Aviation Blockchain Market Statistics 2021-2030:
The global aviation blockchain market was valued at $0.42 billion in 2020, and is projected to reach $1.15 billion by 2030, registering a CAGR of 11.1% during the forecast period 2021-2030.
Aviation blockchain is an immutable and shared ledger for tracking assets, recording transactions, and building trust for aviation businesses and passengers. The associated assets can be tangible assets (airplane, airport infrastructure, and MRO (Maintenance, Repair and Operations) related infrastructure, among others) and intangible assets (set of information among others). The key elements of the aviation blockchain deals with immutable records, distributed ledger technology, and smart contracts. The aviation market players are associated with several government directives and regulations for ensuring the safety and security for the passengers and other related stakeholders. Utilization of the aviation blockchain technology ensures the effective aerospace transactions, optimum operational effectiveness and transparency of the aviation industry users. The aviation blockchain find its application in the field of Airlines, Airports, Lessors, and MRO organization.
Factors such as rise in number of airline passengers, coupled with increased disposable income, and improved safety, tracking and transparency for aviation logs are expected to drive the growth of the aviation blockchain market. However, high installation cost restrain the market growth. On the contrary, contracts and agreements with aviation industry players, usage of artificial intelligence (AI)/machine learning (ML) in aviation industry for track recording are projected to offer lucrative growth opportunities for the market players.
Supply Chain Management segment is projected as the most lucrative segments
The global aviation blockchain market is segmented on the basis of application, end use, function, and region. Depending on application, the market is segregated into cargo and baggage tracking, passenger identity management, flight and crew data management, supply chain management, and others. By end use, it is categorized into airlines, airports, and others. Depending on functions, it is fragmented into record keeping, and transactions. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Leading players and their key business strategies have been analyzed in the aviation blockchain market report to gain a competitive insight into the market. Key players covered in the report include Aeron Labs, International Business Machine Corporation, Infosys Limited, Leewayhertz, Moog Inc., Safeflights Inc. (14bis Supply Tracking), Sweetbridge, Inc., Volantio Inc., Winding Tree, and Zamna Technologies Limited.
By End Use
Airlines segment is projected as the most lucrative segments
Rise in number of airline passengers, coupled with increased disposable income
Most passengers across the globe prefer to travel by air than other conventional modes of transportation such as road and sea, as it is the safest and fastest mode of transportation with few cancelled flights. This makes air travel more reliable than other modes of transportation and offers comfortable experience during the journey. Though expensive, customers prefer air travel, owing to rise in disposable income followed by reduced travel time. Further, in accordance to data released by the International Civil Aviation Organization (ICAO), 4.3 billion passengers were carried by airlines in the year 2018. Moreover, number of airline passengers is expected to cross 10.0 billion by the year 2040, which creates need for additional aircrafts to transport passengers from point A to point B. This eventually results in increased aircraft fleet size as well as frequency of flights, which requires continuous update the logs of the every contributor of the aviation industry including airline, MRO and aircraft and in turn, boost growth of the global aviation blockchain market
Improved Safety, Tracking and Transparency for Aviation Logs
Air transportation is associated with several parts and assets movement. The growing inclination toward aviation transportation leads to the complexity of the activities, errors or transactions disputes while operations. Blockchain solutions and technologies leads to safe, efficient and secure transactions of every assets and parts to fulfill the business as well passenger requirements. In the blockchain environment, technology minimizes the inconsistencies of transactions and collective information sharing & visibility. Moreover, blockchain eliminates fraud, speeds transactions and helps streamline transportation operations builds trust among involved stake holders. Furthermore, blockchain technology is associated with the IoT to provide the efficient supply chain and increased transparency. Thus, abovementioned factors are anticipated to propel the demand for aviation blockchain over the forecast period.
Record Keeping segment is projected as the most lucrative segments
Contracts and agreements with Aviation Industry Players
Aviation blockchain are widely and majorly demanded by commercial as well as general aviation players, MRO organization and airport operators for effective recording of the aviation transactions. This technology acquisition and procurement witnesses open contracts and agreements between aviation players, MRO organization and airport operators and developers of aviation blockchain. The commencement of the aviation blockchain solution is expected to be carried out through contracts and agreements between end users and developers of aviation blockchain. These contracts mention a set of requirements that must be to be met in a certain timeframe. These contracts and agreements are associated with long-term business opportunities with end users. Market participants need to focus on winning the contracts and agreements to gain a competitive advantage and retain long-term business opportunities in the global market.
COVID-19 Impact Analysis
The spread of the COVID-19 pandemic has negatively impacted the global aviation blockchain market, owing to commute restrictions and expected weak financial performance of market players in 2020. The major risk factors of the aviation blockchain market participants are regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. The second wave of COVID-19 hit hard more than earlier strain of COVID-19 in February 2021, and is expected to impact the overall economic outlook negatively to a greater extent. The global business outlook has changed dramatically post the COVID-19 health crisis.
Asia-Pacific would exhibit the highest CAGR of 12.6% during 2021-2030.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global aviation blockchain market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall aviation blockchain market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the global aviation blockchain market with a detailed impact analysis.
- The current aviation blockchain market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
- Cargo and Baggage Tracking
- Passenger Identity Management
- Flight and Crew Data Management
- Supply Chain Management
By End Use
- Record Keeping
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
- Aeron Labs
- International Business Machine Corporation
- Infosys Limited
- Moog Inc.
- Safeflights Inc. (14bis Supply Tracking)
- Sweetbridge, Inc.
- Volantio Inc.
- Winding Tree
- Zamna Technologies Limited
Aviation Blockchain Market Report Highlights
By END USE
Key Market Players
Aeron Labs, Sweetbridge Ltd, ZAMNA TECHNOLOGIES LIMITED, Winding Tree, LeewayHertz, INFOSYS LIMITED, Volantio Inc., Moog Inc., INTERNATIONAL BUSINESS MACHINES CORPORATION, Safeflights, Inc. (14bis Supply Tracking)
The global aviation blockchain market is expected to witness significant growth, owing to growth in aviation safety and security related to the airline assets, adoption of the smart technology to keep the updated airline related transactions and changing air transportation outlook. Aviation blockchain is a crucial component for airport authorities, MRO origination, aircraft solution providers to ensure the updated activities transaction of the passengers, cargo, aircraft assets, and related personnel. Aviation blockchain is a critical part for the predictive maintenance activities as it provides the set of data to MRO organizations for the effective operations. However, aviation blockchain is associated with the high cost that is expected to hinder the market growth. Asia-Pacific is a leader in the aviation blockchain market, owing to the changing air transportation outlook and growing inclination towards air passenger safety and security.
The global aviation blockchain market is a fairly consolidated market in which limited market participants are operating in the global market. Market participants are focused to develop their sales footprints by entering into long-term contracts and agreements with the airport authorities, MRO organization among others. Moreover, market players are expanding the company facilities, and focused in the product development activities to gain competitive advantage. Numerous developments have been carried out by top companies, such as IBM, Zamna Technologies Limited., Aeron Labs., and others, which supplements the growth of the global aviation blockchain market. The impacts of COVID-19 significantly affected the global Aviation blockchain market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.