ALBANY, New York, November 30, 2016 /PRNewswire/ --
According to TMR, the global market for MRAM stood at US$41.2 mn in 2015. Expanding at an exponential CAGR of 44.20% during the period from 2016 to 2024, the market is likely to arrive at US$869.7 mn by the end of the forecast period. With a share of nearly 63%, second-generation MRAM (STT-MRAM) surfaced as the most favored product in this market in 2015. Supported by the introduction of new products and the significant rise in adoption across various applications, STT-MRAM is likely to continue to witness a high demand during the forecast period.
With a clear leadership of Everspin Technologies Inc., the global market for magneto resistive RAM (MRAM) demonstrate a highly consolidated structure, finds a report by Transparency market Research (TMR). The company alone occupied a share of more than 64% in the overall market in 2015. Spin Transfer Technologies, Avalanche Technology, Honeywell International, and Toshiba are some of the other leading manufacturers of MRAM across the world.
Hitherto, these companies were focusing on product development and innovation to improve their visibility. However, their focus is likely to shift towards strategic partnerships in the coming years in a bid to strengthen their market presence.
Asia Pacific to Continue as Key Contributor to Global MRAM Market
Geographically, the global MRAM market is segmented into Europe, the Middle East, Asia Pacific, Latin America, and North America, states the report. Among these, MRAM finds the most prominent demand in Asia Pacific. Researchers project the trend to remain so over the forecast period on account of the advancing data center infrastructure in this region, propelled by the increasing penetration of internet and the growing usage of cloud computing. The regional market is estimated to generate nearly US$483.6 mn in revenues by the end of 2024.
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North America, which emerged second in this market in 2015, is likely to retain its position during the forecast period. The strong presence of leading vendors and the increase in research and development activities are projected to boost the North America market for MRAM significantly in the coming years. Besides, the augmenting need to curb data consumption and the growing count of computationally intensive applications are also projected to fuel the demand for MRAM devices considerably in the near future, creating lucrative growth opportunities for manufacturers in this region, notes the research study.
Rising Preference for Fast and Scalable Memory Devices to Reflect Positively on Demand for MRAM
"The global demand for MRAM is heavily influenced by the rising preference for highly scalable, fast, power efficient, and non-volatile memory devices with low cost per bit in the consumer electronics, defense and aerospace, and enterprise storage industries," says the author of this study. Thanks to the ongoing expansion of the enterprise storage industry, the demand for MRAM is likely to augment substantially in the coming years.
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Apart from this, the rise in the flexible and wearable electronics market is also expected to reflect positively on the sales of MRAM devices over the next few years. However, the high cost associated with the designing of these devices, which eventually results in the total cost increment, is projected to limit their application in the near future. The growing concerns over electromagnetic interference are also anticipated to hamper the growth of this market to some extent in the years to come, states the report.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Magneto Resistive RAM (MRAM) Market - Global Industry Analysis, Trend, Size, Share, and Forecast 2016 - 2024."
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