by The NAND Flash Memory Market is estimated to be valued at US$ 66.52 Bn in 2022 and is expected to exhibit a CAGR of 5.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
NAND flash memory is a type of non-volatile storage technology used in solid-state drives, USB flash drives, memory cards, and similar products. NAND flash memory offers high-density storage, fast read and write speeds, low power consumption, shock resistance and durability. It is widely used in smartphones, tablets, laptops and other consumer electronic devices for storing operating systems, software applications, media files and documents. NAND flash memory is increasingly replacing hard disk drives in enterprise storage solutions requiring high performance and low power usage.
Market Dynamics:
The global NAND flash memory market is driven by increasing demand for high-capacity storage capability from consumers and enterprises. Continuous decline in manufacturing process size has enabled manufacturers to increase density and capacity of NAND flash chips. Rising adoption of cloud-based services is also propelling the market growth, as cloud storage provides on-demand access to a shared pool of configurable computing resources. According to Coherent Market Insights analysis, worldwide spending on public cloud services is expected to grow by 22.1% to $494.7 billion in 2022. Additionally, growing popularity of industrial IoT applications requiring embedded storage is expected to support the market during the forecast period. However, volatility in NAND flash memory prices due to oversupply could hinder the market growth. Major players frequently adjust their production output to balance supply and demand dynamics in the market.
Segment Analysis
The global NAND flash memory market is segmented into type, application, and geography. Based on type, the market is categorized into SLC, MLC, TLC, and QLC. Among these, the TLC segment held the largest market share in 2021 owing to its high storage capacity and low cost as compared to other types. Based on application, the market is divided into smartphones, SSD, automotive & industrial, data centers & servers, and others. The SSD segment dominates the market due to growth in data centers and increasing adoption of SSD in laptops and computers.
PEST Analysis
Political: The growth of the NAND Flash Memory Market is driven by supportive government policies and regulations that promote digitization and adoption of advanced technologies.
Economic: Rising disposable income and growing digitalization are increasing demand for consumer electronics such as smartphones and SSD that use NAND flash memory, boosting market revenue.
Social: Young population is inclined towards usage of digital devices and social media, leading to higher adoption of NAND flash memory-based products.
Technological: Advancements in fabrication process such as 3D NAND are helping manufacturers increase storage density and reduce production costs of NAND flash memory chips. This is supporting market growth.
Key Takeaways
The global NAND flash memory market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing use of smartphones, laptops, SSD, and other consumer electronics globally. Regionally, the Asia Pacific region dominated the market in 2021with a share of over 40%, with China and South Korea being the major markets. Key players operating in the NAND flash memory market 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. KIOXIA Corporation and Samsung held the largest market shares in 2021.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
