NEW YORK – According to Technavio, the global cryptocurrency mining hardware market size is projected to grow by USD 12053.16 million from 2022 to 2027. The market is estimated to grow at a CAGR of 11.35% during the forecast period. Moreover, the growth momentum will accelerate. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 41%.
Global Cryptocurrency Mining Hardware Market – Parent Market Analysis
Technavio categorizes the global cryptocurrency mining hardware market as a part of the technology hardware, storage, and peripherals market, which covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Technavio calculates the global technology hardware, storage, and peripherals market size by considering the revenue generated from sales of hardware devices, equipment, and components.
Global Cryptocurrency Mining Hardware Market – Five Forces
The global cryptocurrency mining hardware market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
Global Cryptocurrency Mining Hardware Market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cryptocurrency Mining Hardware Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product, application, and region.
- Application-specific integrated circuit (ASIC)-based hardware solutions are used to process and record transactions efficiently. ASIC mining hardware solutions enable miners to remain profitable even if the value of cryptocurrency declines beyond a certain level. Hence, the ASIC segment will grow at the highest rate during the forecast period.
Geography Overview
Based on geography, the global cryptocurrency mining hardware market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cryptocurrency mining hardware market.
- North America held 41% of the global cryptocurrency mining hardware market in 2022. The US is the major contributor of revenue to the cryptocurrency mining hardware market in the region owing to the presence of several cryptocurrency mining ventures. In addition, Canada is estimated to evolve into a regional hub for cryptocurrency mining during the forecast period. Several cryptocurrency mining ventures are setting up their businesses in Canada owing to the low cost of electricity generation, easy access to high-speed Internet, and favorable climatic conditions. These factors will further drive the growth of the market in North America during the forecast period.
Global Cryptocurrency Mining Hardware Market – Market Dynamics
Key factors driving market growth
- The profitability of cryptocurrency mining ventures is driving the global cryptocurrency mining hardware market growth.
- Cryptocurrency miners set up large-scale rigs to increase their profits. In cloud cryptocurrency mining, customers invest in a cloud-hosted cryptocurrency mining venture, which transfers a certain share of the earned cryptocurrency to them.
- Thus, the profitability of cryptocurrency mining ventures will encourage several small-scale cryptocurrency mining operators to adopt cloud mining, which will drive the growth of the global cryptocurrency mining hardware market during the forecast period.
Recent trends influencing the market
- The acceptance of cryptocurrency by retailers is a key trend in the market.
- The growing use of cryptocurrencies by major retailers will increase the use of cryptocurrencies for financial transactions.
- Cryptocurrencies such as Bitcoin and Ether are being used for daily transactions by the public, retailers, and merchandisers.
- Many small businesses and retailers are accepting cryptocurrency as an alternative form of payment, which will propel the growth of the market during the forecast period.
Major challenges hindering the market growth
- The volatility in the value of cryptocurrency is challenging the global cryptocurrency mining hardware market growth.
- Due to the volatile value of cryptocurrency, low-risk investors do not include it in their financial portfolios.
- Moreover, the lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also lead to volatility in the value of cryptocurrency.
- Therefore, several investors refrain from including cryptocurrency in their financial portfolios, which is a challenge for the growth of the global cryptocurrency mining hardware market.
What are the key data covered in this cryptocurrency mining hardware market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the cryptocurrency mining hardware market between 2023 and 2027
- Precise estimation of the size of the cryptocurrency mining hardware market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the cryptocurrency mining hardware market industry across APAC, North America, Europe, Middle East and Africa, and South America
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of cryptocurrency mining hardware market vendors
Source: Infiniti Research, Inc.
