Non-Volatile Memory Market to Reach $96.1 Billion, Globally, by 2032 at 9.4% CAGR: Allied Market Research
Wednesday, June 21, 2023
The global non-volatile memory market is driven by factors such as growing application of non-volatile memory and surge in preference for flexible electronics and innovative solution.
PORTLAND, Ore., June 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Non-Volatile Memory Market, By Type (Electrically Addressed [ROM, NVRAM, and Emerging Memory], Mechanically Addressed [Magnetic Tape, Hard-Disk Drive, Optical-Disc Drive, Millipede Memory, and Holographic Data Storage], and Others [FRAM, ZRAM, Nanobridge, and Molecular]), Application (Consumer Electronics, Healthcare Monitoring, Automotive Application, Enterprise Storage, Industrial, and Others), and Industry Vertical (Telecom & IT, Healthcare, Transportation, Energy & Power, Manufacturing Industries, and Others),: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global non-volatile memory market generated $41 billion in 2022 and is estimated to reach $96.1 billion by 2032, growing at a CAGR of 9.4% from 2023 to 2032.
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Prime determinants of growth
The global non-volatile memory market is driven by factors such as surge in surge in the application of non-volatile memory and increasing acceptance in flexible electronics. However, the lower storage density may hamper market growth. Furthermore, the growing demand for data storage provides lucrative opportunities for market growth.
Report coverage & details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$41 billion
Market Size in 2032
$96.1 billion
CAGR 9.4 %
No. of Pages in Report 607
Segments covered Type, Application, Industry Vertical,
and Region.
Drivers Surge in the application of non-
volatile memory
Increasing acceptance in flexible
electronics
Opportunities Growing demand for data storage
Restraints
Lower storage density
Covid-19 Scenario
-- The COVID-19 epidemic significantly changed the dynamics of the supply
chain, raised demand for e-commerce packaging, and brought attention to
health and safety precautions, all of which influence the non-volatile
memory market.
-- Many businesses had to swiftly adjust to the growth in e-commerce by
developing packaging that can endure the rigours of shipping and
handling.
-- The pandemic had intensified the attention on sustainable non-volatile
memory solutions as people looked for eco-friendly choices.
The electrically addressed segment to maintain its leadership status throughout the forecast period
Based on type, the electrically addressed segment held the highest market share in 2022, accounting for around two-fifths of the global non-volatile memory market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing demand for electrically addressed memory in consumer electronics. Presently many electronic applications are equipped with non-volatile memory to store the data and prevent data loss. Electrically addressed memory such as ROM or NVRAM is the most widely used memory for storing data. The others segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, as other non-volatile memory offers low power consumption, faster speed, and high bandwidth.
The consumer electronics segment to maintain its leadership status throughout the forecast period
Based on application, the consumer electronics segment held the highest market share in 2022, accounting for around one-third of the global non-volatile memory market and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 10.31% from 2023 to 2032.Non-volatile memory devices with increased storage capacity and high-speed processors are being introduced by various key companies in the market, to cater to the increasing demand for efficient storage. NVM devices employed in consumer electronics are getting compact.
The telecom and IT segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the telecom and IT segment held the highest market share in 2022, accounting for nearly one-third of the global non-volatile memory market and is estimated to maintain its leadership status throughout the forecast period. Growth of Non-volatile memories in telecommunication & IT is propelled by extensive research & development, and enhanced product launch by the key players in the market.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global non-volatile memory market revenue and is likely to dominate the market during the forecast period. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032, owing to increase in technological advancements and rise in security standards in developing countries such as India, China, and Indonesia. With the rise in electronic applications, organizations across verticals realize the importance of non-volatile memory to ensure low-power consumption and reduced size. High demand for lightweight memory design and high durability has enhanced the adoption of non-volatile memory in enterprise storage and automotive thereby creating an opportunity for market growth.
Leading Market Players: -
-- STMicroelectronics N.V.,
-- Intel Corporation.,
-- SK HYNIX INC.,
-- Viking Technology LLC,
-- KIOXIA Holdings Corporation,
-- Micron Technology Inc.,
-- Fujitsu Limited,
-- Samsung Electronics Co Ltd,
-- Renesas Electronics,
-- Western Digital Corporation
The report provides a detailed analysis of these key players in the global non-volatile memory market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
-- This study comprises analytical depiction of the non-volatile memory
market size along with the current trends and future estimations to
depict the imminent investment pockets.
-- The overall non-volatile memory market analysis is determined to
understand the profitable trends to gain a stronger foothold.
-- The report presents information related to key drivers, restraints, and
opportunities with a detailed impact analysis.
Non-Volatile Memory (NVM) Market Key Segments:
By Type
-- Electrically addressed
-- Electrically addressed
-- ROM
-- NVRAM
-- Emerging Memory
-- Mechanically Addressed
-- Mechanically Addressed
-- Hard-Disk Drive
-- Magnetic Tape
-- Optical Disc Drive
-- Millipede Memory
-- Holographic Data Storage
-- Others
-- Others
-- FRAM
-- ZRAM
-- Nanobridge
-- Molecular
By Industry Vertical
-- Automotive
-- Healthcare
-- Telecom and IT
-- Energy and Power
-- Manufacturing Industries
-- Others
By Application
-- Consumer Electronics
-- Healthcare Monitoring
-- Automotive Application
-- Enterprise Storage
-- Industrial
-- Others
By Region
-- North America (U.S., Canada, Mexico)
-- Europe (UK, Germany, France, Rest of Europe)
-- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
-- LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.?
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.?
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SOURCE Allied Market Research
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