Wilmington, Delaware, United States , April 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global embedded non-volatile memory market stood at US$ 61.1 million in 2022 and the global market is projected to reach US$ 218.6 million by 2031. The global industry is anticipated to expand at a CAGR of 15.3% between 2023 and 2031.
The market value of embedded non-volatile memory is increasing due to the increasing demand for Internet of Things (IoT) devices, which is growing rapidly, and these devices require low-power, high-performance memory solutions.
Embedded non-volatile memory is an ideal solution for IoT devices, as it can provide high-density, low-power, and high-speed memory that is suitable for use in these devices. As the demand for IoT devices continues to grow, the eNVM market is expected to experience significant growth.
Additionally, increasing demand for automotive electronics is also expected to accelerate market growth in the near future. The automotive industry is increasingly relying on electronics to improve vehicle performance, safety, and comfort. This has led to a growing demand for embedded non-volatile memory in automotive applications, such as infotainment systems, advanced driver assistance systems (ADAS), and engine control units (ECUs). As the demand for automotive electronics continues to grow, the eNVM market is expected to experience significant growth.
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Furthermore, the advancements in eNVM technology are another factor propelling the market prospects. The eNVM market has seen significant advancements in technology in recent years, which have led to the development of more advanced eNVM solutions.
For instance, some eNVM solutions now offer better scalability, higher endurance, and lower power consumption than earlier solutions. These advancements are anticipated to accelerate the adoption of eNVM solutions across a wide range of applications.
In addition, the demand for wearable devices is growing rapidly, and these devices require high-performance, low-power memory solutions. Embedded non-volatile memory is an ideal solution for wearable devices, as it can provide high-density, low-power, and high-speed memory that is suitable for use in these devices. As the demand for wearable devices continues to grow, the eNVM market is projected to experience significant growth.
Key Findings of the Market Report -
- On the basis of type, flash memory is likely to be most preferred and expected to expand at a significant rate.
- Its faster data access times, durability, and ability to withstand harsh environmental factors, are expected to fuel the segmental growth.
- Based on the end-use industry, the consumer electronics segment holds the highest market share, attributed to the rise in demand for smartphones and wearable devices.
- Additionally, increased investment in technology research and development, as well as competition among industry players are other factors that are escalating the demand for eNVM in consumer electronics applications.
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Global Embedded Non-volatile Memory Market: Growth Drivers
- The global embedded non-volatile memory market is projected to expand at a steady pace from 2021 to 2031, due to the increasing demand for artificial intelligence (AI), and machine learning (ML) applications.
- Another factor that is projected to augment the market growth includes the growing demand for high-speed data processing.
- Additionally, the rising adoption of advanced manufacturing technologies is another factor that is anticipated to fuel market prospects in the near future.
Global Embedded Non-volatile Memory Market: Regional Landscape
- Asia Pacific is expected to dominate the embedded non-volatile memory market during the forecast period.
- The regional market is witnessing an increase, due to the factors such as increasing demand for consumer electronics, automotive, and Internet of Things (IoT) devices in countries such as China, Japan, and South Korea.
- Additionally, the growing demand for high-performance computing, artificial intelligence, and machine learning applications, and the rising trend of electric and hybrid vehicles, are also expected to further aid the market's growth.
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Global Embedded Non-volatile Memory Market: Key Players
Some of the key market players in the global Embedded Non-volatile Memory market are:
- eMemory Technology Inc.
- Floadia Corporation
- GlobalFoundries Inc.
- Infineon Technologies AG
- Japan Semiconductor Corporation
- Kilopass Technology, Inc.
- SK HYNIX INC.
- SMIC
- Texas Instruments Incorporated
- Toshiba Electronic Devices & Storage Corporation
Competitive Landscape
Prominent players in the Embedded Non-volatile Memory industry are taking advantage of the rapidly increasing demand for Embedded Non-volatile Memory. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium, and large-scale providers. Some prominent market developments are as follows:
- In March 2023, ANAFLASH announced the commercialization of a cost-effective and energy-efficient embedded non-volatile memory technology. This technology can be used in various battery-powered devices, including wireless sensors, medical wearables, and autonomous robots.
- In February 2023, GlobalFoundries Inc. announced its acquisition of Renesas Electronics Corporation's exclusive non-volatile resistive RAM technology. This acquisition is expected to help the company design low-power memory solutions for diverse applications, including smart mobile devices and smart homes.
Global Embedded Non-volatile Memory Market: Segmentation
Type
- Flash Memory
- EEPROM
- nvSRAM
- EPROM
- SD NAND
- MRAM/STT-MRAM
- FRAM
- Others (PCM, NRAM, etc.)
End-Use Industry
- Automotive
- Consumer Electronics
- IT & Telecommunication
- Media & Entertainment
- Aerospace & Defense
- Others (Industrial, Healthcare, etc)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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