Reportlinker.com announces the release of the report “Blockchain in Manufacturing Global Market Report 2022”.
The global blockchain in manufacturing market 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 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 market is expected to reach $778.05 million in 2026 at a CAGR of 73.6%.
The blockchain in the manufacturing market consists of sales of blockchain in the manufacturing services by entities (organizations, sole traders, and partnerships) that are engaged in providing digitally transformed processes of manufacturing with the help of numerous systems and applications. Blockchain technology helps the manufacturing industry by making the supply chain more secure and processes more transparent.
The main application of blockchain in manufacturing market is logistics and supply chain management, counterfeit management, quality control, and compliance, and others.The logistics and supply chain management in the blockchain are used by different industry sectors to improve supply chain management.
It allows supply chain partners to share trusted data through permissioned blockchain solutions. Blockchain is used in various sectors such as 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 in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Technological advancements are shaping the blockchain in manufacturing market.Technologies such as artificial intelligence and IoT helps in the automation of the 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 Internet-of-Things (IoT) connection.
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 Makenzies 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 the growth of blockchain in manufacturing market going forward.
In October 2020, TomoChain, a Singapore-based smart contract platform acquired Lition for an undisclosed amount.Through this acquisition, Lition becomes a core segment of TomoChain and continues to build its sidechain technology for commercial use cases while cultivating relevant business expansion collaborations.
Lition is a Germany-based company that provides public-private blockchain with deletable data features.
The countries covered in the blockchain in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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