Blockchain in Manufacturing Market to Reach USD 16,243.22 Million by 2026, Registering a CAGR of 76.26%

Strategic Insights -

The global spending on the blockchain by the manufacturing sector was valued at USD 546.53 million in 2020, and it is expected to reach a value of USD 16,243.22 million by 2026, registering a Compound Annual Growth Rate (CAGR) of 76.26% over the forecast period of 2021-2026. This growth is primarily driven by the increasing demand for advanced solutions in the electronics and semiconductor manufacturing sector.

Key Takeaways:

  • The electronics and semiconductor vertical is expected to account for the largest market share in the blockchain in manufacturing market.
  • The adoption of blockchain technology in pre-production scenarios can be utilized for Collaborative Planning, Forecasting, and Replenishment (CPFR) and to verify compliance with health and environmental regulations.
  • Suppliers can integrate IoT sensors with blockchain on shipping containers to provide a tamper-resistant record of shipping conditions.
  • The Asia-Pacific region is expected to dominate the market, with countries like China and Japan contributing significantly to the manufacturing sector's growth.
  • India's 'Make in India' initiative is expected to drive the adoption of blockchain technology in the manufacturing sector.
  • Companies like Foxconn, Taiwan Semiconductor Manufacturing Company, and Samsung are already utilizing blockchain technology to advance their manufacturing processes.

Statistics:

  • The global spending on blockchain by the manufacturing sector was valued at USD 546.53 million in 2020.
  • The blockchain in manufacturing market is expected to reach a value of USD 16,243.22 million by 2026.
  • The market is expected to register a CAGR of 76.26% over the forecast period of 2021-2026.
  • The adoption of blockchain technology in pre-production scenarios can help manufacturers reduce lead time and lower production costs.