Cryptocurrency Mining Hardware Market Size to Grow by USD 12053.16 million From 2022 to 2027, Assessment on Parent Market, Five Forces Analysis, Market Dynamics & Segmentation – Technavio – Yahoo Finance
NEW YORK, Nov. 3, 2022 /PRNewswire/ — The Cryptocurrency Mining Hardware Market share is set to increase by USD 12053.16 million from 2022 to 2027. However, the market’s growth momentum will accelerate at a CAGR of 11.35% as per the latest market forecast report by Technavio. The market will also record a 10.71% Y-O-Y growth Rate during the forecast period.
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Global Cryptocurrency Mining Hardware Market – Parent Market Analysis
Technavio categorizes the global cryptocurrency mining hardware market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market 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 the hardware devices, equipment, and components sales.
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Global Cryptocurrency Mining Hardware Market Characteristics with Five Forces–
The Global Cryptocurrency Mining Hardware Market is fragmented and the five forces analysis by Technavio gives an accurate vision –
Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
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Global Cryptocurrency Mining Hardware Market – Customer Landscape
The disruption threats are strategic in nature, and operational risks for suppliers have been mapped based on their negative business impact and probability of occurrence.
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Global Cryptocurrency Mining Hardware Market – Segmentation Assessment
Geography Segment Overview
Technavio’s market research report entails detailed information on regional opportunities in store for vendors, which will assist in generating sales revenues. The Global Cryptocurrency Mining Hardware Market as per geography is categorized into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides an accurate prediction of the contribution of all regions to the growth of the Global Cryptocurrency Mining Hardware Market size and actionable market understandings.
North America is the fastest-growing region in the global Cryptocurrency Mining Hardware Market compared to the other areas. 41% growth will originate from North America. Due to the presence of multiple cryptocurrency mining businesses and the large number of other companies that aim to start operations there, the US accounts for the largest share of income in the North American market for cryptocurrency mining gear. During the forecast period, such endeavors are anticipated to fuel the market’s growth with a focus on North America.
Type Segment Overview
The Global Cryptocurrency Mining Hardware Market as per Product segmentation is categorized into ASIC, GPU, and Others.
Revenue Generating Segment – The miners favor ASIC mining gear solutions because they allow them to continue to be lucrative even when the value of cryptocurrencies decreases past a certain level. The value of cryptocurrencies must remain high in order for miners to be profitable due to the high initial cost of ASIC mining hardware solutions. Therefore, a drop in the value of cryptocurrencies will hurt small miners’ profit margins or result in losses, preventing them from making investments in new ASIC mining gear solutions. Such a boost in cryptocurrency value may affect the need for ASIC mining hardware solutions, which would, in turn, drive the market’s growth throughout the projected period.
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Global Cryptocurrency Mining Hardware Market – Market Dynamics
Major Driver Boosting the Market
One of the main factors propelling the expansion of the global cryptocurrency mining hardware market is the profitability of cryptocurrency mining businesses. For each successful transaction, bitcoin miners receive a tiny reward in cryptocurrency based on the amount of work they put in, which also includes the processing power required by the mining equipment.
Cryptocurrency mining is a time-consuming, laborious operation that is not lucrative on a small scale. As a result, cryptocurrency miners install substantial dedicated rigs to boost their business revenues.
Major trends influencing the growth of glamping
The expansion of the worldwide cryptocurrency mining hardware market will be fueled by retailers accepting cryptocurrencies. The vast majority of the population, shops, and merchandisers are increasingly accepting cryptocurrencies like Bitcoin and Ether for daily transactions.
The public’s opinion of and use of cryptocurrencies for financial transactions will improve if major retailers employ them more frequently. Bitcoin‘s value increases more quickly than inflation, enabling businesses to save enough money for unexpected situations. Therefore, it is crucial for both small enterprises and stores to accept cryptocurrencies as a substitute payment method.
Major Challenges interrupting the market growth
A significant obstacle to the expansion of the global market for cryptocurrency mining hardware is the volatility in the value of cryptocurrencies. Cryptocurrency prices are incredibly erratic. Therefore, bitcoin is not a part of the financial portfolios of low-risk investors.
