Nand flash memory is a type of non-volatile storage technology that does not require power to retain data. It is lightweight, durable, and stores data in solid-state chips making it ideal for use in smartphones, laptops, digital cameras, solid-state drives and other portable electronic devices that require higher storage capacity. Nand flash memory offers higher data transfer speeds compared to hard disk drives and has no moving parts which makes it more durable and shock-resistant. The increasing use of portable electronic devices and the rise of technologies like IoT and big data are driving demand for higher storage solutions.
The global Nand Flash Memory Market is estimated to be valued at US$ 70.25 Bn in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
3D Nand flash uses a vertical stacking mechanism allowing for higher density and lower costs compared to traditional planar Nand. Major players are actively investing in 3D Nand technology to meet the growing demand for high-capacity storage especially from data centers, smartphones and SSD markets. The rising adoption of technologies like AI and machine learning is also driving the need for large storage capacities which is supporting growth of the 3D Nand flash segment.
Threat of new entrants: The threat of new entrants in the Nand Flash Memory market is low as existing players have economies of scale and access to latest technologies. Setting up a Nand Flash Memory manufacturing facility requires huge capital investments.
Bargaining power of buyers: The bargaining power of buyers in the Nand Flash Memory market is moderate as there are many established players offering standard products. However, large OEMs have some bargaining power due to huge purchase volumes.
Bargaining power of suppliers: The bargaining power of suppliers is low in the Nand Flash Memory market as raw materials required are commodities available from numerous suppliers globally.
Threat of new substitutes: Threat of new substitutes is low as Nand Flash Memory has advantages over other memory technologies in terms of density, cost and speed.
Competitive rivalry: The competitive rivalry in the Nand Flash Memory market is high due to presence of numerous global and regional players competing on pricing and technology upgradation.
The Global Nand Flash Memory Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing adoption of consumer electronics.
The Asia Pacific region dominates the global Nand Flash Memory market with over 50% share primarily due to presence of manufacturing facilities in China and growing electronics industry in the region. Countries like South Korea and Taiwan also contribute to market growth in the region.
Key players operating in the Nand Flash Memory are KIOXIA Corporation, Cypress Semiconductor Corporation (Infineon Technologies), SK Hynix Inc., SanDisk Corp. (Western Digital Technologies Inc.), Powerchip Technology Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Yangtze Memory Technologies and Micron Technology Inc. Key players focus on technology innovations to bring down manufacturing costs and increase storage capacities.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it