The global Nand Flash Memory Market is estimated to be valued at US$ 70.25 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
NAND flash memory is a type of non-volatile storage technology used in various consumer electronics such as USB flash drives, memory cards, solid-state drives, and smartphones. It has storage density higher than NOR flash with lower static and dynamic power consumption. NAND flash memory is increasingly being adopted across various applications owing to its benefits such as high data transfer speed, durability, shock resistance, and miniature size.
Market key trends:
One of the major trends in the Nand flash memory market is the increasing integration of Artificial Intelligence in consumer electronics. With the rising adoption of AI applications, companies are focused on developing AI-powered devices that require high-density storage capacity. This is propelling the demand for NAND flash memory chips. Moreover, the growth of electrified vehicles is augmenting the usage of flash memory. Several automotive electronics such as infotainment systems, advanced driver assistance systems use flash memory for storage and real-time processing of large volumes of data.
Porter’s Analysis
Threat of new entrants: Low as Nand Flash Memory Market is dominated by few major players with high economies of scale and brand loyalty.
Bargaining power of buyers: Moderate as there are few options available but demand for flash memory is increasing in different verticals.
Bargaining power of suppliers: Low as raw materials used in manufacturing process is easily available.
Threat of new substitutes: Low as no direct substitutes are available for Nand Flash Memory.
Competitive rivalry: High as major players compete on technology innovation, pricing and brand positioning.
Key Takeaways
The global Nand Flash Memory Market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand for data storage solutions across industries like electronics, automotive and healthcare. The market size for 2023 is US$ 70.25 Bn.
Regional analysis: Asia Pacific dominates the Nand Flash Memory Market and is expected tocontinue its dominance during forecast period owing to presence of manufacturing units of major players in countries like China, South Korea and manufacturing hub for electronic goods. North America is second largest market due to high adoption of advanced technology and presence of major players like Intel Corporation and Cypress Semiconductor Corporation.
Key players operating in the Nand Flash Memory Market are KIOXIA Corporation, Cypress Semiconductor Corporation (Infineon Technologies), SK Hynix Inc., SanDisk Corp. (Western Digital Technologies Inc.), Powerchip Technology Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Yangtze Memory Technologies and Micron Technology Inc. Key players are focusing on new product launches, partnerships and mergers & acquisitions to strengthen their presence and gain competitive advantage in the market. For instance, in 2022 KIOXIA Corporation launched its new UFS 3.1 memory which offers faster transfer speeds and power efficiency.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it