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Blockchain in Manufacturing Market Set for Exponential Growth, Valued at $3297.77 Billion by 2029

21 Jan, 2025

What Are The Historic and Current Condition of The Blockchain in Manufacturing Market?

The Blockchain in Manufacturing Market has exhibited exponential growth in the recent past.
• In 2024, the market was valued at $248.93 billion, and by 2025 it had escalated to $427.99 billion, demonstrating an impressive CAGR of 71.9%.
The significant growth during this period can be attributed to the increased need for enhancing supply chain visibility, rising concerns about counterfeiting, growth in manufacturing process complexities, adoption of smart contracts in manufacturing, and heightened demand for superior data security in manufacturing.

What is The Projected Market Size and Compound Annual Growth Rate of The Blockchain in Manufacturing Market?

The blockchain in manufacturing market looks set for exponential growth in the coming years.
• The estimated size of the market by 2029 is $3297.77 billion with a CAGR of 66.6%.
Several reasons drive this forecasted growth: the integration of blockchain in industry 4.0 initiatives, growing emphasis on traceability and transparency, rising adoption of decentralized manufacturing networks, increase in regulatory compliance requirements, and expansion of blockchain applications beyond the supply chain.

What Factors are Propelling The Growth of The Blockchain in Manufacturing Market?

Increased demand for the blockchain across various sectors globally is propelling this market. Blockchain, particularly in the industrial sector, can introduce an entirely new manufacturing business model by increasing process visibility from suppliers and strategic sourcing to shop floor operations, including machine-level monitoring and servicing. An example that underpins this trend is that in February 2024, the Energy Information Administration observed the rapid surge of cryptocurrency mining operations in the U.S., which accounted for an estimated 0.6% to 2.3% of the nation's total electricity consumption.

How is The Blockchain in Manufacturing Market Segmented?

The blockchain in manufacturing market covered in this report is segmented:
1) By Applications: Logistics and Supply Chain Management, Counterfeit Management, Quality Control And Compliance, Other Applications
2) By Component: Platform, Services
3) By End-Use: Energy And Power, Industrial, Automotive, Pharmaceuticals, Aerospace And Defense, Food And Beverages, Textile And Clothing, Other End-Users

Pre-Book The Blockchain in Manufacturing Market Report For Swift Delivery And Comprehensive Insights Here

What Trends are Shaping The Blockchain in Manufacturing Market?

Major companies operating in the blockchain in manufacturing market are focusing on developing tech-savvy solutions such as the Tezos blockchain ecosystem. This solution enhances supply chain transparency and improves operational efficiency via decentralized processes. For instance, Moi Technology Ltd., an India-based technology company, launched Babylon Testnet in June 2023. Babylon Testnet addresses efficiency and user interaction problems, and it concurrently enhances security, flexibility, and scalability in the blockchain industry.

Who Are The Key Players in The Blockchain in Manufacturing Market?

Major players in the blockchain in manufacturing market include:
• Advanced Micro Devices Inc.
• Amazon Web Services Inc.
• Blockchain Foundry Inc.
• CargoX Inc.
• Chronicled Inc.
• Xayn AG
• Factom Inc.
• International Business Machines Corporation
• Oracle Corporation
• The Bitfury Group
• Sphera Solutions Inc
• Provenance Ltd.

What is The Dominant Region in The Blockchain in Manufacturing Market?

In 2024, Asia-Pacific emerged as the reigning region in the blockchain in manufacturing market. The report additionally covers several other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.