by Nand flash memory is a type of non-volatile storage technology used in various consumer electronics, industrial and automotive applications. Nand flash offers high storage capacity, low cost per bit, and high read and write speeds compared to other memory technologies. It is widely used in USB flash drives, memory cards, solid-state drives and other applications.
The global Nand Flash Memory Market is estimated to be valued at US$ 70.25 Bn in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Leading memory manufacturers such as Samsung, Kioxia and Western Digital have already transitioned most of their Nand flash production to 3D. This transition is expected to drive the adoption of 3D Nand based solid state drives (SSDs) and other storage products in laptops, data centers and other applications.
SWOT Analysis
Strength: Nand flash memory has high storage density that allows storage of large amount of data in small physical space. It provides fast read and write speeds.
Weakness: Nand flash memory has limited number of write/erase cycles compared to other memory technologies. It has higher cost per gigabyte compared to hard disk drives.
Opportunity: Growing demand for high capacity storage solutions from industries like automotive, smartphones, data centers is driving the growth of Nand flash memory market. Increasing adoption of IoT and AI technologies will further boost the market.
Threats: Development of newer and competing technologies like resistive random-access memory (ReRAM) and three-dimensional cross-point memory poses threat to Nand flash memory market. Decline in NAND flash prices can reduce profit margins.
Key Takeaways
The Global Nand Flash Memory Market Size is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing demand for high performance storage solutions across industries. Growing applications of Nand flash memory in automotive, smartphones and data centers are fueling the market growth.
The Asia Pacific region dominated the global Nand flash memory market in 2023, accounting for around 40% of the total share. This was attributed to presence of key manufacturers, growing electronics industry and increase in Number of foundries located in countries like China, South Korea and Taiwan. North America and Europe are also expected to offer lucrative opportunities with significant growth in the forecast period.
Key players operating in the Nand flash memory 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. The major players are focusing on new product launches, partnerships, mergers and acquisitions to gain higher market share. For instance, in 2022, SK Hynix acquired Intel’s Nand memory business worth US$ 9 Billion.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
