New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Flash Memory Market” published by Consegic Business Intelligence, the market was worth USD 65.93 Billion in 2022, projected to grow by USD 67.67 Billion in 2023, and is anticipated to reach over USD 99.65 Billion by the year 2031, growing at a CAGR of 5.0%.
Flash memory is a type of nonvolatile memory that is capable of erasing data in units and rewriting data at the byte level. The benefits of flash memory including high speed transfer rates, high reliability, faster durability, faster read/write speed, and others makes it ideal for deployment in consumer electronics, enterprise, medical, military & defense, and other sectors.
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The increasing utilization of flash memory in consumer electronics sector is among the key factors driving the market growth. Additionally, the growth of cloud computing and increasing number of data centers are vital factors driving the adoption of flash memory. For instance, according to GSM Association, the adoption of smartphones in Asia-Pacific region is projected to reach 83% by 2025, witnessing an incline from 73% in 2021. Therefore, the rising penetration of smartphones and other consumer devices is increasing the utilization flash memory for storage and data transfer applications in consumer devices, thereby driving the market growth.
Additionally, the rising application of flash memory in medical industry is projected to promote potential opportunities for the growth of the flash memory market. Flash memory is often integrated in medical devices for storing medical test results, images, and other sensitive information. The benefits of flash memory including high reliability, modular form factors, long life cycles, and enhanced performance are key determinants for increasing the adoption of the chip in medical devices. However, the availability of substitute flash memory such as Resistive Random-Access Memory (RRAM) is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 99.65 Billion |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 5.0% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Samsung, STMicroelectronics, Micron Technology Inc., Toshiba Corporation, SK Hynix Inc., Intel Corporation, Infineon Technologies AG, Microchip Technology Inc., KIOXIA Holdings Corporation, Renesas Electronics Corporation |
| By Type | NAND Flash Memory and NOR Flash Memory |
| By End-User | Consumer Electronics, Enterprise, Medical, Military & Defense, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Flash Memory Market Growth Drivers:
- Rising utilization of flash memory in consumer electronics industry is driving the market growth.
- Increasing expansion of enterprise data centers is spurring the market growth.
Restraints
- Availability of substitute is restraining the market growth.
Opportunities
- Rising application of flash memory in medical industry is expected to promote potential opportunities for market growth.
Global Flash Memory Market Segmentation Details:
Based on type, the NAND flash memory segment contributed the largest shares to the market growth in 2022. The benefits of NAND flash memory including higher capacity storage, lower manufacturing cost, faster read/write speed, ease of reprogramming, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of NAND flash memory in consumer electronics, medical devices, and other related applications is driving the growth of the NAND flash memory segment.
Based on end-user, the consumer electronics segment accounted for the maximum revenue share in the year 2022. Flash memory is used in the consumer electronics industry, particularly for application in smartphones, digital cameras, wearable devices, computers, television, and other related consumer devices. Factors including growing popularity of smart wearable devices, increasing penetration of smartphones, computers, and other consumer devices, and rising integration of high speed storage and data transfer solutions are among the primary determinants for fostering the growth of the consumer electronics segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple sectors including enterprises, consumer electronics, medical, and others is driving the growth of flash memory market in North America. Further, growing investments in consumer electronic devices and medical devices are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
- In June 2023, SK Hynix commenced mass production of 238-layer 4D NAND flash memory that are designed for utilization in smartphones and other consumer devices. The 238-layer NAND provides 34% higher manufacturing efficiency and data-transfer speed of 2.4 Gb per second.
Key Market Highlights
- Globally, flash memory market is divided based on the type into NAND flash memory and NOR flash memory.
- In the context of end-user, the market is separated into consumer electronics, enterprise, medical, military & defense, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in flash memory market.
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List of Major Global Flash Memory Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Samsung
• STMicroelectronics
• Micron Technology Inc.
• Toshiba Corporation
• SK Hynix Inc.
• Intel Corporation
• Infineon Technologies AG
• Microchip Technology Inc.
• KIOXIA Holdings Corporation
• Renesas Electronics Corporation
Global Flash Memory Market Segmentation:
- By Type
- NAND Flash Memory
- NOR Flash Memory
- By End-User
- Consumer Electronics
- Enterprise
- Medical
- Military & Defense
- Others
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Key Questions Covered in the Flash Memory Market Report
- What is flash memory?
- Flash memory refers to an electronic non-volatile computer memory storage medium that can be electrically erased and reprogrammed.
- What is the dominating segment in the flash memory market by end user?
- In 2022, the Consumer Electronics segment accounted for the highest market share of 38.63% in the overall flash memory market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the flash memory growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for flash memory from enterprises, consumer electronics, medical, and other sectors is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries consumer electronics, military & defense, and others.
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