Data from market research firms points at an upwards trend in the mining hardware markets. DataIntelo and Technavio monitor the markets since 2019, trying to give vital insight into its future. The research firms help both existing, and new players in the cryptocurrency mining hardware market understand their industry highlighting the market needs, size, and possible competition. Both reports incorporate data on supply and demand. Also, the competition challenges facing the market, opportunities, and potential risks in the next seven-year. They collect market insights through engaging different players in primary and secondary research.
Next Move for Crypto Mining Hardware Market
Technavio projects a 57% market growth by 2024. The report indicates a potential for growth in investment in the amount of 2.80 billion dollars. The cryptocurrency mining hardware market has seen a 5.72% growth in 2020. Technavio estimates a 7% CAGR growth, accelerating throughout the 2020-2024 forecast period.
The Key Markets
The Asia-Pacific region is the largest market for cryptocurrency mining hardware since 2019. Asia offers hardware producers tremendous growth opportunities. This is following a rise in firms’ investments towards cryptocurrency mining facilities in China.
The projection indicates potential market growth in the region by 2024. China and Japan are the largest consumers of cryptocurrency mining hardware in the APAC region.
Cryptocurrency mining hardware sells more in the APAC region compared to other regions. Technavio expects the region to produce a 57% industry growth. Cryptocurrency mining hardware also sells in Europe, South America, and North America. But these regions’ performance has been slowing down. With the mass adoption of cryptocurrency, there will be an increase in the demand for mining hardware.
Key Industry Players
Businesses in this industry focus on increasing hash rates and improving the efficiency of mining hardware. This helps firms gain a competitive advantage. Hardware producers join hands in offering improved mining hardware solutions. The most significant risk for hardware producers remains the high mining cost. This results in discouragement to cryptocurrency miners.
Technavio’s report focuses on helping clients improve their market positions by providing them with market leaders. These are some of the markets leading firms:
Bitfury Group Ltd
Shenzhen MicroBT Electronics Technology Ltd.
Advanced Micro Devices Inc.
Consumption of the GPU mining solutions will have robust growth in the next fours compared to ASIC mining hardware solutions. ASIC has the power to mine cryptocurrencies like Bitcoin and Litecoin. But its energy consumption sighting can cause a potential drop in demand.
COVID-19 and Crypto Mining Hardware Markets
COVID-19 has affected many sectors around the globe. Its impact on the cryptocurrency mining hardware market has been highlighted in both DataIntelo and Technavio’s reports. Both reflected on the impact of coronavirus on future market trends. The virus has affected the demand and supply chain of mining hardware. This has created an imbalance in the markets. DataIntelo’s report has given further info on the impacts of COVID-19 on the financial markets.
Moving away from the virus situation, the cryptocurrency mining hardware markets have witnessed several tech trends. Hardware producers are proving solutions that allow the crypto enthusiast to generate cryptocurrency on their smartphones. More than four billion people worldwide can access smartphones. This presents the business in this industry with a substantial potential market base. The rise of mining pools will also have a significant impact on the future mining hardware markets.
Highlights in Technavio’s Report
- The growth of the cryptocurrency mining hardware industry across APAC, North America, Europe, South America, and MEA
- Insights on circumstances challenging upward trends in cryptocurrency mining hardware market.
- CAGR of the market the 2020-2024 period.
- Precise estimation of the market size and its contribution to the parent market.
- Detailed information on factors that will drive market growth during the next five years