New York, June 15, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global NAND Flash Memory Market” published by Consegic Business Intelligence, the market was worth USD 68.62 Billion in 2022 and is anticipated to reach over USD 104.86 Billion by the year 2030, growing at a CAGR of 5.7%.
NAND flash memory is a type of non-volatile memory technology utilized in electronic devices that do not require power for data storage. NAND flash memory is specifically designed to achieve higher chip capacities and lower cost per bit compared to other memory technologies. In addition, NAND flash memory is widely utilized in various consumer electronics devices namely smartphones, tablets, USB drives, solid-state drives (SSDs), and memory cards.
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The increasing demand of NAND flash memory from the aerospace industry for the storage of data even in the absence of power serves as a key factor for the growth of the market. Additionally, spacecraft and satellites rely heavily on NAND flash memory to store critical information including scientific measurements and telemetry data. Moreover, NAND memory, particularly Triple-Level Cell (TLC) offers improved storage capacity to enhance the digital signal processing and prevent buffering of the data. For instance, in October 2021, Cobham Advanced Electronic Solutions (CAES) launched the industry’s highest-density NAND flash device for various space applications including scientific measurements and telemetry data. The advanced triple-level cell (TLC) provides 32 times the improved density needed for applications including solid-state drives and reconfigurable computing systems, thus contributing significantly in propelling the market growth.
Moreover, autonomous vehicles generate a vast amount of data including high-resolution video feeds, sensor readings, and mapping information that raises the demand for NAND flash memory and is expected to create opportunities for the growth of the market. However, the presence of alternatives including 3D XPoint technology offering faster speed and low latency as compared to traditional NAND flash memory is restraining the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 104.86 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | ATP Electronics, Inc., Intel Corporation, KIOXIA Corporation, Micron Technology Inc., Powerchip Semiconductor Manufacturing Corp., Renesas Electronics Corporation, Samsung Electronics Co. Ltd., SK Hynix Inc., Western Digital Corporation |
| By Type | SLC (One Bit Per Cell), MLC (Multi Bit Per Cell), TLC (Three Bit Per Cell), and QLC (Quad Level Cell) |
| By Structure | 2-D Structure and 3-D Structure |
| By Application | Memory Card, Smartphone, SSD, Tablet, and Others |
| By End-User | Automotive, Consumer Electronics, Communication & Technology, and Manufacturing |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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NAND Flash Memory Market Growth Drivers:
- Increasing demand of NAND flash memory for the storage of digital data including high-definition videos, photos, music, and documents is propelling the market growth.
- Rising need of NAND flash memory from data centers to support real-time data processing is accelerating the market growth.
- Growing demand of NAND flash memory from the aerospace industry for the storage of data even in the absence of power is boosting the market growth.
Restraints
- Bit flipping leading to reduced efficiency of NAND flash memory is restraining the market growth.
- Presence of alternatives including 3D XPoint technology offering faster speed and low latency is hampering the growth of the NAND flash memory market.
Opportunities
- The increasing demand for the storage of data generated by autonomous vehicles including high-resolution video feeds, sensor readings, and mapping information is expected to create opportunities for the growth of the market.
Global NAND Flash Memory Market Segmentation Details:
Based on Type, the Three Bit Per Cell (TLC) segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of TLC to allow higher storage density, resulting in a lower cost per gigabyte of storage. Additionally, manufacturers are implementing various techniques, including improved error correction codes (ECC), wear leveling algorithms, and advanced controller designs to enhance the endurance and reliability of TLC NAND. Furthermore, the increasing adoption of TLC in consumer electronics including smartphones, tablets, and solid-state drives (SSDs) is also contributing significantly in accelerating the growth of the market.
