Cryptocurrency Mining Equipment Market By Equipment Type (CPU Mining, Graphics Processing Units (GPUs), Field Programmable Gate Arrays (FPGAs), Application Specific Integrated Circuits (ASICs), Others); By Mining Type (Self-Mining, Cloud Mining Services, Remote Hosting Services and Others) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1068 | Published Date: Feb 07, 2023
Our in-depth analysis has segmented global cryptocurrency mining equipment market into the following segments:
By Equipment Type
By Mining Type
By Region
Global cryptocurrency mining equipment market is further classified on the basis of region as follows:
The global cryptocurrency mining equipment market is expected to expand at a significant CAGR of 17.5% over the forecast period i.e. 2018-2027. Rising investment by large semiconductor companies in mining specific equipment’s is expected to drive the growth of global cryptocurrency mining equipment market over the forecast period.
On the basis of regional platform, global cryptocurrency mining equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Geographically, North America is estimated to dominate the overall market of cryptocurrency mining equipment during the forecast period. Increasing adoption of cryptocurrency in developed regions such as U.S. and Canada is expected to positively impact the growth of cryptocurrency mining equipment market over the forecast period. Further, growing prominence of cryptocurrency for daily transactions is positively impacting the customer perception for cryptocurrency. This factor is projected to significantly impact the growth of the cryptocurrency mining equipment market in North America.
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Asia Pacific cryptocurrency mining equipment market is poised to grow at a significant rate over the upcoming years. Rising usage of cryptocurrency services in the region is fostering the growth of cryptocurrency mining equipment market over the forecast period. Europe region is expected to observe outstanding growth in the upcoming years. Increasing advancement in technologies related to online transactions and money transfer is anticipated to drive the growth of cryptocurrency mining equipment market over the upcoming years.
Based on mining type, cryptocurrency mining equipment market is segmented into self-mining, cloud mining services, remote hosting services and others, out of which, cloud mining services segment is expected to dominate the overall cryptocurrency mining equipment market during the forecast period.
The adoption of cryptocurrency mining services such as cloud mining services and remote hosting services is increasing in the developed regions. This factor is estimated to showcase a significant growth in the global cryptocurrency mining equipment market over the forecast period. Apart from this, increasing technological advancement in GPUs and ASICs is providing the miners with higher probability. This factor is expected to increase the growth of global cryptocurrency mining equipment market over the forecast period.
In addition, rising usage of cryptocurrency by retailers is increasing demand for cryptocurrency mining equipment. This factor is expected to increase the growth of the global cryptocurrency mining equipment market over the upcoming years. Further, increasing number of users for cloud mining is projected to positively impact the growth of global cryptocurrency mining equipment market over the forecast period.
Further, rising difficulty levels of alternative i.e. altcoin mining is projected to further strengthen the growth of global cryptocurrency mining equipment market over the forecast period. Moreover, increasing investment for mining specific equipment’s by leading semiconductor companies is expected to robust the growth of the global cryptocurrency mining equipment market over the forecast period.
However, volatility in value of cryptocurrency is one of the key factors which are expected to limit the growth of global cryptocurrency mining equipment market over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
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