Non-Volatile Memory Market -Forecast, 2024 - 2030
Non-Volatile Memory Market Overview
The Non-Volatile Memory Market Size is?forecast to reach $ 112308.7 Million by 2030,?at a?CAGR of 10.20% during forecast period 2024-2030.?Greater efficiency, faster memory access and low power consumption are major factors driving the growth of the?Non-volatile Memory Market. The growing consumer electronics market requires non-volatile memory for computer?data storage?as they can retain information even after power is removed.
These semiconductor memory chips store data on memory cells made out of metal oxide semiconductor field effect transistors including flash memory storage such as NAND flash and solid-state drives (SSD). This offers them improved performance, high storage density and reduced power consumption. Additionally, technological advancements for next-gen non-volatile memory such as FeRAM, phase-change memory and MRAM have revolutionized the?Non-volatile Memory Market?as they provide reduced latency and increased performance. Widespread applications of flash memory storage across various industries such as industrial, automotive and consumer electronics have also fostered the adoption of non-volatile memory. These factors are positively changing the Non-volatile Memory Industry Outlook over the forecast period.
Report Coverage
The report:?“Non-volatile Memory Industry Outlook – Forecast (2024-2030)”?by IndustryARC, covers an in-depth analysis of the following segments in the Non-volatile Memory industry.
By Product Type:?Traditional Non-volatile Memory (Flash Memory, EEPROM, SRAM, EPROM and Others) and Next-gen Non-volatile Memory (Phase-change Memory, MRAM, FeRAM, ReRAM, 3D XPoint, Nano RAM and Others).
By Wafer Size:?200mm, 300mm and 450mm.
By Battery Type:?Sealed Lead Acid and Li-Ion.
By End-use Industry:?Consumer Electronics, Automotive, Healthcare, Aerospace and Defense, Energy and Power, Retail and Others.
By Geography:?North America (the US, Canada and Mexico), South America (Brazil, Argentina and Others), Europe (the UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa).
Key Takeaways
Non-Volatile Memory Market Segment Analysis - by Product Type
By Product Type, the Flash Memory segment in the Non-volatile Memory Market report is analyzed to grow with the highest CAGR of 11.28% during the forecast period 2024-2030. The growth of this segment can be attributed to the increasing demand for consumer electronics which led to flash memory applications in smartphones, laptops, digital cameras and many others.
Additionally, exponential growth in the adoption of cloud solutions and increased penetration of AI, ML and IoT-connected devices have fostered the demand for non-volatile memory such as flash memory storage and computer data storage as they provide low latency and high output in managing deep neural networks. In October 2021, according to a Samsung report, the company invested US$11.1 billion to increase its NAND Flash memory capacity. These factors showcase the increasing demand for flash memory, which in turn positively influences the Non-volatile Memory Industry Outlook.
Non-Volatile Memory Market Segment Analysis - by End-use Industry
Based on End-use Industry, the Consumer Electronics segment in the Non-volatile Memory Market report is analyzed to grow at the highest CAGR of 11.45% during the forecast period 2024-2030. The increasing demand for high storage density and low power consumption in consumer electronic devices such as mobile phones, laptops, tablets, digital cameras?and gaming devices is driving demand for non-volatile memory.
Most types of computer data storage devices use non-volatile memory as they are equipped with high processing power and memory density required for consumer electronics. The?metal oxide semiconductor field effect transistors in this non-volatile memory help by controlling the conductivity and saving power consumption. In FY 2020, according to the International Data Corporation, Samsung shipped over 266.7 million units of smartphones. These factors would continue to increase the adoption of Non-volatile Memory in the consumer electronics segment.
Non-Volatile Memory Market Segment Analysis - by Geography
APAC dominated the global Non-volatile Memory Market with a 52% market share in 2021. It is also analyzed to have significant growth over the forecasting period. This growth can be attributed to the growing demand for consumer electronics due to the large size of the population in countries in this region and growing infrastructural developments such as data centers to cater to the demand for online entertainment, telecommuting and video and voice call services.
Additionally, rising investments in next-gen memory systems such as phase-change memory, FeRam, MRAM also drive the Non-volatile Memory Industry forward. These factors would increase the?Non-volatile Memory Market size in the APAC region over the forecast period.?In April 2021, SK Hynix completed one of four non-volatile memory fabrication plants in?Gyeonggi-do, South Korea after a US$106 billion investment. These factors would positively influence the Non-volatile Memory Industry Outlook in the APAC region over the forecast period.
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Non-Volatile Memory Market Drivers
Growing semiconductor memory chips market with rising demand for consumer electronics:
Technological advancements in semiconductor memory chips have promoted the adoption of these integrated circuits across many industry verticals, consumer electronics being one of them. Non-volatile memory typically stores data in floating-gate memory cells consisting of floating-gate metal oxide semiconductor field effect transistors including flash memory storage.
As a result, they provide superior storage density and performance in electronic devices such as smartphones, laptops, digital cameras and others. In March 2020, Samsung Electronics announced that it successfully shipped one million DDR4 DRAM modules based on extreme ultraviolet technology which was being used in consumer electronics such as Laptops, PCs, Gaming Devices and others. These factors would propel the Non-volatile Memory Market size over the forecast period.
Widespread applications across various industry verticals:
The Non-volatile Memory Market applications are not only limited to the consumer electronics industry but are also used across all industry verticals such as healthcare, aerospace, automotive, industrial and others. The recent usage of these memories in automobile applications has boosted the demand for the Non-volatile Memory Market. In November 2021, Floadia Corporation announced that their ZT non-volatile memory had been adopted by several Japanese IDMs for various automotive applications?such as pressure sensors, driveline systems, motor drivers and engine control system chips. As a result, the adoption of Non-volatile Memory is constantly increasing, boosting the market size. Non-Volatile Memory Market?Challenges
High manufacturing costs and low endurance of Non-Volatile Memory systems:
Top companies require an efficient storage solution with a high data writing speed. However, due to the low endurance of non-volatile memory, this requirement is not met. The low writing speed of these memory technologies increases the overall time for data transferring. This factor acts as a major restraint for the growth of the?Non-volatile Memory Market. Additionally, the manufacturing cost is also pretty high because of their miniaturized size and the complexities of the integrated circuits on the semiconductor memory chips. These factors hinder the growth of the Non-volatile Memory Market.
Non-Volatile Memory Industry Outlook
Product launches, collaborations and R&D activities are key strategies adopted by players in the Non-volatile Memory Market. The top 10 companies in the?Non-volatile Memory Market are:
Recent Developments
In December 2021, SK Hynix announced the acquisition of Intel’s NAND unit for an investment of US$9 billion. The company seeks to increase its capacity for manufacturing NAND chips, which are used to store data in smartphones and data center servers. This acquisition is set to increase SK Hynix’s market share in the Non-Volatile Memory Market. In October 2021, NSCore INC introduced One Time Programmable Plus,?a non-volatile memory solution for IoT technology applications.
This OTP+ can be reprogrammable and modified, unlike other solutions. These developments help in the growth of the Non-Volatile Memory Market. In July 2021, Micron Technology announced that it began mass shipping the world's first 176-layer NAND Universal Flash Storage (UFS) 3.1 mobile solution designed for high-end and flagship smartphones. This is poised to increase the company’s market share in the Non-volatile Memory Market.
Key Market Players:
The Top 5 companies in the Non-Volatile Memory Market are:
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