Embedded Non-Volatile Memory Market Growth to Hit 61.8% CAGR, Globally, by 2028 - Exclusive Report by The Insight Partners

Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Embedded Non-Volatile Memory Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (eFlash, eOTP, eE2PROM, eMTP, eMRAM, and Others) and Industry (Consumer Products, Automotive, IT and Communications, and Others)”the market in terms of revenue was estimated to be worth $82.94 million in 2021 and is poised to reach $2,406.26 million by 2028, growing at a CAGR of 61.8% from 2021 to 2028.

The growth of the embedded non-volatile memory market is driven by growth of consumer electronics market and wide range of applications of NVM. However, recent advances in memory technology is emerging as a future trend in the industry.

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Global Embedded Non-Volatile Memory Market Scope:

Increasing Penetration of IoT-based Devices and Services in the Developing Countries to Boost Global Embedded Non-Volatile Memory Market Growth:

The demand for pervasive connectivity necessitates the rapid adoption of low-cost, low-power technologies that can communicate securely. As a result, the expansion of IoT-based devices and services is expected to significantly boost the demand for the embedded non-volatile memory market over the projection period. Embedded non-volatile memory is generally used for data encryption, programming, trimming, identification, coding, and redundancy in smart cards, SIM cards, microcontrollers, PMICs, and display driver ICs. Manufacturers are concentrating their efforts on delivering secure embedded non-volatile memory for MCUs used in IoT-based products. Embedded non-volatile memory is predicted to replace traditional, bulky, standalone non-volatile memory due to their high efficiency and small architecture. It is one of the most important parts of IoT microcontroller devices, thus driving the growth of embedded non-volatile memory market.

Further, the use of low-power and low-cost embedded non-volatile memory can dramatically reduce consumer electronics costs, which is expected to boost the demand for embedded non-volatile memory market in the coming years. Embedded non-volatile memory is also employed in cars, particularly in head-up displays and next-generation technology like keyless push-button start. As a result, the rising demand for smart automobiles is expected to propel the growth of the embedded non-volatile memory market forward during the next eight years. Moreover, the miniaturization of products such as smartphones and vehicle components has prompted manufacturers to minimize the size of process nodes without compromising their performance. For example, HHGrace, a Chinese manufacturer, is investing in R&D to scale down the process node to produce compact and efficient embedded non-volatile memory solutions, PWM ICs, and MEMS chips. Thus, wide application of embedded non-volatile memory is expected to propel the embedded non-volatile memory market.

The ongoing growth of the embedded non-volatile memory market is attributed to the increasing rate of adoption of advanced consumer electronics among masses due to the rising GDP per capita. The escalating adoption of advance electronics in automobiles and surging growing penetration of connected devices are also fueling the market growth. Moreover, the growing deployment of smart city projects and the increasing adoption of IoT solutions are projected to boost the embedded non-volatile memory market during the forecast period. However, high design costs and scalability issues are hampering the embedded non-volatile memory market progress.

Global Embedded Non-Volatile Memory Market: Type Overview

Based on type, the embedded non-volatile memory market is segmented as eFlash, eOTP, eE2PROM, eMTP, eMRAM, and others. The eFlash segment led the embedded non-volatile memory market in 2020. eFlash, known as embedded flash, is among the most widely used forms of memory in electronics. The technology is offered in nonremovable and removable forms along with variety of capacities and specifications. There are three major grades in embedded flash—Single Level Cell (SLC), Multi-Level Cell (MLC), and Triple Level Cell (TLC). With the increasing deployment of IoT across various verticals, the adoption of eFlash which fueling the embedded non-volatile memory market. For instance, Europe has been embracing the Internet of Things (IoT) rapidly to maximize the overall industrial output. Moreover, a rise in the aging population in the region also creates a demand for advanced healthcare devices. The healthcare sector is developing and introducing innovative devices to meet customer demands. Advanced technologies such as IoT and AI are further creating a demand for microelectronics and electronics devices; thus, companies are expanding their footprint in the European embedded non-volatile memory market.

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Global Embedded Non-Volatile Memory Market: Competitive Landscape and Key Developments

eMemory Technology Inc.; GlobalFoundries; Hua Hong Semiconductor Limited; Taiwan Semiconductor Manufacturing Company, Limited; Everspin Technologies, Inc.; Microchip Technology Inc.; Samsung Foundry; Texas Instruments Incorporated; Tower Semiconductor; and United Microelectronics Corporation are among the key players that are profiled during embedded non-volatile memory market study. In addition to these players, several other essential embedded non-volatile memory market players were also studied and analyzed to get a holistic view of the global embedded non-volatile memory market and its ecosystem.

Recent Developments:

• In March 2021, Everspin and GLOBALFOUNDRIES (GF), the world's premier speciality foundry, have amended their Spin-transfer Torque (STT-MRAM) joint development agreement (JDA). Everspin and GF have worked together on STT-MRAM development and production methods in the 40nm, 28nm, and 22nm nodes, and have now revised their agreement to include terms for a future project on an advanced 12nm FinFET MRAM solution. On 40 and 28nm, Everspin is producing discrete STT-MRAM solutions, including their award-winning 1Gb DDR4 device. GF has revealed that their 22FDX platform has completed initial production of embedded MRAM (eMRAM).
• In October 2020, Tekron International Limited, a global pioneer in high-precision GPS and atomic clock time-keeping technology and solutions for the smart grid and other industrial applications, has been acquired by Microchip Technology Inc. The deal's terms are kept under wraps.

Go through further research published by The Insight Partners:

Non-Volatile Memory Market - Global Analysis and Forecast to 2030

Non-Volatile Memory Express (NVMe) Market - Global Analysis and Forecast to 2030

Non-Volatile Dual In-Line Memory Module (NVDIMM) Market - Global Analysis and Forecast to 2030

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