New York, Sept. 22, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Heat-Assisted Magnetic Recording Device Market” published by Consegic Business Intelligence, the market was worth USD 23.51 Million in 2022, projected to grow by USD 31.17 Million in 2023, and is anticipated to reach over USD 389.15 Million by the year 2031, growing at a CAGR of 37.10%.
Heat-assisted magnetic recording device is a storage device based on a magnetic storage technology that is capable of increasing the amount of data that can be stored on a hard disk drive significantly. The benefits of heat-assisted magnetic recording device include higher performance, increased hard drive storage capacity, and others make it ideal for utilization in laptops/notebooks, desktops, servers, and other related applications among others.
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The increasing utilization of heat-assisted magnetic recording device in data centers is among the key factors driving the market growth. Additionally, the rising investments in development of data centers, growing deployment of cloud services, and increasing demand for higher capacity server storage solutions are key factors driving the adoption of heat-assisted magnetic recording device. For instance, in August 2023, STACK Infrastructure launched its new data center in Melbourne, Australia for cloud service providers and large enterprises that require robust power, scalability, and reliability in the region. Thus, the increasing development of data centers is driving the adoption of heat-assisted magnetic recording devices for application in data center severs for storing large volumes of data and electronic information, in turn driving the growth of the market.
Additionally, the rising government initiatives for adoption of cloud is projected to promote potential opportunities for the growth of the heat-assisted magnetic recording device market. The ability of heat-assisted magnetic recording device to provide high reliability, higher data storage capacity, and enhanced system performance are primary determinants for increasing its utilization in cloud deployments. However, rising adoption of solid-state drives (SSDs) is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 389.15 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 37.10% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Seagate Technology LLC, TDK Corporation, Western Digital Corporation, Fujitsu, Showa Denko K.K. |
| By Sales Channel | Direct Sales and Distributor Sales |
| By Application | Laptops/Notebooks, Desktops, Servers, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Heat-Assisted Magnetic Recording Device Market Growth Drivers:
- Rising expansion of data centers is driving the market growth.
- A surge in cloud computing, Internet of Things (IoT), and big data deployment is spurring the market growth.
Restraints
- Rising adoption of solid-state drives (SSDs) is restraining the market growth.
Opportunities
- Rising government initiatives for adoption of cloud is expected to promote potential opportunities for market growth.
Global Heat-Assisted Magnetic Recording Device Market Segmentation Details:
Based on sales channel, the distributor sales segment contributed the largest shares to the market growth in 2022. Distributor sales channel includes the sales of heat-assisted magnetic recording device indirectly to customers through several e-commerce websites and offline distributors involving retail stores, specialist stores, and others. Further, factors including ease of use, higher accessibility to broad range of products, and high flexibility among others are primary aspects boosting the growth of the distributor sales channel segment.
Based on application, the server segment accounted for the maximum revenue share in the year 2022. Heat-assisted magnetic recording devices are primarily used in data center severs for storing large volumes of data and information, attributing to its higher data storage capacity. Factors including the growing pace of digitalization, expansion of data centers, rising deployment of cloud services, and increasing demand for higher capacity server storage solutions are among the primary determinants for fostering the growth of the server segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. Factors including increasing investments in development of data centers and rising demand for high-capacity storage solutions in data centers are driving the growth of the heat-assisted magnetic recording device market in North America. Further, the rising trend of cloud deployment by business enterprises and growing investments in consumer electronic devices including laptops/notebooks and desktops are anticipated to drive the market growth in North America during the forecast period.
Recent Developments
- In January 2020, Seagate Technology LLC introduced its new range of modular storage solution designed for managing the surge in cloud, enterprise, and edge data. The company’s Lyve Drive Mobile System offers a range of products and solutions including heat-assisted magnetic recording hard drives with a total capacity of 108 TB.
Key Market Highlights
- Globally, heat-assisted magnetic recording device market is divided based on the sales channel into direct sales and distributor sales.
- In the context of application, the market is separated into laptops/notebooks, desktops, servers, 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 heat-assisted magnetic recording device market.
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List of Major Global Heat-Assisted Magnetic Recording Device 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 —
• Seagate Technology LLC
• TDK Corporation
• Western Digital Corporation
• Fujitsu
• Showa Denko K.K.
Global Heat-Assisted Magnetic Recording Device Market Segmentation:
- By Sales Channel
- Direct Sales
- Distributor Sales
- By Application
- Laptops/Notebooks
- Desktops
- Servers
- Others
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Key Questions Covered in the Heat-Assisted Magnetic Recording Device Market Report
- What is heat-assisted magnetic recording device?
- Heat-assisted magnetic recording devices are advanced data storage devices that utilize heat for obtaining higher data density on hard disk drives (HDDs).
- What is the dominating segment in the heat-assisted magnetic recording device market by sales channel?
- In 2022, the distributor sales segment accounted for the highest market share in the overall heat-assisted magnetic recording device market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the heat-assisted magnetic recording device growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The rising investments in development of data centers and increasing demand for high-capacity storage solutions in data centers are 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 rising government initiatives for cloud deployment, expansion of data centers, and growth of consumer electronics in the region.
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