New York , April 20, 2023 (GLOBE NEWSWIRE) -- By 2033, the global Magneto Resistive RAM (MRAM) Market is anticipated to be worth around US$ 7.1 billion. It is estimated to develop at a steady rate between 2023 and 2033, with a CAGR of 27.9%. By 2023, the market is anticipated to reach a peak value of roughly US$ 610.0 million.
Increased use of digitalization, technological improvements in computing, and the internet of things (IoT) might promote market expansion in the forecast period. Demand is anticipated to be fueled by continued development of intelligent robotics on a global scale.
It will be further augmented by rising costs for electronic devices including drones, smart wristbands, computers, and televisions.
Over the past 10 years, as the use of computers has grown, so has the demand for affordable, tiny, energy-efficient random-access memory technology. It is widely used in industrial, automotive, commercial, and defense-related applications.
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Owing to their high radiation resistance, capacity to operate in a wide range of temperatures, and provide tamper resistance. This makes MRAMs are appropriate for use in both industrial and military applications. Increasing investment in read access memory research & development could result in new product applications and encourage market expansion.
Manufacturers have developed cutting-edge RAM in response to the widespread use of smartphones in the hopes of enhancing startup times and performance. Globally, there are now more prominent market players.
In order to lead the industry during the assessment phase, they are currently focusing on developing and producing MRAM in large quantities in standalone or embedded designs.
The smartphone industry suffered a negative impact from 2020 to 2021, however it was predicted that it would recover despite the pandemic. This eventually resulted in increased demand for servers and PC storage for activities carried out at home.
Over the last 10 years, the memory market has showcased phenomenal growth. This was fueled by important megatrends including cloud computing, artificial intelligence, and the internet of things.
According to Intel, growing need for standardized desktop equipment and virtualized storage solutions is what keeps driving demand for memory & storage solutions. It became more crucial than ever to strengthen and enhance memory & storage qualities for these two applications due to rising trend of working from home and increased use of electronic assets.
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Key Takeaways from Magneto Resistive RAM Market Study
- The global magneto resistive RAM market exhibited exponential growth at a CAGR of 43.0% in the historical period from 2018 to 2022.
- North America magneto resistive RAM industry size is predicted to cross a valuation of about US$ 2.9 billion by 2033.
- The United States magneto resistive RAM industry is expected to be worth US$ 2.3 billion by 2033.
- The United Kingdom is projected to create an absolute dollar growth opportunity of US$ 321.8 million from 2023 to 2033.
- China magneto resistive RAM industry witnessed a decent growth rate at a CAGR of 45.0% from 2018 to 2022.
“With technological advancements, IoT usage, and the arrival of 4G & 5G technologies, the consumer electronics sector might experience considerable growth over the next 10 years. It is anticipated that it will be propelled by advancements in multiple devices that will increase storage capacity and power efficiency.” – Says a lead analyst.
Competitive Landscape: Magneto Resistive RAM Market
Companies in the MRAM sector are creating strategic alliances and working together with businesses in the semiconductor and electronics sectors. They want to diversify their product offerings, advance technology, and strengthen their position in the market. These partnerships would enable businesses to make the most of the strengths of each partner to create cutting-edge goods and services.
A few other businesses are making significant investments in R&D to enhance the functionality and performance of their goods. They are concentrating on creating novel MRAM technologies such as spin-transfer torque MRAM (STT-MRAM). It often outperforms conventional memory technologies in terms of speed, power consumption, and durability.
For instance,
- Using United Microelectronics Corporation's (UMC) 22nm manufacturing technology, Avalanche Technology and UMC announced the release of their new high-reliability Persistent SRAM (P-SRAM) memory devices in September 2022. The new memory device would be built using the latest spin transfer torque magneto-resistive RAM (STT-MRAM) technology from Avalanche Technology. Customers would benefit from significant improvements in terms of density, dependability, endurance, and power compared to current non-volatile systems.
Get More Exclusive Insights into Magneto Resistive RAM Market Study
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the magneto resistive RAM market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
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The study reveals extensive growth in the magneto resistive RAM market in terms of type (toggle MRAM, spin-transfer torque MRAM), offering (stand-alone, embedded), application (consumer electronics, robotics, enterprise storage, automotive, aerospace & defense), and region.
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