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A00459 | Pages: 607 | Charts: 80 | Tables: 201 |
The global Non-volatile memory (NVM) market size was valued at $41 billion in 2022 and is projected to reach $96.1 billion by 2032, growing at a CAGR of 9.4% from 2023 to 2032.
Non-volatile memory (NVM) or Non-volatile storage is one of the most widely used silicon-based semiconductor memories, which facilitates permanent storage and backup to crucial data. In addition, NVM devices are electrically programmable and erasable to store changes in a particular location within the storage device and to retain that change even after a power outage.
Hard disk, magnetic tape, and floppy disks are the most common examples of NVM, which utilize user-configurable technologies to enable the end-user to access the stored data. NVM primarily aims to deliver faster access to data while consuming less energy. Additionally, storage, server, and application vendors actively work to upgrade the existing technologies and develop new ones to optimize the performance of non-volatile memory chips, to make them a viable substitute for dynamic RAM (DRAM) for several applications.
Presently, enterprises are more focused on adopting efficient storage devices to enable better end-user satisfaction. The non-volatile memory (NVM) market has gained popularity in various industries including consumer electronics, IT & telecom, BFSI, and healthcare, owing to its supreme benefits such as high-speed random access of data and low power consumption. Moreover, it also offers long-term data storage and a backup facility for the end-user data. Embedded Non-Volatile Memory finds various applications across industries such as consumer electronics, manufacturing, and mobile computing, which further supports market growth. However, low storage density and low write endurance rate hamper non-volatile memory (NVM) market growth. Irrespective of these challenges, the emergence of several advanced storage technologies such as 3D XPoint, MRAM, SONOS, and NRAM is expected to provide a huge non-volatile memory (NVM) market opportunity.
The impact of COVID-19 on the non-volatile memory (NVM) industry has been mixed. While there have been some challenges, such as supply chain disruptions and reduced demand, there have also been opportunities, such as increased demand for electrically addressed non-volatile memory.
The non-volatile memory (NVM) market outlook is segmented into Type, Industry Vertical, and Application. By type, the market is subdivided into electrically addressed, mechanically addressed, and others. Among these, electrically addressed is the major technology and the largest revenue contributor as it is faster and more efficient. The electrically addressed Non-volatile memory is further bifurcated into ROM, NVRAM, and emerging memory. The mechanically addressed Non-volatile memory type is further bifurcated into magnetic tape, hard-disk drive, optical-disc drive, millipede memory, and holographic data storage. Other segments cover FRAM, ZRAM, nanobridge, and molecular.
[TYPEGRAPH]
By application, it is categorized into consumer electronics, healthcare monitoring, automotive application, enterprise storage, industrial, and others. In 2022, the consumer electronics segment dominated the non-volatile memory (NVM) market share, in terms of revenue, and acquired major market share till 2032.
[APPLICATIONGRAPH]
Further, the market covers industry vertical segments that include telecom & IT, healthcare, transportation, energy & power, manufacturing industries, and others. The telecom and IT segment acquired the largest share in 2022 and is expected to grow at a significant CAGR during the non-volatile memory (NVM) market forecast.
[INDUSTRYVERTICALGRAPH]
On the basis of region, the Non-Volatile Memory (NVM) Market Trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).In non-volatile memory (NVM) market analysis Asia-Pacific generated the largest revenue in 2022.
[REGIONGRAPH]
Competitive analysis and profiles of the major global non-volatile memory market players that have been provided in the report include Micron Technology Inc., Samsung Electronics Co Ltd, Intel Corporation, KIOXIA Holdings Corporation, Western Digital Corporation, Viking Technology, SK HYNIX INC., Renesas Electronics, STMicroelectronics N.V., and Fujitsu Limited.
Country-wise, the U.S. acquired a prime share in the non-volatile memory market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.
In Europe, Germany, dominated the non-volatile memory market, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, the UK and the rest of Europe are expected to emerge as the fastest-growing countries in Europe's non-volatile memory with a CAGR of 8.53% and 9.25%, respectively.
In Asia-Pacific, India is expected to emerge as a significant market for the non-volatile memory market industry, owing to a significant rise in investment by prime players in the region.
By LAMEA region, Latin America garner a significant market share in 2022. The LAMEA non-volatile memory market has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Africa region is expected to grow at a high CAGR of 6.4% from 2023 to 2032.
The non-volatile memory market analysis is anticipated to expand significantly during the forecast period the non-volatile memory market includes a surge in the application of Non-volatile memory and increasing acceptance in flexible electronics. However, the lower storage density may hamper market growth. Furthermore, the growing demand for data storage provides lucrative opportunities for market growth.
The global non-volatile memory market market is highly competitive, owing to the strong presence of existing vendors. Vendors of the non-volatile memory market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Samsung Electronics Co, Ltd, Kioxia Holding Corporation, Micron Technology Inc., Renesas Electronics, STMicroelectronics N.V., and Western Digital Corporation are the top companies holding a prime share in the non-volatile memory market. Top market players have adopted various strategies, such as product launch, acquisition, expansion, and others to expand their foothold in the non-volatile memory market.
Key Market Segments
Key Market Players