BANGALORE, India, Sept. 20, 2021 /PRNewswire/ -- The Global NAND Flash Market is Segmented by Type (MLC NAND, TLC NAND), by Application Consumer Electronics, SSD (Solid State Disk)). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computer Drives & Storage Category.
In 2020, the global NAND Flash market size was USD 18480 Million and it is expected to reach USD 74330 Million by the end of 2027, with a CAGR of 22.0% during 2021-2027.
NAND-flash memory is a non-linear internal macro-cell mode memory that offers a low-cost and high-performance solution for large-capacity solid-state memory applications. NAND-flash memory has a big capacity and fast rewrite speed, making it perfect for storing large amounts of data. As a result, embedded goods such as digital cameras, MP3 players, and memory cards have become more popular.
Major factors driving the growth of the NAND Flash Market are:
An increase in the number of PCs, smartphones, and other electronic gadgets is expected to drive the growth of the NAND Flash market.
Other consumer products, including tablets and cameras, as well as industrial equipment and sensors, automotive systems, and medical devices, rely on NAND flash memory, which is integrated with their CPUs and stores both data and code. The NAND flash market will continue to increase as demand for huge data processing for artificial intelligence and machine learning applications grows.
One of the advantages of NAND flash is that it stores data in a non-volatile manner. Unlike DRAM memory, which requires constant power to preserve data, NAND memory keeps data even when the power is turned off, making it suitable for portable storage. Such advantages are expected to increase the adoption of NAND flash memory in various applications, thereby driving the growth of the NAND flash market.
TRENDS INFLUENCING THE GROWTH OF NAND FLASH MARKET
The increase in demand for data storage across consumer electronics and enterprise storage sectors fuels the growth of the NAND flash market. The growing desire for phones with more capabilities, such as video, camera, gaming, and music, has resulted in an increase in demand for large storage systems in the worldwide electronics market. These reasons are projected to boost global demand for NAND flash memory. NAND technology is also employed in wearable devices, in addition to smartphones.
Increasing use of NAND flash for SSDs applications is expected to further fuel the growth of the NAND flash market. NAND flash prices have gone low enough that new primary storage devices for client computers and servers, such as solid-state drives, are now feasible. SSDs outperform traditional hard drives in terms of performance and longevity. SSDs are all semiconductor devices with no moving parts. As a result, SSDs do not have the mechanical latencies that hard drives do. SSDs can withstand significantly more shock and vibration than hard drives because they don't have any moving parts, making them perfect for a wide range of portable and mobile applications. Solid-state drives were previously only appropriate for demanding server applications because they were developed with DRAM memory chips and were pricey. SSDs are now being employed in a wide range of applications, from consumer to enterprise and military computing, thanks to decreased NAND flash pricing.
Based on application the consumer electronics segment is expected to be the most lucrative. Because NAND flash memory allows for cheap storage in incredibly small quantities, it is intrinsically related to the consumer electronics business. Removable flash cards and USB flash drive applications have dominated NAND consumption since the digital revolution and the proliferation of digital cameras.
The Asia Pacific region is expected to be the most lucrative market during the forecast period. This is due to the increasing number of consumer electronics in the region and the presence of major NAND flash manufacturers.
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