Cryptocurrency Mining Hardware Market 2023-2027: A Descriptive Analysis of Parent Market, Five Forces Model, Market Dynamics, and Segmentation – Technavio – Yahoo Finance
NEW YORK, Nov. 28, 2022 /PRNewswire/ — 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%.
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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 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.
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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
Interpretation of Porter’s Five Forces model helps to strategize the business, for entire details – buy report!
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
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.
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.
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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.
Drivers, Trends, and Challenges are the factors of market dynamics, which state about consequences and sustainability of the businesses. Find some insights from a free sample report!
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
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The crypto wallet market size is projected to grow by USD 686.05 million with a CAGR of 24.19% between 2021 to 2026. The market is segmented by product (software-based and hardware-based) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The ASIC miner market size is projected to grow by USD 125.57 million with a CAGR of 6.74% between 2021 to 2026. The market is segmented by application (enterprise and personal) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Cryptocurrency Mining Hardware Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 11.35%
Market growth 2023-2027
USD 12053.16 million
YoY growth (%)
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 41%
US, China, Russia, Germany, and Ireland
Leading companies, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Leading Vendors, Market Positioning of Vendors
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 for the forecast period
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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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