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The blockchain in the manufacturing market is expected to render revenue worth $766.2 million in 2030, according to Verified Market Research.
With a market value of $40 million set in 2021, this sector is anticipated to record a compound annual growth rate (CAGR) of 80% during the forecast period between 2022 and 2030.
Per the announcement:
“Increasing worldwide energy demand motivates energy and power firms to explore blockchain solutions that can help them improve productivity while reducing maintenance and downtime.”
Therefore, the energy, electricity, and industrial sectors are anticipated to spur demand in this industry. The report added:
“The global blockchain in manufacturing market is expected to increase due to the incorruptible nature of the blockchain, as well as the expanding number of applications that use it.”
The other significant drivers include the growing usage of blockchain technology in supply chain management and retail.
Some of the key developments in this market include using the IBM Blockchain Transparent Supply (BTS) platform to track the entire fabric manufacturing process in the textile industry.
By application, blockchain in the manufacturing market is categorized into different fields, such as counterfeit management, predictive maintenance, business process optimization, quality control and compliance, and asset tracking and management.
Meanwhile, a recent report by Research and Markets pointed out that the global blockchain distributed ledger market was expected to hit $20.6 billion by 2027, thanks to rapid digitization.
Since a blockchain distributed ledger entails a decentralized database, it stores transactions and resources through a peer-to-peer network. Furthermore, cryptography is used to protect data.
Image source: Shutterstock
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