The huge portion of cryptocurrencies held by a small group of people who transact in large volumes on trading platforms and exchanges is what causes the value to fluctuate. The value of cryptocurrencies fluctuates due to the absence of transaction fees, position fees, trade posting costs, and regulations on trading platforms. Therefore, those who own a sizeable portion of cryptocurrencies manipulate the price to raise their earnings without actually making any investments.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19-impacted market research reports.
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Cryptocurrency Mining Hardware Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist the Cryptocurrency Mining Hardware Market growth during the next five years
Estimation of the Cryptocurrency Mining Hardware Market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the Cryptocurrency Mining Hardware Market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of Cryptocurrency Mining Hardware Market vendors
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Cryptocurrency Mining Hardware Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 11.35%
Market growth 2023-2027
YoY growth (%)
North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution
North America at 41%
Key consumer countries
US, China, Russia, Germany, and Ireland
Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled
Argo Blockchain Plc, BIT Digital Inc., Bitfarms Ltd., BitMain Group, Canaan Inc., Ebang International Holdings Inc., Elite Mining Inc., ePIC Blockchain Technologies Inc., Genesis Mining Ltd., GMO Internet Group Inc., Helium Systems Inc., HIVE Blockchain Technologies Ltd., Hut 8 Mining Corp., Intelion Mine LLC, Marathon Digital Holdings Inc., NiceHash Ltd., Riot Blockchain Inc., Shenzhen Fusionsilicon Semiconductor Co. Ltd., Shenzhen Jingang Zhuoyue Co., Ltd, Shenzhen MicroBT Electronics Technology Co. Ltd, and Spondoolies Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Product
5.1 Market segments
5.2 Comparison by Product
5.3 ASIC – Market size and forecast 2022-2027
5.4 GPU – Market size and forecast 2022-2027
5.5 Others – Market size and forecast 2022-2027
5.6 Market opportunity by Product
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Bitcoin mining – Market size and forecast 2022-2027
6.4 Ethereum mining – Market size and forecast 2022-2027
6.5 Others – Market size and forecast 2022-2027
6.6 Market opportunity by Application
7 Customer Landscape
7.1 Customer landscape overview
8 Geographic Landscape
8.1 Geographic segmentation
8.2 Geographic comparison
8.3 North America – Market size and forecast 2022-2027
8.4 Europe – Market size and forecast 2022-2027
8.5 APAC – Market size and forecast 2022-2027
8.6 South America – Market size and forecast 2022-2027
8.7 Middle East and Africa – Market size and forecast 2022-2027
8.8 US – Market size and forecast 2022-2027
8.9 China – Market size and forecast 2022-2027
8.10 Russia – Market size and forecast 2022-2027
8.11 Germany – Market size and forecast 2022-2027
8.12 Ireland – Market size and forecast 2022-2027
8.13 Market opportunity by geography
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Impact of drivers and challenges
9.4 Market trends
10 Vendor Landscape
10.2 Vendor landscape
10.3 Landscape disruption
10.4 Industry risks
11 Vendor Analysis
11.1 Vendors covered
11.2 Market positioning of vendors
11.3 BIT Digital Inc.
11.4 BitMain Group
11.5 Canaan Inc.
11.6 Ebang International Holdings Inc.
11.7 Elite Mining Inc.
11.8 ePIC Blockchain Technologies Inc.
11.9 Helium Systems Inc.
11.10 HIVE Blockchain Technologies Ltd.
11.11 Hut 8 Mining Corp.
11.12 Intelion Mine LLC
11.13 Marathon Digital Holdings Inc.
11.14 Riot Blockchain Inc.
11.15 Shenzhen Fusionsilicon Semiconductor Co. Ltd.
11.16 Shenzhen Jingang Zhuoyue Co., Ltd
11.17 Spondoolies Ltd.
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
12.3 Currency conversion rates for US$
12.4 Research methodology
12.5 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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