Non-volatile Memory Market to Hit US$ 152.0 Billion by 2033 with a CAGR of 8.0% | Persistence Market Research

New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Non-volatile Memory Market is a dynamic and pivotal sector within the technology industry, offering innovative solutions for data storage and retrieval.The Global Non-Volatile Memory Market is estimated to reach a valuation of US$ 70.3 billion in 2023 from US$ 64.5 billion registered in 2022. It is likely to witness a CAGR of 8.0% from 2023 to 2033. The market is predicted to be valued at US$ 152.0 billion by 2033.

Non-volatile memory, unlike traditional volatile memory, retains data even when the power is turned off, making it essential for various applications. This market encompasses a wide range of technologies, including NAND flash memory, NOR flash memory, 3D XPoint, MRAM, and more. Non-volatile memory finds applications in consumer electronics, data centers, automotive systems, aerospace, and emerging fields like artificial intelligence and the Internet of Things (IoT). With rapid advancements, increasing demand for high-performance storage, and a growing emphasis on energy efficiency, the Non-volatile Memory Market continues to expand and shape the future of data storage solutions.Due to its low cost and reduced power consumption, flash memory is becoming increasingly common in consumer devices, which is important for the market's expansion. In wearable technology and smartphones, non-volatile memory is utilized to increase storage capacity and speed up memory access.

The market's expansion is also being fueled by a rising amount of research being done in this area. For instance, Infineon Technologies LLC announced the release of second-generation non-volatile Static random access memories in March 2021.They are compliant with high-reliability industrial specifications and QML-Q. They are also primarily intended to support non-volatile code storage in challenging environments such as industrial and aerospace applications.Similar to this, Samsung said in early 2021 that it had improved the magnetic tunnel junctions function of its magneto resistive random access memory and had upgraded its 14 nm technology to accommodate its flash-type integrated magneto resistive random access memory. It was intended to boost write speed and density. The business also aims to use the upcoming NVM IC in internet of things devices, microcontrollers, and wearables.

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Non-volatile Memory Market Report Scope:

Non-volatile Memory: Market Dynamics:

Driver: Surge in Demand for Smartphones and Smart Wearables

The escalating demand for smartphones and smart wearables is a significant driver in the Non-volatile Memory Market. These high-tech consumer electronics heavily rely on non-volatile memory solutions to provide ample storage capacity and high data transfer rates. Flash memory, in particular, plays a pivotal role, offering rapid data access and energy-efficient performance. It caters to the requirements of modern devices, ensuring swift operations and prolonged battery life. This demand extends to emerging smart wearables, including smartwatches and glasses. Non-volatile memory is the preferred choice for applications like streaming media devices, smart speakers, printers, and various IoT devices due to its capacity and performance capabilities. Industry leaders like Samsung, Micron Technology, Adesto Technologies, and Everspin Technologies are actively contributing to this market's growth. With over 20% growth in demand for semiconductor memory chips, logic, and ICs reported in 2021, driven by consumer electronics such as smartphones, PCs, laptops, and smart wearables, the Non-volatile Memory Market is poised for expansion on a global scale.

Restraint: Decline in the Growth of the Semiconductor Industry

The semiconductor industry operates in cyclical patterns, witnessing fluctuations in demand. In 2022, despite a 7.3% year-over-year increase in semiconductor sales, there was a 2.3% decline compared to the previous month. This decline was attributed to reduced demand for laptops, Chromebooks, TVs, and smartphones, as well as growing inventory levels among consumers. While enterprise SSD spending remained strong, the drop in smartphone shipments affected the demand for mobile NAND Flash. Geopolitical tensions and global events like the Russia–Ukraine war and rising inflation further dampened the industry's prospects, potentially slowing the growth of the Non-volatile Memory Market in the last two quarters of FY2022.

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Opportunity: Advent of Innovative Technologies for IoT Applications

Emerging non-volatile memory technologies are gradually replacing traditional memories like DRAM and flash, presenting a significant opportunity for market players. Traditional flash memories have limitations in terms of latency, scalability, and power consumption. Alternatives such as 3D NAND, ReRAM, NRAM, and MRAM offer superior performance characteristics, making them ideal for AI and IoT integrated solutions. MRAM, in particular, stands out with its capacity, density, power efficiency, rapid write performance, and low read latency, making it suitable for IoT and AI applications. Optimized memory solutions like ReRam and SMIC's 40 nm ReRAM technology hold promise for in-memory computing, demonstrating the market's potential for innovative technologies in the IoT landscape.

