Serial NOR Flash Market to Hit US$ 1,809.88 Million By 2031 | Updated Insights

New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Serial NOR Flash Market” published by Consegic Business Intelligence, the market was worth USD 1,208.82 Million in 2022, projected to grow by USD 1,239.35 Million in 2023, and is anticipated to reach over USD 1,809.88 Million by the year 2031, growing at a CAGR of 4.8%.

Serial NOR flash is a type of non-volatile memory that is used for storing data in electronic devices. Serial NOR flash is often available in the form of integrated circuits. The benefits of serial NOR flash including high speed transfer rates, high reliability, random access interface, faster read/write speed, high data retention capability, and others makes it ideal for deployment in consumer electronics, IT & telecommunication, automotive, medical, and other sectors.

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The increasing utilization of serial NOR flash memory in consumer electronics sector is among the key factors driving the market growth. Additionally, progressions in consumer electronics including AI (Artificial Intelligence) and IoT (Internet of Things), rising adoption of smartphones, computers, and other consumer devices, and growing demand for efficient storage solutions are vital factors driving the adoption of serial NOR flash. 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 serial NOR flash memory for storage and data transfer applications in consumer devices, thereby, driving the growth of the market.

Additionally, the rising application of serial NOR flash memory in medical industry is projected to promote potential opportunities for the growth of the serial NOR flash market. Serial NOR flash memory is often used in medical devices for storing medical test results, images, and other sensitive information. The benefits of serial NOR flash including modular form factors, high reliability, long life cycles, and enhanced performance are key determinants for increasing its application in medical devices. However, the availability of substitutes for serial NOR flash is hindering the growth of the market.

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Serial NOR Flash Market Growth Drivers:

• Rising utilization of serial NOR flash in consumer electronics industry is driving the market growth.
• Growing automotive sector is spurring the market growth.

Restraints

• Availability of substitutes is restraining the market growth.

Opportunities

• Rising application of serial NOR flash in medical industry is expected to promote potential opportunities for market growth.

Global Serial NOR Flash Market Segmentation Details:

Based on type, the 32 Mb segment contributed the largest shares to the market growth in 2022. The characteristics of 32 Mb serial NOR flash including programmable output driver strength, SPI/DTR read, increased throughput, individual block/sector write protection, and others, are primary prospects driving the growth of the segment. Additionally, the rising utilization of 32 Mb serial NOR flash in automotive, medical devices, and other related applications is driving the growth of the 32 Mb serial NOR flash segment.

Based on sales channel, the online segment accounted for the maximum revenue share in the year 2022. The rising availability of serial NOR flash in online sales channels involving company websites and e-commerce websites is proliferating the growth of the segment. Additionally, factors including competitive pricing, reliable shipping and return policies, ease of utilization, and availability of targeted advertising are vital aspects boosting the growth of the online sales channel segment.

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Based on end-user, the consumer electronics segment accounted for the maximum revenue share in the year 2022. Serial NOR flash 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 crucial aspects driving the growth of the consumer electronics segment.

Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple sectors including automotive, medical, IT & telecommunication, and others is driving the growth of serial NOR flash market in North America. Further, growing investments in electric vehicles and medical devices are projected to boost the market growth in the North American region during the forecast period.

Recent Developments

• In February 2023, Infineon Technologies AG launched its new SEMPER Nano NOR flash memory designed for electronic devices. The NOR flash memory is optimized for utilization in wearable and industrial applications including health monitors, fitness trackers, GPS trackers, drones, and others.

Key Market Highlights

• Globally, serial NOR flash market is divided based on the type into 1 Mb, 4 Mb, 8 Mb, 32 Mb, 64 Mb, and others.
• In the context of sales channel, the market is classified into online and offline.
• In the context of end-user, the market is separated into consumer electronics, IT & telecommunication, automotive, medical, 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 serial NOR flash market.

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List of Major Global Serial NOR Flash 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 —

• Microchip Technology Inc.

• Macronix International Co. Ltd.

• Infineon Technologies AG

• Micron Technology Inc.

• Winbond

• GigaDevice

• Texas Instruments Incorporated

• Renesas Electronics Corporation

• LAPIS Semiconductor Co. Ltd.

• Integrated Silicon Solution Inc.

Global Serial NOR Flash Market Segmentation: 

• By Type

• 1 Mb
• 4 Mb
• 8 Mb
• 32 Mb
• 64 Mb
• Others

• By Sales Channel

• Online
• Offline

• By End-User
  • Consumer Electronics
  • IT & Telecommunication
  • Automotive
  • Medical
  • Others

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Key Questions Covered in the Serial NOR Flash Market Report

• What is serial NOR flash?

• Serial NOR flash refers to a type of non-volatile memory that is primarily used in electronic devices for storing data. Serial NOR flash comprises of a block of memory in which all contents are erasable at a time while the data is written on the pages.

• What is the dominating segment in the serial NOR flash market by end user?

• In 2022, the consumer electronics segment accounted for the highest market share of 36.29% in the overall serial NOR flash market.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the serial NOR flash growth in the coming years?
  • North America accounted for the largest revenue share in the year 2022. The increasing demand for serial NOR flash from automotive, medical, IT & telecommunication, 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 including consumer electronics, automotive, and others.

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