by The global Solid State Drive (SSD) Market is estimated to be valued at US$ 55.22 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A solid-state drive (SSD) is a data storage device that uses microchips to retain information without relying on spinning platters as in hard disk drives (HDDs) to read or write the data. SSDs are more reliable, offer faster read/write access times, and consume less power than HDDs. Being lightweight, durable, lower latency, and more energy-efficient, SSDs are gradually replacing HDDs as the primary data storage medium in desktops and laptops. As increasing numbers of enterprises are adopting cloud computing and digital transformation, the demand for SSDs is witnessing strong growth as they enable faster access to data stored on clouds and ensure seamless mobility of data and devices.
Market key trends:
Cloud computing is seeing mass adoption across enterprises as it facilitates flexible collaboration and remote working. The shift towards cloud-based applications and virtualized infrastructure is propelling the demand for SSDs as they can handle the intensive workload and speed required for virtualization and cloud computing better than HDDs. Their superior random read/write performance makes SSDs an ideal storage solution for databases, caching, workstations, and cloud computing. Growing data volumes fueled by digitalization, IoT, and big data analytics are also augmenting the uptake of SSDs to facilitate faster data access, retrieval, and processing. Furthermore, increasing deployment of edge computing coupled with proliferation of AI, autonomous driving, and 5G network is expected to substantially boost the SSD adoption over the coming years.
Porter’s Analysis
Threat of new entrants: The Global Solid State Drive (SSD) Market Size exhibits moderate threat of new entrants given the requirement of huge capital investments and specialized technical expertise. However, growth opportunities prevail for new entrants offering innovative product differentiated from existing ones.
Bargaining power of buyers: Bargaining power of buyers is moderate in the SSD market as they have several options to choose from given the presence of a large number of players. However, brand loyalty and performance differentiation provide suppliers with some bargaining power.
Bargaining power of suppliers: Few memory chip makers control SSD NAND flash memory supply resulting in high bargaining power of suppliers in the market. However, alternative suppliers and contract manufacturers balance their power to some extent.
Threat of new substitutes: Threat of new substitutes is low as no alternative currently offers performance and functionality advantages of SSDs. However, new emerging storage technologies pose a potential long-term threat.
Competitive rivalry: Intense competition exists among the numerous global and domestic players owing to their pricing strategies and technological innovations in the SSD market.
Key Takeaways
The global solid state drive (SSD) market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period 2023 to 2030, due to increasing digitization and growing demand for high performance storage solutions across industries.
Regional analysis: Asia Pacific dominates the global SSD market and is expected to continue its dominance over the forecast period, owing to presence of key players and suppliers in countries such as China, Taiwan and South Korea. Rapid expansion of data centers and cloud services drive SSD consumption in the region. North America is another major market for SSDs driven by high adoption in industries such as automotive, IT and electronics.
Key players: Key players operating in the solid state drive (SSD) market are Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC. Players compete on the basis of product performance, reliability, pricing and innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