Challenge: Optimization of Storage Densities and Capacities

Storage density, which determines the amount of information a storage medium can hold, is a crucial factor in memory technology. Higher-density storage allows more data to be stored in the same physical space, affecting both performance and price. High-density memories like RRAM, NAND flash, and NVDIMM face challenges related to scalability, endurance, noise margin, and reliability. Scalability issues in flash memory have proven difficult to overcome, and there are limitations to electron storage in high-density non-volatile memories. Although this challenge currently has a significant impact, it is expected to diminish in the near future as technology advances address these issues.

Non-volatile Memory Market Outlook (2023 to 2033)

Over the past decade, the semiconductor industry has shown growing interest in non-volatile memory (NVM) solutions for bulk storage applications, driven by the expanding market for portable systems. The non-volatile memory sector is experiencing significant growth due to increasing demands for reduced power consumption, efficient memory management, and speedy performance.

Consumers worldwide expect their devices to continually enhance their power, deliver lightning-fast capabilities, and provide ample storage for music, movies, and images in the booming consumer electronics market. While flash memory has played a pivotal role in innovation over recent decades, it is now approaching its scaling limits, necessitating the introduction of a new generation of memory technologies.

The adoption of flash memory in consumer devices is on the rise due to its cost-effectiveness and lower power consumption, a trend contributing to the market's expansion. Non-volatile memory is instrumental in boosting storage capacity and accelerating memory access in wearable technology and smartphones.

The market's growth is further propelled by ongoing research and development efforts. For example, Infineon Technologies LLC unveiled second-generation non-volatile Static Random Access Memories (SRAM) in March 2021. These SRAMs comply with rigorous industrial specifications and are designed to support non-volatile code storage in challenging environments, such as industrial and aerospace applications.

Similarly, Samsung announced in early 2021 that it had enhanced the functionality of magnetic tunnel junctions in its Magneto Resistive Random Access Memory (MRAM) and upgraded its 14 nm technology to accommodate integrated MRAM with flash-type capabilities. This upgrade aimed to improve write speed and density, with plans to use the upcoming NVM Integrated Circuit (IC) in internet of things (IoT) devices, microcontrollers, and wearables. These developments underscore the dynamic nature of the NVM industry and its commitment to meeting the evolving needs of the tech market.

Competitive Landscape:

Key players in the global non-volatile memory market include Crossbar Inc., Micron Technology, Samsung Electronics, Adesto Technologies, Nantero, Toshiba Corporation, Microchip Technology, SK Hynix, Intel Corporation, and Western Digital among others.

The non-volatile memory industry is crowded with powerful competitors. The industry's competitive competition is primarily reliant on innovation-based sustained competitive advantage, levels of market saturation, and effectiveness of competitive strategy. The global market has high exit barriers as it requires a lot of capital.

Recent Developments:

• In November 2022, Samsung Electronics, a South Korea-based semiconductor manufacturer announced that they have started mass production of vertical NAND (VNAND) memory chips. The reason behind developing this memory at a massive scale is that it provides high bit density. It is a 1-terabit triple level cell eighth generation V-NAND chipset. The company is using 3D scaling technology in order to reduce the surface area. It also announced that the new V-NAND memory chipset has 2.4 gigabits per second input-output speed that makes it suitable to be used in PCIe 4.0 and PCIe 5.0.
• In August 2022, a Taiwan-based company called Macronix International Co Ltd. that makes non-volatile memory stated that Renesas Electronics Corporation's microcontrollers will use its octa-flash MX66UW1G45GXDI00 flash memory. Renesas RZ series microprocessors and microcontrollers are anticipated to be supported by these memories. By working together, Macronix and Renesas hope to provide developers with strong tools that will make it easy and less expensive to build solutions based on memory protection units.

Segmentation: Non-volatile Memory Market

By Type:

• Traditional Non-Volatile Memory
  • Flash memory
  • Programmable Read-Only Memory
  • Non-Volatile Static Random Access Memory
  • Embedded
  • Electrically Erasable Programmable Read-only Memory
• Emerging Non-Volatile Memory
  • 3D NAND
  • Spin-transfer Torque Magnetic Random Access Memory
  • Ferroelectric Random Access Memory
  • Resistive random-access Memory/ Conductive Bridge Random Access Memory
  • Non-volatile Dual In-line Memory Module
  • 3D Xpoint
  • Non-volatile Random-access Memory
  • Others
• Nanobridge
• Quantum dots
• Millipede
• Molecular
• Transparent/Flexible Non-volatile Memory

By Wafer Size:

• 200 mm
• 300 mm
• 450 mm
  
  

By End User:

• Consumer Electronics
• Enterprise Storage
• Automotive and Transportation
• Military and Aerospace
• Industrial
• Telecommunication
• Energy and Power
• Healthcare
• Agriculture
• Retail

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

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