Blockchain in Manufacturing Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Blockchain in Manufacturing Market Size By 2025?
Over the recent years, the market size of blockchain in manufacturing has witnessed explosive growth. The market, which is set to be worth $248.93 billion in 2024, is projected to expand to $427.32 billion in 2025, registering an impressive compound annual growth rate (CAGR) of 71.7%. Factors contributing to its growth during the historic period include the requirement for better supply chain visibility, burgeoning worries over counterfeiting, the escalating complexity of manufacturing processes, the incorporation of smart contracts in manufacturing, and the rising demand for robust data security in the manufacturing sector.

How Big Is the Blockchain in Manufacturing Market Size Expected to Grow by 2029?
Anticipated to experience significant expansion in the upcoming years, the market size of blockchain in manufacturing is predicted to reach $3268.81 billion by 2029, boasting a compound annual growth rate (CAGR) of 66.3%. This predicted surge during the forecast period can be linked to a range of factors. These include the incorporation of blockchain in industry 4.0 initiatives, an increased focus on traceability and transparency, a growth in decentralized manufacturing networks adoption, a ascending in regulatory compliance requirements, and the broadening applications of blockchain beyond the supply chain. Key trends to watch for during this forecast period are the formation of consortiums and industry partnerships, the employment of blockchain for quality control and compliance, the merging of the Internet of Things (IoT) with blockchain, the acceptance of tokenization in manufacturing dealings, along with a heightened emphasis on sustainability and ethical sourcing through blockchain.

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Which Key Market Drivers Powering Blockchain in Manufacturing Market Expansion and Growth?
The global upsurge in the necessity for blockchain across various end-use industries is propelling the expansion of the blockchain market. In the manufacturing sector, blockchain can facilitate a completely new business model by enhancing visibility in all aspects of the process extending from suppliers, strategic sourcing, procurement, and supplier quality to shop floor operations such as machine-level monitoring and servicing. As an example, in February 2024 as noted by the Energy Information Administration, a government agency in the US, there has been a swift escalation in electricity demand due to cryptocurrency mining operations in the U.S., contributing to an approximate 0.6% to 2.3% of the country's total electricity consumption. Consequently, the escalating demand for blockchain from diverse sectors is anticipated to boost the growth of blockchain within the manufacturing market in the future.

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Which Fast-Growing Trends Are Poised to Disrupt the Blockchain in Manufacturing Market?
Prominent enterprises in the manufacturing sector within the blockchain market are honing their focus on creating technology-forward solutions like the Tezos blockchain ecosystem. This enhances transparency in the supply chain and boosts operational efficiency via decentralized mechanisms. The Tezos blockchain ecosystem is a non-centralized platform that authorizes smart contracts and dApps with inherent governance, enabling stakeholders to put forth and cast votes on protocol improvements. Its ability to self-amend fosters ceaseless innovation and scalability, all while preserving security and decentralization. For example, Moi Technology Ltd., a technology company located in India, introduced Babylon Testnet in June 2023 to solve existing issues in the blockchain industry. The Babylon Testnet augments the blockchain terrain with superior security, versatility, and scalability, addressing the demands of efficiency and user engagement. Its user-focused approach encourages a just and enduring digital ecosystem, providing users and developers with untroubled interactions and intelligent decision-making capabilities.

What Are the Emerging Segments in the Blockchain in Manufacturing Market?
The blockchain in manufacturingmarket 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

Subsegments:
1) By Logistics And Supply Chain Management: Inventory Management, Shipment Tracking, Supplier Verification
2) By Counterfeit Management: Product Authentication, Traceability Solutions, Brand Protection
3) By Quality Control And Compliance: Regulatory Compliance Tracking, Quality Assurance Documentation, Audit Trail Management
4) By Other Applications: Equipment Maintenance And Tracking, Smart Contracts For Manufacturing Processes, Data Sharing And Collaboration Platforms

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Who Are the Global Leaders in the Blockchain in Manufacturing Market?
Major companies operating 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, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Riddle&Code GmbH, Wipro Limited, Everledger Ltd., accenture* PLC, BigchainDB GmbH, ChromaWay AB, LO3 Energy Inc., SAP SE, Siemens AG, Baidu Inc., Huawei Technologies Co. Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Ltd., Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, Chainway Information Technology Co. Ltd., The Bitfury Group, Sphera Solutions Inc., Provenance Ltd.

Which are the Top Profitable Regional Markets for the Blockchain in Manufacturing Industry?
Asia-Pacific was the largest region in the blockchain in manufacturing market in 2024. The regions covered in the blockchain in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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