Embedded Non-Volatile Memory Market Size Worth $2,406.26 Mn, Globally, by 2028 at 61.8% CAGR - Exclusive Report by The Insight Partners

The embedded non-volatile memory market size is projected to reach $2,406.26 million by 2028 from $82.94 million in 2021; it is estimated to grow at a CAGR of 61.8% from 2021 to 2028.


New York, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Embedded Non-Volatile Memory Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (eFlash, eOTP, eE2PROM, eMTP, eMRAM, and Others) and Industry (Consumer Products, Automotive, IT and Communications, and Others)”, published by The Insight Partners. The embedded non-volatile memory market growth is driven by the increasing penetration of IoT-based devices and services in developing countries, wide range of application of non-volatile memory and increasing rate of adoption of advanced consumer electronics among masses due to the rising GDP per capita.

Report Coverage Details
Market Size Value in US$ 82.94 million in 2021
Market Size Value by US$ 2,406.26 million by 2028
Growth rate CAGR of 61.8% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 161
No. Tables 56
No. of Charts & Figures 75
Historical data available Yes
Segments covered Type and Industry
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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.

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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.

Since the introduction of flash memory in the early 1980s, the semiconductor industry has seen a lot of developments. The expansion of the consumer electronics market drives the demand for Flash memory, making it a significant component of the semiconductor industry. Over the next few years, the memory market is likely to undergo significant changes, with dense and dependable technologies challenging the dominant NAND Flash memory found in SSDs and embedded in mobile devices. New specifications are currently being developed by server, storage, and application vendors to improve the way their products interact with NVM. Flash memory is one of the most dynamic and interesting markets in the semiconductor industry, not to mention one of the most competitive. New memory technologies are constantly being developed, and their applications in the memory industry are increasing performance expectations. These new classes of memories with cutting-edge technologies will enhance the vertical demand in the future memory market. In the coming years, cumulative price reductions on hard disc drives (HDDs) are expected to destabilize the market, stimulate massive demand, and thus, boosting the demand for consumer electronics thereby fueling the growth of the embedded non-volatile memory market. Also, the constant generation of new mobile devices fuels the expansion of non-volatile memory products. In 2021, 30-nm node technologies are ramping up, 20-nm node technologies are transitioning to mass production, and a 10-nm node technology is developing to fulfill the demand. Furthermore, to serve a massive amount of data correspondence, the future market requires high-speed operation up to about 1,500 MB/s. These factors are fueling the production of consumer electronics, thereby boosting the demand for embedded non-volatile memory market.

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Impact of COVID-19 Pandemic on Embedded Non-Volatile Memory Market:
The semiconductor industry took a significant hit as the demand for electronic components was lowered from the industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried during the lockdown period. Post lockdown, the semiconductor industry started to regain the growth as production facilities restarted the operation by taking social distancing measures. Work from home and remote monitoring strategies also helped increase the sale of advanced electronics products for better connectivity, thus creating opportunities for the embedded non-volatile memory market growth.

The importance of IT and telecommunication industry have been highlighted during the pandemic for the communicational purpose, which allowed the industry to evolve with new technologies, such as IoT connectivity and high-speed Wi-Fi compatible technology. The COVID-19 outbreak pandemic created a major impact on the semiconductor industry in the first half of 2020. According to the Semiconductor Industry Association (SIA) sales increased by around 11% across the world in the third quarter. The increasing demand for the small form factor-based electronics devices specifically, for health monitoring and smartphones, augmented the 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.

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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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