by NAND flash memory is a type of non-volatile storage technology which does not require power to retain data. It is utilized in various electronic devices for data storage purposes including USB flash drives, memory cards, solid-state drives and more. NAND flash offers benefits such as high storage capacity, shock resistance, fast read and write speeds. Growing adoption of portable consumer electronics and emergence of technologies such as IoT and artificial intelligence are propelling the demand for NAND flash memory globally.
The Global NAND Flash Memory Market is estimated to be valued at US$ 80.93 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the NAND flash memory market are Valeo SA, ZF TRW, Carwood Group, Robert Bosch GmbH, Meritor Inc., Monark Automotive GmbH, Budweg Caliper A/S, Genuine Parts Company, ATC Drivetrain Inc., Maval Manufacturing Inc., Teamec BVBA, Motorcar Parts of America, Inc., and Jasper Engines and Transmissions. Some of the major players like Samsung, SK Hynix and Micron Technology collectively account for over 70% share of the global NAND Flash Memory Market Demand.
The growing popularity of technologies such as AI, IoT, big data analytics is fueling the demand for data storage solutions. Adoption of cloud computing is also opening lucrative growth opportunities for players in the NAND flash memory market.
Regions such as Asia Pacific and North America are expected to witness high demand for NAND flash memory due to rapid innovation and digital transformation. Leading manufacturers are investing in capacity expansion to cater to the global demand.
Market Drivers
The increasing internet and smartphone penetration around the world has boosted the demand for storage devices significantly. Since NAND flash offers high-density storage in compact modules, its adoption rate is increasing rapidly. Growing automation levels across industries is another key factor augmenting the sales of NAND flash memory with widespread use in industrial controllers, machines and automated systems.
PEST Analysis
Political: The NAND flash memory market growth is affected by government regulations related to data privacy and security across various regions. However, various government initiatives to promote digitalization are expected to support market growth.
Economic: Rising demand for consumer electronics and adoption of IoT and connected devices are major economic drivers boosting expenditure on NAND flash memory across industries. However, global economic uncertainties continue to pose challenges.
Social: Increasing digitalization and internet penetration worldwide have boosted the adoption of digital devices and cloud storage services, driving demand. However, risk of cyber threats and data breaches pose social challenges.
Technological: Advancements in manufacturing processes, transition to smaller lithography nodes, and development of 3D NAND technology are resulting in higher storage capacities and densities at lower costs. This is increasing the uptake of NAND flash memory in various applications. However, development of alternative memory technologies remains a challenge.
The Asia Pacific region accounts for the largest share of the global NAND flash memory market in terms of value. Countries such as China, South Korea, Taiwan, and Japan have a strong manufacturing base for electronics and semiconductors. Thus, the presence of leading chipmakers as well as strong demand from local OEMs make Asia Pacific a major regional market.
In terms of growth, the North American region is projected to grow at the fastest pace during the forecast period. This can be attributed to increasing digitization of processes across industries as well as rising adoption of cloud computing services in the region. Initiatives to develop smart infrastructure are also supporting market growth in North America.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