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Based on Structure, the 3D structure segment offered substantial shares to the global NAND flash memory market in the year 2022. The growth is attributed to the ability of 3D structured NAND to offer improved performance compared to 2D NAND. In addition, 3D structure aids in shortening the data processing time and increasing the speed, lifespan, and endurance of NAND flash memory. Moreover, the vertical stacking of memory cells in a 3D structure reduces the footprint leading to shorter interconnect distances and resulting in faster data transfer speeds, lower power consumption, and reduced latencies. Subsequently, the aforementioned factors are collectively responsible in boosting the growth of the market.
Based on Application, smartphones hold the maximum share to the market growth in the year 2022. The growth of the market is endorsed by the capability of NAND flash memory to offer faster sequential writeup and improved performance to download 4K movies. Additionally, NAND flash memory is employed for caching purposes to improve system performance for faster access, reducing load times, and enhancing user experience. Consequently, the aforementioned factors are collectively responsible for increasing the demand for NAND flash memory in smartphones to enhance speed and performance.
Based on End-User, the consumer electronics segment offered substantial shares to the global NAND flash memory market in the year 2022. The growth is attributed to the increasing adoption of NAND flash memory in a wide range of consumer electronics devices including smartphones, tablets, and media players. Additionally, the increasing adoption of NAND flash memory in consumer electronics to provide non-volatile storage, high data transfer rates, and low power consumption is further accelerating the market growth.
Based on region, North America has been a major contributor to the growth of the NAND flash memory market. The growth is attributed to the expanding consumer electronics industry that raises the demand for advanced NAND flash memory to improve the speed and storage of various electronic devices including smartphones and tablets. Moreover, the presence of key players in the region, investing heavily in research and development to innovate new products is also contributing remarkably in propelling the market growth.
Recent Developments
- In August 2022, SK Hynix developed the world’s highest 238-layer 4D NAND flash using charge trap flash and peri under cell technologies. The flash is designed to improve productivity by 34%, speed by 50%, and reduce energy consumption by 21%.
- In November 2021, Mercury Systems, Inc. launched a NAND flash non-volatile memory device featuring a plastic ball-grid array (BGA) package to meet NASA's EEE INST 002 space-grade guidelines for ultra-high density memory storage applications.
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List of Major Global NAND Flash Memory Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —
- ATP Electronics, Inc.
- Intel Corporation
- KIOXIA Corporation
- Micron Technology Inc.
- Powerchip Semiconductor Manufacturing Corp.
- Renesas Electronics Corporation
- Samsung Electronics Co. Ltd
- SK Hynix Inc.
- Western Digital Corporation
Global NAND Flash Memory Market Segmentation:
- By Type
- SLC (One Bit Per Cell)
- MLC (Multi Bit Per Cell)
- TLC (Three Bit Per Cell)
- QLC (Quad Level Cell)
- By Structure
- 2-D Structure
- 3-D Structure
- By Application
- Memory Card
- Smartphone
- SSD
- Tablet
- Others
- By End-User
- Automotive
- Consumer Electronics
- Communication & Technology
- Manufacturing
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Key Questions Covered in the NAND Flash Memory Market Report
- What will be the potential market valuation for the NAND flash memory industry by 2030?
- The market valuation for the NAND flash memory is expected to be approximately USD 104.86 Billion by 2030 driven by the increasing adoption of NAND flash memory in various consumer electronics.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the NAND flash memory market's growth in the coming years?
- North America is anticipated to have the largest impact on the NAND flash memory market during the forecast period owing to the advancements in technology including cloud computing and the presence of data centers. NAND flash memory is widely employed in cloud computing applications owing to the high-speed data access, reliability, and storage capacity.
- Which segment is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- The report consists of segments including type, structure, application, end-user, and region. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the application segment, the memory card is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the ability of NAND flash in memory cards to offer a high capacity to capture and store several high-resolution images and videos without compromising the quality.
- What specific segmentation details are covered in the NAND flash memory market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including type, structure, application, end-user, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the type segment has witnessed TLC as the dominating segment in the year 2022. The growth is attributed to the increased storage density that allows data to be stored in the physical space, resulting in a lower cost per gigabyte of storage.
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