by The global 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 that does not require power to retain data. It is primarily used in solid-state drives, USB flash drives, memory cards, and similar products to store data. The technology is widely used due to its small size, high performance, ability to withstand physical shock, and low power requirements. NAND flash memory products offer benefits such high data transfer rates, durability, miniaturization and cost-effectiveness. They are increasingly replacing hard disk drives due to increasing demand for faster, smaller and more robust storage devices.
Market Key Trends:
One of the key trends in the NAND flash memory market is the rapid expansion plans by various manufacturers to increase production capacity. For instance, in 2021, KIOXIA Corporation announced plans to invest over $3.3 billion to build and equip new manufacturing facilities at its Yokkaichi Operations plant in Japan. The expansion is aimed at strengthening production of BiCS flash memory for SSDs and other memory storage devices. Similarly, Yangtze Memory Technologies also announced a $29 billion investment through 2021-2025 to expand NAND flash production capacity by 300,000 wafers per month. SK Hynix also spent $106 billion in 2021 on expanding production facilities. Such rapid capacity expansions by leading players are expected to significantly boost NAND flash supply and reduce prices over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is relatively low in the NAND Flash Memory Market due to high capital investment requirements and established brand loyalty of existing players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many manufacturers in the market allowing buyers to opt for alternatives easily.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and dependence of manufacturers on a few material suppliers.
Threat of new substitutes: Threat of new substitutes is low as NAND flash memories have been major storage devices for years with no significantly cheaper or better alternative in sight.
Competitive rivalry: Fierce competition exists among the top players to gain market share.
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 demand for embedded NAND flash in automotive, smartphones and tablets.
Regionally, Asia Pacific dominated the market in 2021 and is expected to continue its dominance during the forecast period. This can be attributed to rapid economic development and growing demand for consumer electronics from major countries like China and India.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
