LONDON, Feb. 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the blockchain in manufacturing market, increased demand for the blockchain from end-use industries across the globe is driving the growth of the blockchain market. In the industrial sector, blockchain can enable an altogether new manufacturing business model by increasing visibility across all elements of the process: from suppliers, strategic sourcing, procurement, and supplier quality, through shop floor operations, which include machine-level monitoring and servicing. For instance, according to Wood Makenzie's Blockchain in Energy research report published in 2021, 59% of blockchain energy initiatives are creating peer-to-peer energy platforms. A peer-to-peer energy market is a community of people who trade and buy extra energy from one another. Therefore, increased demand for the blockchain from various sectors is expected to propel blockchain technology in manufacturing industry growth going forward.
The global blockchain in manufacturing market size is expected to increase from $49.50 million in 2021 to $85.64 million in 2022 at a compound annual growth rate (CAGR) of 73%. The change in the market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The blockchain in the manufacturing market is expected to reach $778.05 million in 2026 at a CAGR of 73.6%.
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Technological advancements are shaping the blockchain in manufacturing market trend. Technologies such as artificial intelligence and IoT help in the automation of manufacturing processes that save time and cost in the process. For instance, in July 2021, Tech Mahindra, an India-based information technology company, launched a blockchain-based system to track vaccine supply. Vaccine manufacturers can utilize the system to monitor vendor payments, inventory, and smart contracts via an Internet-of-Things (IoT) connection.
Major players in the blockchain for manufacturing industry are Advanced Micro Devices Inc, Amazon Web Services Inc., Blockchain Foundry Inc., CargoX, Chronicled, Xayn AG, Factom Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Riddle &Code GmbH, Wipro Limited, Everledger Ltd., Accenture PLC, BigchainDB GmbH, ChromaWay AB, and LO3 Energy.
The global blockchain in manufacturing market is segmented by application into logistics and supply chain management, counterfeit management, quality control and compliance, others; by end-use into energy and power, industrial, automotive, pharmaceuticals, aerospace and defense, food and beverages, textile and clothing, others.
Asia-Pacific was the largest region in the blockchain in manufacturing market in 2021. The regions covered by the blockchain in the manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Blockchain In Manufacturing Global Market Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide blockchain in manufacturing market overviews, blockchain in manufacturing market analyze and forecast market size and growth for the whole market, blockchain in manufacturing market segments and geographies, blockchain in manufacturing market trends, blockchain in manufacturing market drivers, blockchain in manufacturing market restraints, blockchain in manufacturing market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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