Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global memory devices market size was valued at USD 124.78 billion in 2021 and is anticipated to grow from USD 136.32 billion in 2022 to USD 360.22 billion by 2029, exhibiting a CAGR of 14.9% over 2022 to 2029. The surge can be credited to the increasing usage of semiconductor devices owing to the advantages of reliability and efficiency over other types.
Fortune Business Insights™ have furnished these findings in its research report, titled “Memory Devices Market Forecast, 2022-2029”.
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Key Industry Development:
February 2022 – Lam Research, which is a global provider of various type of semiconductor solutions, launched its new product Groundbreaking Suite of Selective Etch Tools, Argos, Prevos, and Selis. This will accelerate fabrication of wafers and simplify the process of memory manufacturing.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.9% |
| 2029 Value Projection | USD 360.22 Billion |
| Base Year | 2021 |
| Memory Devices Market Size in 2021 | USD 124.78 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type, End-user Industry and Geography |
Industry Growth Hampered Due to Imposition of Lockdown Restrictions
The COVID-19 pandemic has impacted the industry growth due to the imposition of lockdown restrictions in various countries, including China. The manufacturers of semiconductors and memory devices are heavily dependent on Chinese companies given that the majority of raw materials come from the country.
However, the surging adoption of automation and Artificial Intelligence (AI) technologies in emerging countries has elevated the usage of high-end memory storage for data transfer and rapid processing in personal and commercially-used devices. This has helped in reviving industry growth to a considerable extent.
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Drivers and Restraints:
Product Demand to Surge Due to Rising Inclination toward Digitization & Digital Awareness
Several emerging economies are focusing their efforts toward digitization and creating digital awareness. Many countries are adopting the Internet of Things (IoT) technology as part of their digitization agenda. Smart and connected devices constitute one of the significant aspects of the implementation of IoT projects. This is expected to favor the memory devices market growth over the estimated period.
However, higher initial costs associated with the installation of these devices are anticipated to hamper industry expansion to some extent.
Segments:
SRAM Segment to Record Appreciable Growth Owing to Rising Product Usage in Smartphones
The SRAM segment is poised to record lucrative expansion over the estimated period. The surging product adoption can be attributed to the growing use of consumer electronics products such as wearable devices and smartphones.
IT & Telecommunications Segment to Gain Prominence on Account of Soaring Demand for DRAM & SRAM
On the basis of end-user industry, the market is segmented into aerospace & defense, consumer electronics, healthcare, automotive, IT & telecommunication, and others. Of these, the IT & telecommunications segment has recorded highest share over the estimated period. The rise can be attributed to the escalating demand for DRAM and SRAM memory devices owing to their various technical benefits.
On the basis of region, the industry is subdivided into North America, South America, the Middle East & Africa, Europe, and Asia Pacific.
Report Coverage:
The report gives an insight into the prominent trends that are expected to drive the industry growth over the forecast period. It further provides a comprehensive overview of the major factors propelling business expansion across various regions. Additional aspects include the prominent steps taken by major market players for sustaining their position in the industry.
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Regional Insights:
Asia Pacific to Emerge as Leading Region on Account of Surging Adoption of Strategic Initiatives by Regional Players
The Asia Pacific memory devices market share is anticipated to register lucrative growth over 2022 to 2029. The rise is being driven by the escalating adoption of strategic initiatives by regional industry players for strengthening their market presence. The growth can be further attributed to the high revenue generation from China, owing to the availability of advanced manufacturing units.
The region of North America is set to record substantial expansion over the estimated period. The surge can be credited to the adoption of advanced technology in industrial as well as personal computing sectors.
Competitive Landscape:
Major Market Players Roll out New Solutions to Sustain Industry Position
Prominent companies are undertaking a series of research activities for the development and launch of new products on the market. Several of them are keen on the adoption of various initiatives such as mergers, acquisitions, collaborations, partnership agreements, and others for consolidating their industry position. Some of the other initiatives include growing participation in trade conferences and fairs for the enhancement of business prospects.
List of Key Players Mentioned in the Report:
- Broadcom Inc. (U.S.)
- Intel Corporation (Netherlands)
- Micron Technology (U.S.)
- Samsung Electronics (South Korea)
- Toshiba (Japan)
- Macronix International Co., Ltd. (Taiwan)
- Taiwan Semiconductor (Taiwan)
- Sony (Japan)
- LAM Research (U.S.)
- Texas Instruments (Germany)
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Major Table of Contents:
- Global Memory Devices Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By End-User Industry (USD Bn)
- Consumer Electronics
- IT & Telecommunication
- Automotive
- Aerospace & Defense
- Healthcare
- Others
- By Type (USD Bn)
- SRAM
- MRAM
- DRAM
- Flash ROM
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
-
- North America Memory Devices Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By End-User Industry (USD Bn)
- Consumer Electronics
- IT & Telecommunication
- Automotive
- Aerospace & Defense
- Healthcare
- Others
- By Type (USD Bn)
- SRAM
- MRAM
- DRAM
- Flash ROM
- By Country (USD Bn)
- U.S.
- Canada
- Mexico
-
- Europe Memory Devices Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By End-User Industry (USD Bn)
- Consumer Electronics
- IT & Telecommunication
- Automotive
- Aerospace & Defense
- Healthcare
- Others
- By Type (USD Bn)
- SRAM
- MRAM
- DRAM
- Flash ROM
- By Country (USD Bn)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
-
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