Blockchain In Manufacturing Market is related to Soar High at a Stellar 71.6% CAGR through 2031 Owing to High Adoption of Smart Manufacturing Practices

June 19 08:20 2024
Blockchain In Manufacturing Market is related to Soar High at a Stellar 71.6% CAGR through 2031 Owing to High Adoption of Smart Manufacturing Practices
Skyquest Technology
Blockchain In Manufacturing Market Size, Share, Growth Analysis, By Application(Predictive Maintenance (Vibration Monitors, Thermography, Ferrography), Logistics and Supply Chain Management (Ledger System), By End users(Automotive (Streamlining Transactions, Car and Vehicle Tracking, Autonomous Driving), Textile and clothing (Enhanced Traceability in Transactions), By Region – Industry Forecast 2024-2031

Blockchain In Manufacturing Market size was valued at USD 542.56 million in 2019 and is poised to grow from USD 931.79 million in 2023 to USD 70058.5 million by 2031, growing at a CAGR of 71.6% in the forecast period (2024-2031).

Rapid digitization of the manufacturing sector owing to a high emphasis on efficiency and productivity is projected to aid blockchain in manufacturing market growth. The use of Blockchain technology in the manufacturing industry is projected to improve the security and transparency of B2B transactions, optimization of the supply chain, and promote optimal resource utilization.  

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Product and ingredient traceability is also a key application in the manufacturing industry where Blockchain could work wonders and augment the global blockchain in manufacturing market growth. Collaborations and partnerships will be a priority for incoming as well as established market players in the future. Blockchain technology advancements coupled with the rising preference for smart manufacturing practices is slated to bolster the demand for blockchain in manufacturing over the coming years. Growing investments in the adoption of advanced digital technologies to improve manufacturing efficiency will be the cornerstone for blockchain in manufacturing market success going forward.  

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Sustainability to Open Up New Scope of Business for Blockchain in Manufacturing Providers  

High emphasis on the incorporation of sustainability in manufacturing organizations is projected to present a lucrative opportunity for Blockchain in manufacturing companies over the coming years. Innovation will be a priority for all blockchain in manufacturing market players. The use of smart contracts to maintain compliance and ensure sustainability standards are met will also help the expansion of blockchain in manufacturing market going forward. Blockchain network providers will gain the most benefit from the rising penetration of blockchain in manufacturing going forward.  

  • In an effort to keep track of emissions and keep them in check, SABIC, a leading name in the chemicals business announced that it had launched a new pilot Blockchain project to enhance emission tracking back in July 2023. The company collaborated with a Blockchain software organization called Circularise for end-to-end tracking of emissions of materials.  
  • In partnership with AntChain, Nike, a top name in the footwear business announced the development and launch of a new Blockchain-based system back in June 2023. Nike enabled a new product traceability system through this partnership that works on AntChain’s Blockchain network.  
  • To monitor the emissions from its suppliers, a new Supplier CO2 Emission Monitoring System (SCEMS) was launched by Korean automotive companies back in August 2023. Hyundai and Kia launched this solution in the wake of rising emphasis on sustainability to track emissions throughout the supply chain.  

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The rising popularity of the Industry 4.0 trend and growing emphasis on automation adoption are also key factors that are estimated to promote blockchain in manufacturing demand. New companies will need to focus on raising new funds as this is projected to be a capital-intensive market. Established blockchain in manufacturing providers need to come up with innovations and also integrate other smart technologies to satisfy the evolving demands of the manufacturing industry over the coming years.  

 Related Report:

Blockchain Market

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