Aviation Blockchain

Aviation Blockchain

Global Aviation Blockchain Market to Reach US$2.1 Billion by 2030

The global market for Aviation Blockchain estimated at US$1.9 Billion in the year 2023, is expected to reach US$2.1 Billion by 2030, growing at a CAGR of 1.7% over the analysis period 2023-2030. Transactions Function, one of the segments analyzed in the report, is expected to record a 1.3% CAGR and reach US$1.1 Billion by the end of the analysis period. Growth in the Record Keeping Function segment is estimated at 2.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$506.8 Million While China is Forecast to Grow at 1.3% CAGR

The Aviation Blockchain market in the U.S. is estimated at US$506.8 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$327.3 Million by the year 2030 trailing a CAGR of 1.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.9% and 0.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 0.1% CAGR.

Global Aviation Blockchain Market - Key Trends and Drivers Summarized

What Challenges in Aviation Can Blockchain Really Solve?

Blockchain technology, originally associated with cryptocurrencies, has recently found its footing in diverse industries, and aviation is no exception. But why is aviation turning to blockchain? For a sector with vast data exchanges and a complex web of stakeholders—from airlines and maintenance companies to regulatory bodies—the need for secure, transparent, and tamper-proof data storage and sharing is paramount. Blockchain`s ability to create immutable records provides a powerful solution for data integrity issues in areas like ticketing, aircraft maintenance records, supply chain management, and passenger identification. With every aircraft requiring extensive tracking of parts and maintenance history, blockchain ensures each transaction, from part installation to servicing, is accurately logged. This feature can significantly reduce errors and fraud, thus improving safety and compliance. By enabling real-time, trusted communication between entities, blockchain eliminates the need for intermediaries, streamlining operations and cutting costs. This interest is why the adoption of blockchain in aviation is poised to address some of the industry`s longstanding challenges, particularly around data transparency, operational efficiency, and regulatory compliance.

Is Blockchain Aviation’s Answer to Passenger Experience and Identity Verification?

With the expansion of global travel, ensuring a seamless and secure passenger experience has become a core objective in aviation, and blockchain technology is seen as a game-changer in this regard. Blockchain facilitates biometric-based identification, which allows for fast, reliable passenger processing, significantly reducing the time spent at check-in, boarding, and immigration. Passengers can be authenticated through a decentralized ledger, which securely stores information, such as biometric data, without risking privacy. This approach enhances the passenger experience, providing airlines with more time to offer personalized services. Additionally, by enabling airlines and airports to synchronize real-time data on bookings and cancellations, blockchain improves the overall responsiveness to passenger needs and provides real-time updates on flight status. Blockchain-based smart contracts also play a role by automating processes, like compensations for delayed flights, enhancing transparency in customer relations. Furthermore, a seamless, secure digital identity stored on a blockchain empowers passengers with greater control over their data, addressing the growing consumer demand for privacy and data security in an increasingly connected world.

Can Blockchain Revolutionize Aviation’s Supply Chain and Asset Tracking?

The aviation industry operates one of the most complex supply chains globally, encompassing thousands of suppliers, part manufacturers, and maintenance facilities. Blockchain offers a secure, decentralized system for tracking each component`s lifecycle, from manufacturing to installation and disposal. This transparency reduces the risks of counterfeit parts and enables companies to trace parts in real-time, ensuring only certified, safe components are used in aircraft. A blockchain ledger ensures that maintenance records are accurately recorded, stored, and accessible to stakeholders, facilitating smoother inspections and compliance checks by regulatory authorities. Additionally, blockchain has applications in fuel management and carbon offset tracking, where airlines can verify sustainable fuel sourcing and track carbon credits. With increasing pressure for sustainability, blockchain offers airlines the ability to provide transparent records of emissions reductions, supporting their commitments to greener operations. By bridging information gaps and providing end-to-end traceability, blockchain enables more streamlined and sustainable asset management across the aviation ecosystem.

What’s Driving Growth in the Aviation Blockchain Market?

The growth in the aviation blockchain market is driven by several factors, each enhancing the operational, economic, and regulatory aspects of the industry. Increasing air travel demand, coupled with the complexity of data management across international borders, propels airlines to adopt blockchain for efficient data sharing and real-time tracking. Rising regulatory requirements for data integrity and security in sectors like maintenance, repair, and overhaul (MRO) are also pivotal drivers, as blockchain’s immutable records ensure compliance with stringent aviation standards. In response to heightened customer expectations for seamless travel, airlines and airports are integrating blockchain to improve the passenger experience through quicker, secure identity verification and real-time data access. Consumer demand for sustainability is accelerating blockchain’s role in supply chain transparency and carbon tracking, enabling airlines to verify and report eco-friendly practices. Meanwhile, the demand for predictive maintenance solutions drives the adoption of blockchain, as it facilitates more accurate maintenance planning by securely storing and analyzing data on wear-and-tear patterns. As blockchain continues to evolve, its applications in aviation are expanding, offering new avenues for cost efficiency, improved safety, and enhanced consumer satisfaction, which, collectively, fuel its growth in this transformative sector.

SCOPE OF STUDY:

The report analyzes the Aviation Blockchain market in terms of US$ Thousand by the following Application; End-Use; Function, and Geographic Regions/Countries:

Segments:
Function (Transactions, Record Keeping); Application (Passenger Identity Management, Cargo & Baggage Tracking, Flight & Crew Data Management, Supply Chain Management, Other Applications); End-Use (Airports, Airlines, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 36 Featured) -

• 14bis Supply Tracking (Safeflights Inc.)
• Aeron Labs
• Avinoc LTD
• Credits.Com Pte. LTD.
• Filament
• IBM
• Infosys
• Insolar Technologies
• Leewayhertz Technologies
• Microsoft Corporation

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.