The Solid State Drive (SSD) Market is estimated to be valued at US$ 55.22 Mn or Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solid state drives (SSDs) are electronic data storage devices that uses integrated circuit assemblies as memory to store data persistently. SSDs have no moving mechanical components. They are replacing hard disk drives (HDDs) as the main data storage devices in systems, from smartphones to data centers. The performance advantages of SSDs over HDDs has made them popular in various applications including data centers, desktops, laptops and mobile devices.
Market Dynamics:
Rapid growth in cloud computing and adoption of AI-based applications are a key driver for the SSD market. As cloud computing becomes mainstream, more data is being generated every day which is driving demand for high capacity and high performance storage solutions like SSDs especially in data centers. Additionally, growth of IoT devices generating data at the edge is also fueling adoption of SSDs. AI techniques like deep learning require huge volumes of data storage and processing power which is boosting deployment of SSDs in AI infrastructure.
Segment Analysis
The Global Solid State Drive (SSD) Market Size is dominated by the consumer SSD segment. This segment accounted for over 50% market share in 2022 due to high adoption of SSD in laptops, tablets and desktop PCs for day to day use. SSD provides faster startups and data access along with more durability as compared to conventional hard disk drives (HDDs).
PEST Analysis
Political: There are no significant political risks affecting the SSD market at present.
Economic: In 2023, the global economy is expected to witness slowdown which may moderately impact consumer spending on SSDs for laptops and desktops. However, strong demand from data centers will aid overall market growth.
Social: Increasing digitalization and rising preference of power users for high performance devices like gaming laptops and workstations is driving SSD adoption.
Technological: Manufacturers are focusing on developing SSDs with higher storage capacities, faster read/write speeds and lower costs to gain more users. Advances in 3D NAND technology are helping to increase SSD capacities.
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 demand for data storage from data centers. The increasing deployment of cloud based applications and services is driving demand for data storage globally.
Regional analysis:
Asia Pacific region dominated the SSD market with a share of over 35% in 2022 and is expected to remain the fastest growing as well as largest regional market during the forecast period. China, Japan, South Korea and India are major countries contributing to region’s large market share. Rapid digitalization and expansion of data centers in these countries is fueling SSD adoption.
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. Leading players are investing in development of advanced SSDs with focus on faster performance, greater reliability and lower costs. They are also expanding manufacturing capacities to cater to growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
