The global Solid State Drive (SSD) Market is estimated to be valued at US$ 47.6 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solid state drives are storage devices that uses integrated circuit assemblies as memory to store data permanently. They are increasingly being used as an alternative to traditional hard disk drives due to advantages such as higher durability, faster read/write speeds, lower power consumption, and vibration resistance.
Market key trends:
One of the major trends in the Solid State Drive (SSD) Market is the growing adoption of 3D NAND technology. 3D NAND technology allows manufacturers to stack storage cells vertically instead of just horizontally. This effectively multiplies the amount of data that can be stored on a single chip. Leading manufacturers have already commercialized 3D NAND technology with 96 or more layers. Transition to 3D NAND is expected to significantly boost solid state drive capacities over the forecast period while keeping prices competitive versus traditional hard disk drives.
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.
Segment Analysis
The global solid state drive (SSD) market is segmented based on storage capacity, form factor, interface, and end user. Based on storage capacity, the SSD market is categorized into less than 250 GB, 251 GB to 500 GB, 501 GB to 1 TB, and 1 TB and above. The 1 TB and above segment currently dominates the market and is expected to continue its dominance over the forecast period. This is owing to the increasing data generation and requirement for higher storage capacity to store large files like HD movies, games, etc.
Key Takeaways
The global solid state drive (SSD) market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing data generation driven by rise in digital content and cloud storage.
Regional analysis
Asia Pacific region is expected to exhibit fastest growth in the market over the forecast period. This is attributed to growing electronics and semiconductor industries and high production of SSDs in countries like China, Taiwan, and South Korea.