devices, Factom, Wipro Limited, Oracle and Xain AG and among others.
Verified market research has segmented the global blockchain in manufacturing market on the basis of application, vertical and geography.
- Blockchain in the manufacturing market, by application
- Asset tracking and management
- Real-time workforce tracking and management
- Quality control and compliance
- Predictive maintenance
- Logistics and Supply Chain Management
- Optimization of business processes
- Dealing with counterfeits
- Blockchain in the manufacturing market, by vertical
- Aviation and defence
- Energy and power
- Automotive
- Medicines
- Food and drink
- Industrial
- Textile
- Blockchain In Manufacturing Market, by Geography
- North America
- Europe
- Germany
- France
- Great Britain
- The rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ADVICE
- Middle East and Africa
- Latin America
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Top 5 Blockchain Supply Chain Companies manage supply chains with unique technology
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