The Blockchain in Manufacturing Market is expected to reach USD 3,294.66 Million by 2028 at a CAGR of 79.85% from 2022 to 2028; Increasing need for improved supply chain transparency, data security and cost savings to drive market growth
SkyQuest, a prominent market research firm, has published a comprehensive report on the blockchain in the manufacturing market, offering valuable insights into various market aspects. The report contains, among other things, estimates of the market’s size, growth dynamics, segment analysis, market trends and lucrative business opportunities. For businesses operating in this industry, the insights provided in this report can be instrumental in identifying the most promising segments and developing effective strategies to target them. In addition, the report’s comprehensive analysis, accurate data and reliable insights can also help companies make informed decisions and stay ahead of the competition.
Westford, U.S., March 20, 2023 (GLOBE NEWSWIRE) — With its established technological infrastructure and advanced manufacturing capabilities, North America is well positioned to lead the way in blockchain in the manufacturing market. As the manufacturing industry continues to adopt AI-enabled machinery and automation, blockchain technology is set to revolutionize traditional identification processes, further increasing demand in the future. Additionally, with its decentralized ledger system, blockchain can help prevent fraud, reduce supply chain inefficiencies and improve product traceability. As a result, manufacturers can benefit from improved productivity, cost savings and increased customer satisfaction.
Smart manufacturing is becoming an increasingly important sector in today’s technology-driven world, with the market size estimated to reach a whopping $638.28 billion by 2028, according to SkyQuest. This growth is expected to be driven by a CAGR of 15.3%, which is a testament to this industry’s widespread use and rapid development. The growth of the smart manufacturing sector, as predicted by SkyQuest, is sure to create significant opportunities for blockchain in the manufacturing market. With the potential to revolutionize the way manufacturers operate, blockchain technology will become an integral part of the smart manufacturing landscape for years to come.
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Browse an in-depth table of contents on “Blockchain in Manufacturing Market”
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Pages – 245
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Tables – 94
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Number – 69
Blockchain technology can potentially transform many industries, and manufacturing is no exception. By leveraging blockchain, manufacturers can increase efficiency, improve supply chain, reduce costs and improve data security. Blockchain can also help manufacturers track products throughout the supply chain. By using blockchain to create a digital ledger of products and their movements, manufacturers can ensure that products are authentic, safe and meet quality standards.
Prominent players within blockchain in the production market
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NVDIA Corporation
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Chronicled
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Ship chain
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LO3 Energy
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XAIN AG
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Electron
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CargoX
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Advanced Micro Devices, Inc.
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Filament
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International Business Machines Corporation
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Grid singularity
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Microsoft Corporation
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PUZZLE & CODE GMBH
The logistics and supply chain management segment is witnessing high growth as blockchain technology ensures complete transparency and traceability of the supply chain
Logistics and supply chain management has become one of the fastest growing segments of blockchain in the manufacturing market. According to recent research, this trend is expected to continue its dominance throughout the forecast period of 2022 to 2028. Blockchain technology has the power to completely revolutionize the supply chain by increasing transparency, security and efficiency. Using blockchain, manufacturers can track the movement of their products from the raw material stage to the finished product stage, ensuring that all parties involved in the supply chain have access to the same information. This can help reduce fraud, errors and delays, and lead to cost savings and increased customer satisfaction.
According to recent market research, North America maintained its position as the leading contributor to the blockchain in manufacturing market in 2021. This is due to the region’s high adoption of blockchain technology across various industries, including manufacturing. In addition, the region’s advanced technological infrastructure and supportive regulatory environment have also played a crucial role in driving the growth of blockchain in manufacturing. Furthermore, North America is expected to continue to experience a high compound annual growth rate (CAGR) between 2022 and 2028. This is due to the growing awareness among manufacturers of the benefits of blockchain, such as increased security, transparency and traceability.
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Energy and power segment to achieve significant growth as blockchain technology enables the creation of decentralized energy production systems
In 2021, the energy and power segment had a significant share of the blockchain in the production market. This segment has actively explored the use of blockchain for various applications, such as supply chain management, energy trading and grid management. With the increasing use of renewable energy sources and increasing demand for efficient energy management, the energy and power segment is expected to hold a high market share. Looking ahead, the energy and power segment is estimated to take a higher share of the market from 2022 to 2028. The growing need for transparency and security in the energy sector, coupled with the potential for blockchain to enable peer-to-peer energy trading and decentralized energy management, is expected to drive the adoption of blockchain technology in this segment.
The Asia-Pacific region has emerged as a promising market in the blockchain industry, especially in the manufacturing sector. In 2021, the region has shown remarkable growth and has become a key player in the global blockchain within the manufacturing market. As per forecasts, the region is likely to register high growth by 2028. Additionally, many regional governments have recognized the potential of blockchain technology and are taking steps to promote its adoption. For example, the Chinese government has launched a blockchain-based service network to promote the development and use of blockchain technology in various industries, including manufacturing.
The blockchain in the manufacturing market offers significant opportunities for companies willing to invest in research and development and expand the distribution network. The report provides valuable insight into the market, including trends, challenges and new opportunities. Using SkyQuest’s report, companies can gain valuable insights and recommendations to help them grow and stay ahead of the competition in this dynamic market.
Important developments within blockchain in the manufacturing market
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Smart production is a rapidly growing trend in the industrial world that seeks to optimize and streamline production processes using advanced technologies such as IoT, AI and ML. One of the most promising new technologies in this field is digital twin technology. It involves creating a virtual copy of a physical resource, system or process to simulate and analyze its behavior in real time.
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Teijin and Fujitsu have recently announced their collaboration to develop a new commercial platform for the production of recycled materials. The platform will be based on blockchain technology, which provides a secure and transparent system for managing the production process from start to finish. In addition, blockchain technology enables secure and immutable data recording, ensuring that all data related to the production process is accurate and tamper-proof.
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Clarins, a well-known beauty brand, has recently launched its TRUST platform, which uses blockchain technology to provide transparency about ingredient traceability and product manufacturing. This move by Clarins is a big step towards building a more sustainable and responsible beauty industry. With the TRUST platform, customers can make informed decisions about the products they buy and can choose brands that align with their values.
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Key Questions Answered in Blockchain in Manufacturing Market Report
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What strategies can companies adopt to exploit the new trends in the global market?
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How do established companies cope with the challenges of new players in the global market?
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What cultural factors must companies consider when marketing their products and services in different regions?
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How can companies meet regulatory challenges in different regions while maintaining competitiveness?
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