Cryptocurrency Mining Hardware Market Analysis: Market Statistics, Size, Share, Forecast
Cryptocurrency Mining Hardware Market Overview
The global cryptocurrency mining hardware market is expected to grow over USD 2.80 billion between 2020-2024, owing to the profitability of cryptocurrency mining ventures. Cryptocurrency miners earn a small profit in cryptocurrency for every successful transaction, however, mining cryptocurrency is a slow and complicated process that is not profitable on small scale. Due to this reason, cryptocurrency miners are setting up large-scale dedicated rigs to increase the profits of their ventures, leading to the rise of cryptocurrency cloud mining adoption. The acceptance of cryptocurrency by retailers, investments by large semiconductor companies in mining-specific hardware, and the increasing demand for equipment manufactured in China are the emerging trends expected to gain traction by 2022. These trends will further add to the growth of the cryptocurrency mining hardware market size during the forecast period.
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Cryptocurrency Mining Hardware Market Statistics
- The year-over-year growth rate for 2018 was approximately 9%
- During the entire forecast period, the cryptocurrency mining hardware market is expected to accelerate at a CAGR of nearly 10%.
- 51% of the market's growth between 2018-2022 will come from the Asia-Pacific (APAC) as the region is witnessing steady growth due to the extensive adoption of blockchain technology and cryptocurrency.
- Despite APAC being the fastest growing region during the forecast period, the Americas will own the largest regional market share accounting for 33% of the market.
- By product, the ASIC segment held the largest market share in 2017, accounting for over 74% of the market. This segment will dominate the market through 2022, however, its market share will decrease by nearly 3%.
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Cryptocurrency Mining Hardware Market Trends
- The rising trend of acceptance of cryptocurrency by retailers is one of the key factors driving the growth of the cryptocurrency mining hardware market. Large retailers are steadily adopting cryptocurrencies such as Bitcoin and Ether for carrying out their financial transactions. Retailers and merchandisers are steadily using cryptocurrency for daily transactions, boosting customer perception about the usage of cryptocurrency.
- Rising adoption of cryptocurrency mining services such as cloud mining services and remote hosting services in developed regions is anticipated to positively impact the growth of the global cryptocurrency mining hardware market over the next few years.
- Investments by large semiconductor companies in mining-specific hardware and the increasing demand for equipment manufactured in China are two major emerging trends which will positively impact cryptocurrency mining hardware market size through 2022.
Cryptocurrency Mining Hardware Market Share and Segmentation
Within our cryptocurrency mining hardware industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment cryptocurrency mining hardware market by product type and mining type.
Our cryptocurrency mining hardware market segmentation research offerings include:
- Cryptocurrency Mining Hardware Market by Product
- Cryptocurrency in graphics processing units market (GPUS)
- Cryptocurrency in field programmable gate arrays market (FPGAs)
- Cryptocurrency in application specific integrated circuits market (ASICs)
- Cryptocurrency Mining Hardware Market by Mining-Type
- Cryptocurrency in self-mining market
- Cryptocurrency in cloud mining services market
- Cryptocurrency in remote hosting services market
We at Technavio, with our comprehensive understanding of the cryptocurrency mining hardware market, have been monitoring the latest cryptocurrency mining hardware industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our cryptocurrency mining hardware market reports offer the following insights:
- Cryptocurrency mining hardware industry overview
- Cryptocurrency mining hardware market statistics
- Cryptocurrency mining hardware market size
- Cryptocurrency mining hardware market share
- Cryptocurrency mining hardware market growth
- Cryptocurrency mining hardware market forecast
- Cryptocurrency mining hardware market trends
