Blockchain in Aviation: Introduction
- Blockchain in aviation is a digital journal of transactions that store accounts each time a part is installed or removed from an aircraft. Blockchain technology provides a real-time portrait of conditions from the assembly line to the retirement of the fleet.
- The blockchain in aviation market is driven by the capability to simplify and ensure smoother and efficient operations that leads to reduction in complexities and cost savings. The improved passenger experience, reduction in maintenance cost, reduction in transactional complexities, and increased transparency & traceability of operations are some of the factors propelling the market growth.
- Blockchain technology is supporting the aviation sector to have a well-connected and transparent supply chain. The requirement of this technology in the aviation sector is due to the presence of large, complex supply chains that further supports the industry growth.
- In recent years, aircraft Maintenance, Repair, and Overhaul (MRO) providers, airline carriers, and aircraft manufacturers have announced plans to implement initiatives and research programs that use blockchain technology – from the replacement of parts on in-service airplanes and handling the purchase of flight tickets.
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Global Blockchain in Aviation Market: Dynamics
Global Blockchain in Aviation Market: Key Drivers
- Industry participants are working closely with airport authorities for the implementation and integration of blockchain technology and update industry players regarding the upcoming technologies in the aviation sector.
- Blockchain technology can help in ensuring a superior and efficient supply chain due to the complex supply chain management in this sector. This is one of the prime reasons for using blockchain technology that is likely to propel the market revenue over the forecasted timeframe.
- Increasing adoption of evolving and developing technologies by aircraft carriers and airports is expected to significantly support market growth over the coming years. For instance, in November 2018, Boeing announced a strategic partnership with SparkCognition that plans to launch SkyGrid, which is likely to qualify the future of urban aerial mobility. This partnership plans to build a blockchain-powered and artificial intelligence airspace management platform software.
Impact of COVID-19 on the Global Blockchain in Aviation Market
- The rapid spread of Covid-19 across the globe and the huge death toll resulting in lockdowns and border closures devastated the demand for travel worldwide. The global travel sector has seen decline due to government restrictions on travel, changes in passenger behavior, and the broad economic downturn globally.
- Global MRO spending by large commercial aircrafts and thus aftermarket revenues for suppliers engaged in the aviation sector is foreseen to crash by approximately 50%-70% in the year 2022.
North America to Account for Major Share of the Global Blockchain in Aviation Market
- In terms of region, the global blockchain in aviation market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The North America blockchain in aviation market is anticipated to expand at the highest CAGR. Rising implementation of technology by airports, airlines, and MRO service providers in this region is one of the key factors prompting the positive market growth.
- Presence of key industry participants and major airports in North America is anticipated to propel the blockchain in aviation market. For instance, in January 2019, Honeywell Aerospace announced the launch of GoDirect Trade, a B2B e-commerce platform for selling and buying aircraft elements and components. This new platform provides access to use as well as new aircraft components for air transport customers and airlines by proposing clear pricing and direct inventory access.
Global Blockchain in Aviation Market: Competition Landscape
- Various companies are actively focusing on organic growth strategies such as portfolio expansion, product approvals, certification, and product launches. Strategic growth plans witnessed in the blockchain in aviation market include partnerships, collaborations, strategic agreements, and acquisitions. Blockchain technology is implemented by several participants in the aerospace & defense sector due to the increasing prominence of Artificial Intelligence (AI) and Internet of Things (IoT). The technology provides organized records of components & flights and supervises maintenance records to access the safety of an aircraft. For instance, in May 2019, GE Aviation announced plans to enter a strategic partnership with Microsoft Azure to trace the blockchain and track the supply chain.
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Key players operating in the global blockchain in aviation market include:
- Accenture PLC
- IBM Corporation
- Microsoft Corporation
- Zamna Technologies
- Insolar Technologies
- Loyyal Corporation
- Aeron Labs
- Winding Tree
- LeewayHertz Technologies
- Moog Inc.
- Avinoc Ltd
- 14bis Supply Tracking
Global Blockchain in Aviation Market: Research Scope
Global Blockchain in Aviation Market, by Use Cases
- Cargo & Baggage Tracking
- Passenger Identity Management
- Flight & Crew Data Management
- Aircraft Maintenance
- Inventory Management
- Aircraft Refueling
Global Blockchain in Aviation Market, by Deployment
Global Blockchain in Aviation Market, by Application
- MRO Service Providers
Global Blockchain in Aviation Market, by Sector
- Commercial Aviation
- Military Aviation
Global Blockchain in Aviation Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.