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Straits Research’s Projections: NAND Flash Memory Market Size to Surge at 6.39% CAGR, Hitting 117 Billion by 2030

The predicted rapid transmission of massive amounts of telecommunications data enabled by 5G is expected to increase the demand for device storage. Vendors are also releasing NAND Flash drives that are compatible with tablets and smartphones supporting 5G. The market growth can be improved by IoT and 5G technology.

New York, United States, Oct. 03, 2023 (GLOBE NEWSWIRE) — The NAND flash memory technology allows the power-free storage of data. NAND flash development has prioritized reducing the cost per bit and increasing the maximum chip capacity and data is stored in blocks on NAND flash using electrical circuits. “The Smartphone segment commands the market and is anticipated to grow at a CAGR of 6.57%,” stated Research Manager at Straits Research P. Ltd.

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Growth Accelerators

The NAND flash memory market is predicted to increase in response to the increased demand for memory devices, which data centers fuel. The main reason driving the demand for data centers is the increase in high-performance computing, edge computing, big data, and cloud applications. Additionally, in response to the new data center construction projects launched by Google, Amazon Web Service, Facebook, and Microsoft Azure, Intel and AMD recently introduced new server CPUs. It is anticipated that similar factors would propel the NAND flash server business.

The rapid transmission of massive amounts of telecommunications data that 5G is predicted to enable would raise the demand for device storage. Vendors are also releasing NAND Flash drives compatible with tablets and smartphones that support 5G. IoT and 5G technology can improve market growth. The reliability of the data saved is a crucial component of any memory device. Bit-flipping, a condition where certain bits can become reversed, is a risk for flash memory. Thus, reliability is the primary factor restricting the market’s growth.

Regional Insights

The Asia-Pacific region dominates the NAND flash memory market, expanding at a CAGR of 7.12% over the forecast period. China is the major contributor to the increased market share in the region. The desire for smartphones in the region’s developing countries, such as China, India, Indonesia, and others, primarily drives the demand for nearly all end-user apps in the region. Additionally, during the past three years, there has been an increase in the number of SMEs and cloud service providers, which has produced enormous growth potential throughout the region.
North America has the second-largest market share in terms of revenue. This market is expected to grow at a CAGR of 5.23%. North America is one of the leading markets for consumer electronics, IoT, SSDs, and smartphones. This component is what is driving the need for NAND flash memory. SanDisk, Intel, WDC, Cypress Semiconductors, and other significant manufacturers are based in North America. The market for automobile ADAS systems is increasing, driving the demand for high-density and low-latency flash storage.

Europe holds a moderate share in the market. The rapidly growing data-centric uses of NAND flash memories in multiple industrial verticals worldwide will be the primary driver of the demand for NAND flash memory solutions in this region. Due to the region’s rapidly expanding need for IT services, NAND flash memory is expected to be applied creatively. It is therefore anticipated that, throughout the forecast period, this trend will fuel the market for NAND flash memory. The automotive industry dominates the European continent. For efficient operation, automotive companies use NAND flash memories.

Key Highlights

  • The global NAND flash memory market size is expected to reach USD 117 billion by 2030, growing at a CAGR of 6.39% during the forecast period (2022–2030).
  • Based on type, the global NAND flash memory market is segmented into SLC (Single-Level Cell), MLC (Multi-Level Cell), TLC (Three-Level Cell), and QLC (Quad-Level Cell). TLC (Three-Level Cell) owns the largest market share and is expected to grow at a CAGR of 3.61% during the forecast period.
  • Based on structure, the global NAND flash memory market is segmented into 2D and 3D structures. The 3D Structure holds a significant portion of the market and is expected to grow at A CAGR of 8.51% during the forecast period.
  • Based on application, the global NAND flash memory market is segmented into Smartphone, SSD, Memory Card, Tablet, and Others.

The major market players are

  1. Samsung Electronics Co. Ltd
  2. KIOXIA Corporation
  3. Cypress Semiconductor Corporation
  4. Micron Technology Inc.
  5. Intel Corporation
  6. Yangtze Memory Technologies
  7. Powerchip Technology Corporation
  8. SanDisk Corp.
  9. SK Hynix Inc.

Market News

  • In July 2022, the first 238-layer 512GB, TLC 4D NAND in the world, was developed by SK Hynix Inc. complete manufacturing is expected to start in the first half of 2023.
  • In July 2022, Yangtze technologies announced a 232- layer chip, a new memory chip technology to cope with its rivals.
  • In July 2022, Micron Technology announced the production of 232-layer NAND flash memory.

Global NAND Flash Memory Market: Segmentation
By Type

  • SLC (Single-Level Cell)
  • MLC (Multi-Level Cell)
  • TLC (Three-Level Cell)
  • QLC (Quad-Level Cell)

By Structure

  • 2D structure
  • 3D structure

By Application

  • Smartphone
  • SSD
  • Memory Card
  • Tablet
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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Originally published at https://www.einpresswire.com/article/659384892/straits-research-s-projections-nand-flash-memory-market-size-to-surge-at-6-39-cagr-hitting-117-billion-by-2030

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