New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Serial NOR Flash Market information by Type, by Application and Region – Forecast to 2027” the market size to reach a valuation of USD 1,306.9 Million by 2025 at 4.8% CAGR.
Serial NOR Flash Market Scope:
Serial NOR Flash Market has undergone massive transformation, leading to increased memory size and physical interface options. Flash memory, put simply, is a non-volatile electronic computer storage memory that can be reprogrammed and deleted electrically. It is of two types- NOR and NAND. Serial is a type of NOR flash memory which is again of different types such as above 32 MB, 32 MB, 8 MB, 4 MB, and 1 MB. It has emerged as an ideal alternative to parallel NOR for a couple of reasons, such as enhanced performance, reduced chip cost, system cost, space efficiency, and higher pin-count. As technology trends like artificial intelligence (AI) and industrial automation pick up steam, novel revenues may emerge for serial NOR flash.
Dominant Key Players on Serial NOR Flash Market Covered Are:
- Elite Semiconductor Memory Technology Inc
- Microchip Technology Inc
- Integrated Silicon Solution Inc.
- Macronix International Co. Ltd
- GigaDevice Semiconductor Inc.
- Winbond Electronics Corporation
- Cypress Semiconductor Corporation
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Market USP exclusively encompassed:
Market Drivers
According to the MRFR report, there are numerous factors that are propelling the serial NOR flash market share. Some of these include the increased sales of consumer electronics worldwide, the growing popularity of portable electronic devices, rapid urbanization, technological advancements, the demand for portable electronic devices that are lightweight and have a stable memory, the growing number of consumer electronics with AMOLED panels, the growing need for TDDI (touch and display integration) chips, the use of serial NOT chips in IoT-related components, and growing need for communication devices and consumer electronics. The additional factors adding market growth include the rising penetration of electronics in the automation of industrial applications and automotive, the need for low-power-consuming, high-speed, and highly scalable memory devices, the demand for non-volatile memory in wearable and connected devices, the increased delivery of embedded NOR flash in industrial, medical, wireless, and automotive applications, and advanced technologies like ADAS and IoT connectivity.
On the contrary, the development of high-tech NAND flash like 3D NAND flash, rising adoption of NAND flash, the availability of substitutes, and the cyclical nature of the semiconductor industry may limit the global serial NOR flash memory market growth over the forecast period.
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Segmentation of Market covered in the research:
The Market Research Future report offers an inclusive analysis of the serial NOR flash market based on application and type.
By type, the global serial NOR flash market is segmented into 32 MB, 8 MB, 4 MB, 1 MB, and others. The others segment is segmented into high-density serial NOR memory (above 32 MB). Of these, the others segment of high-density serial NOR memory (above 32 MB) will lead the market over the forecast period. The availability of superior controller functions and the growing demand for plug-in memory are adding to the growth of the segment.
By application, the global serial NOR flash market is segmented into communication, industrial, automotive, IT, consumer electronics, and others. Among these, consumer electronics will dominate the market in the forecast period. This segment is likely to grow at a 4.95% CAGR by 2025. Serial NOR flash memory is used in different consumer electronics that include modem/Wi-Max/home-gateways, CCTV cameras, set top boxes, smart meters, printers, and digital TVs. This is adding to the growth of the segment.
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Regional Takeaway
China to Have Lion’s Share in Serial NOR Flash Market
Geographically, the global serial NOR flash market is bifurcated into Europe, Japan, China, North America, South Korea, and Rest of the World (RoW). Of these, China will have the lion's share in the market during the forecast period. This region is likely to grow at a 5.8% CAGR by 2025. The rapid increase in demand as well as the supply of serial NOR flash in China, China being a prominent supplier of serial NOR flash memory to verticals like automobile manufacturing and electronic appliance manufacturing, massive consumer base, increased investment in electronics manufacturing, and strong government backing are adding to the global serial NOR flash market growth in the region. Additional factors adding market growth include high population density, the surge in demand in consumer electronics products for non-volatile memory, high manufacturing of consumer electronics, and well-established hard disk drives.
North America to Grab Second-largest Share in Serial NOR Flash Market
The global serial NOR flash market in North America is predicted to have the second-largest share during the forecast period. This region is likely to grow at a 4.4% CAGR by 2025. The presence of leading serial NOR flash market manufacturers is adding to the serial NOR flash market growth in the region.
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Industry Updates
February 2021- Alliance Memory has announced that it is now an authorized reseller for additional legacy NOR flash devices from Micron Technology.
COVID-19 Impact on the Global Serial NOR Flash Market
Various industries have already faced the brunt of the ongoing COVID-19 outbreak, and the serial NOR flash memory market is no exception. This market has been impacted significantly due to the crisis. New projects across the globe were stalled, that, in turn, led to a fall in demand for analog semiconductors. The global factories have struggled in integrating new NOR flash memory with workers staying at home that disrupted the supply chains worldwide. However, the impact of this outbreak on the market is likely to be temporary as merely the supply chain and production are stalled. The moment the situation improves, the demand, supply chains, and production for NOR flash memory are going to increase gradually.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.