The NAND Flash Memory Market is estimated to be valued at US$ 66.52 Bn or Mn 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.
NAND Flash memory is a type of non-volatile storage technology which finds application in solid state drives, USB flash drives, digital cameras, and mobile phones. It provides fast read and write speeds and high capacity storage in a small footprint.
One of the major drivers fueling growth of the NAND flash memory market is rising demand for storage in smartphones, tablets and other similar devices. Smartphone manufacturers are incorporating higher storage capacity into mobile devices to support growth in multimedia applications and games downloading. Additionally, growing popularity of NVMe solid state drives for data centers, computers and laptops is also propelling market growth. NVMe SSDs deliver much faster boot and load times compared to traditional hard disk drives.
The rise in demand for NAND flash memory from various industries like consumer electronics, automotive and healthcare has led to the growth of the NAND flash memory market. One key trend in the market is the increasing adoption of high-density storage like 3D NAND flash memory. 3D NAND flash memory is being increasingly used as it offers higher memory density and cost efficiency compared to 2D NAND flash. The transition from 2D to 3D flash storage solutions by manufacturers is expected to drive market growth over the forecast period.
Strength: High demand from consumer devices like smartphones and tablets. NAND flash is crucial for storing data and programs in mobile devices.
Weakness: Declining ASPs due to intense competition among players.
Opportunity: Growing uptake of automotive storage solutions and emergence of technologies like artificial intelligence and virtual reality.
Threats: Trade barrier issues and protectionist policies adopted by some countries. Volatility in NAND chip prices.
The global NAND Flash Memory Market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand for data storage from the smartphone and consumer electronics industry.
Regional analysis: The Asia Pacific region dominated the market in 2021 with a share of over 40%, owing to the presence of leading manufacturers in countries like China, South Korea and Taiwan. Countries like China and South Korea are expected to emerge as the fastest growing regional markets over the forecast period.
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. Intel aims to capture a major share of the NAND manufacturing industry by expanding its production capacity.
- Source: Coherent Market Insights, Public sources, Desk research
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