IoT Applications, Especially in True Wireless Stereo Hearables, Fuel NOR Flash Memory Market Growth - Trends & Forecasts 2023 - 2028

Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "NOR Flash Memory Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to's offering.

The NOR Flash Memory Market is experiencing unprecedented growth, with the market size estimated at USD 3.11 billion in 2023. Projections indicate that it will surge to USD 4.02 billion by 2028, representing a remarkable Compound Annual Growth Rate (CAGR) of 5.30% during the forecast period from 2023 to 2028.

Key Highlights:

The NOR Flash Memory Market has witnessed significant fluctuations, primarily driven by semiconductor shortages and undersupply of memory products like DRAM and NAND during the pandemic. This led to increased demand and higher average selling prices (ASP) for NOR flash products. However, experts predict a forthcoming decline in the ASP due to growing stockpiles, which will impact demand.

NOR flash memory remains pivotal for code storage and low-end embedded applications, particularly in the automotive sector, where it finds applications in infotainment systems, advanced driver assistance systems (ADAS), and dashboard instrument clusters.

The digitalization wave is fueling demand for data logging, artificial intelligence, and over-the-air updates, especially in wearables. This surge in technology adoption in wearables is a driving force behind the NOR flash market's expansion.

R&D costs are expected to surge in response to increased end-user demands for NOR flash memory. Leading vendors like Micron are investing heavily, with USD 15 billion allocated for a new memory manufacturing facility and co-location of R&D centers to enhance technology deployment.

In 2021, the COVID-19 pandemic bolstered top vendors' revenues and market presence. For instance, Macronix and Winbond witnessed impressive revenue growth, with over 66% and 32% growth, respectively, in their flash segment revenues.

NOR Flash Memory Market Trends:

Growing Applications of IoT to Drive the Market

One of the significant applications of NOR Flash Memory in the burgeoning IoT market is in True Wireless Stereo (TWS) hearable devices. Leading companies such as Apple, Samsung, Sony, Xiaomi, and Huawei have created seamless connections between smartphones and hearing devices, leading to increased demand for NOR Flash Memory as more firmware needs storage in TWS hearables.

Moreover, Apple's staggering revenue of USD 12.1 billion from AirPods sales alone in 2022 highlights the escalating demand for TWS hearables, further driving the IoT market's growth.

NOR Flash Memory is also increasingly used in IoT devices to reduce energy consumption and extend battery life, such as Dialog Semiconductor's AT25EU family of SPI NOR Flash devices, designed to lower power consumption significantly.

The IoT industry is projected to have a substantial economic impact, exceeding USD 11 trillion by 2025. This underscores the growing demand for IoT components like NOR flashes.

Beyond consumer electronics, industrial adoption of IoT is surging. According to Aruba Networks, 85% of businesses are expected to implement IoT technology, leading to a rise in connected devices and endpoints, further boosting NOR flash demand.

China to Hold Major Market Share

China's robust consumption of portable electronic devices, coupled with the widespread adoption of advanced technologies like IoT, is a pivotal factor driving NOR flash memory market growth. The Chinese government's initiatives to boost electronic components production are expected to contribute significantly to the market.

China's electronics industry, one of the world's largest, is driving the demand for NOR Flash Memory with its production of TVs, cellphones, laptops, and PCs.

Massive state-led spending on IoT infrastructure development and 5G base station expansion is fostering IoT growth in China, propelling NOR memory device demand.

According to the Ministry of Industry and Information Technology (MIIT), China's 5G user base reached 403 million in the first quarter of 2022, further accelerating IoT and intelligent automation applications using NOR memory devices.

NOR Flash Memory Industry Overview

The NOR Flash Memory market boasts a moderately fragmented landscape, with major players like Infineon, Micron Technology, GigaDevice Semiconductor (Beijing) Inc., and Winbond Electronics Corporation dominating the market. High entry barriers pose challenges for new entrants, prompting existing vendors to invest significantly in R&D for innovative products.

Micron Technology Inc. recently expanded its silicon root-of-trust solution, Authenta, enhancing its IoT security offerings. GigaDevice, on the other hand, entered the automotive MCU segment with the GD32A503 series of MCUs.

The NOR Flash Memory market is poised for remarkable growth, driven by IoT proliferation, China's electronics industry, and innovative advancements from key players. With an expanding IoT ecosystem and technological innovation, the NOR Flash Memory market is on an upward trajectory, poised to reach new milestones in the coming years.

A selection of companies mentioned in this report includes

  • Infineon Technologies AG
  • Micron Technology Inc.
  • GigaDevice Semiconductor Inc.
  • Macronix International Co. Ltd
  • Winbond Electronics Corporation
  • Integrated Silicon Solution Inc.
  • Microchip Technology Inc.
  • Renesas Electronics Corporation
  • Elite Semiconductor Microelectronics Technology Inc.
  • Wuhan Xinxin Semiconductor Manufacturing Co. Ltd (XMC)

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