New York,US, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Aviation Blockchain Market Overview
Market Research Future (MRFR) 's report highlights, "Aviation Blockchain Market Information by Vertical, End-User, Application, and Region - Forecast till 2030", the market will reach USD 16.861 Billion by 2030 at a CAGR of 21.8%.
Market Synopsis
Blockchain is a decentralized technology that eliminates risks associated with partially held information. Similarly, businesses in the aerospace industry are eager to integrate blockchain technology into their operations in the retail network. This comprises complicated things, a large production network, and a secondary selling industry that has been around for decades with occasionally moving members. Additionally, a significant portion of the aviation industry views blockchain innovation as a creative way to track and distribute reliable information on airplane design across the multifaceted inventory network. Additionally, blockchain may eventually benefit numerous providers in constructing a single airplane.
The capacity to streamline and guarantee smoother, more efficient operations that decrease complexity and cost savings drives the adoption of blockchain in the aviation industry. Some factors driving market expansion include the enhanced passenger experience, decreased maintenance costs, simplified business transactions, and higher transparency & traceability of operations. Thanks to blockchain technology, the aviation industry now benefits from a transparent and well-connected supply chain. This technology is necessary for the aviation industry due to the extensive and intricate supply networks underpin the sector's expansion.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 16.861 Billion |
| CAGR | 21.8% (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Vertical, End-User, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, the Middle East & Africa and Latin America |
| Key Market Drivers |
|
Market Competitive Landscape:
The illustrious contenders in the aviation blockchain market are:
- Aeron Labs (Canada)
- Infosys (India)
- Insolar Technologies (Switzerland)
- IBM (US)
- Skybuys (Australia)
- Sweetbridge, Inc. (US)
- Microsoft Corporation (US)
- Moog Inc. (US)
- Olistics (Switzerland)
- Quillhash Technologies Pvt. Ltd (India)
- AVINOC Ltd (China)
Market U.S.P. Covered:
Market Drivers:
For blockchain technology adoption and implementation, industry participants collaborate closely with airport authorities. They also keep the industry informed about innovations in the aviation sector. Reduced costs and conditional complexities are a couple of factors influencing the market's growth. However, the absence of standards and common practices, slow reconciliation, and resistance to change in the avionics industry are thought to stymie market growth and expansion in the absence of cutting-edge information stockpiling systems. Additionally, the IoT is integrated with the aviation blockchain market analytical technology to provide a more open and efficient inventory network, which is anticipated to propel the growth of the global flight blockchain market.
Due to the intricate supply chain management in this industry, blockchain technology can aid in assuring a superior and effective supply chain. This is one of the main uses for blockchain technology that will probably increase market revenue over the anticipated time range. In the upcoming years, it is anticipated that increasing the use of developing and changing technologies by aircraft carriers and airports will considerably assist market expansion. Implementing blockchain technology in aviation provides efficient aerospace transactions, maximum operational effectiveness, and user transparency. The airline, airport, lessor, and MRO industries all use the aviation blockchain in some capacity.
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Market Restraints:
On the other hand, a lack of laws and uniform standards is predicted to impede market expansion. The aviation blockchain sector is expected to face challenges from the aviation industry's slow integration and resistance to change.
COVID 19 Analysis
Due to travel restrictions, a bleak demand forecast, and the anticipated subpar financial performance of market participants in 2020, the COVID-19 pandemic's expansion has had a detrimental effect on the global aviation blockchain business. The total lockdown and transitional shutdown of industries, which governments already announced in several locations, hurt overall production and sales operations. In February 2021, the second wave of COVID-19 hit harder than the first strain and was anticipated to have a more severe overall impact on the economic outlook. Government travel restrictions, customer behavior modifications, and the worldwide economic crisis have all contributed to a fall in the travel industry.
Market Segmentation
By application, the market includes passenger identity management, supply chain management, aircraft maintenance, flight & crew data management, cargo & baggage tracking, and smart contracts. By end market, the market includes MRO, airlines, airports, and manufacturers. By vertical, the market includes civil & commercial, and military.
Regional Insights
The market for blockchain in aviation in North America is expected to grow at the greatest CAGR. One of the major drivers of this region's favorable market growth is the increasing adoption of technology by airports, airlines, and MRO service providers. Major airports and important industry players are present in North America, which is expected to boost the use of blockchain in the aviation industry. The development of the European market is anticipated to be influenced by the growing acceptance of UAVs by the strategic powers for strategic missions during the study period. During the forecast period, the market in this sector is anticipated to exhibit a significant CAGR. The aviation blockchain's primary market in the world is Asia-Pacific, which is expected to maintain its control by the end of the estimated time frame.
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The market is expected to be led by North America, which is expected to grow at the highest CAGR. One of the key factors affecting the growth drastically is the rising reception of innovation via aircraft, air terminals, and MRO expert co-ops in this location. The aviation blockchain market is expected to be driven by the region's presence of important air terminals and industry players. Market growth is expected to be fueled by rising protection consumption and expanding demand for new aircraft in countries like China and India. The growth of the aviation blockchain market is anticipated to be driven by an increase in the use of UAVs in Latin America for intelligence gathering on drug trafficking and radical movements, monitoring deforestation, and controlling illegal movement.
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