Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The rise in the utility of solid state drives worldwide and advancement in integration of next-generation technologies such as artificial intelligence in the industrial sector further drive the market. Single packaged SSDs decrease the size of IoT (Internet of Things) devices. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent.
Solid State Drives (SSD) Market in terms of revenue was estimated to be worth $53.82 billion in 2021 and is poised to reach $143.55 billion by 2029, growing at a CAGR of 15% from 2022 to 2029 according to a new report published by The Insight Partners.
The solid state drives have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. Increasing penetration of high-end cloud computing and growing adoption in data center applications are supporting the growth of solid state drives market.
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Global Solid State Drives (SSD) Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 53.82 billion in 2021 |
| Market Size Value by | US$ 143.55 billion by 2029 |
| Growth rate | CAGR of 15% from 2022 to 2029. |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Segments covered | Type, Technology, Storage, End-User and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The SSD market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share of the global SSD market. Moreover, Europe is the fastest-growing region. G.SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP are among the key players operating in the SSD market. Among all the regions, the North American region is a quick adopter of all the latest technological advancements in the electronics & semiconductor industry.
Major countries in the North American region like the US, Canada, and Mexico find wide use of solid state drives (SSD) across numerous domains such as networking, telecommunication, industrial, automotive, aerospace, defense, and consumer electronics. Most of the countries in Asia Pacific are still in developing states and are not as developed as the countries in the west. However, with growing disposable income, demand for vehicles and consumer electronics products is expected to rise substantially in various countries such as Bangladesh, India, Malaysia, China, and the Philippines. This drives the requirement for respective SSD needed in vehicles, personal computers, laptops, tablets, notebooks, smart wearables, etc.
The rapidly growing media & entertainment industry in Asia Pacific is significantly contributing toward the market growth. The COVID-19 pandemic impacted the production operations; however, the demand for solid state drives for connective medical devices remained intact. From the last quarter of 2020, the supply chain has started reviving. The solid state drives market is anticipated to grow notably worldwide in the coming years.
Growing Adoption in Data Center Application
SSDs are already nearly ubiquitous in desktop and laptop computers, but they have taken far longer to reach the same level of adoption in the data center. Because cloud and data center applications have different needs, three components of SSD technology—cost, reliability, and capacity—must mature before SSDs can be a viable alternative for hard discs. The technology has matured to the point where an SSD-only data center is not only a possibility but also the future of enterprise storage. Initially, server SSDs were best used as cache and hot storage in conjunction with SAS or SATA spinning discs, but with higher density NAND allowing for capacities of up to 3.84TB, fast NVMe-based AIC drives, and upcoming standards such as U.2, there is a shift toward All-Flash Arrays (AFA), which eliminate spinning discs. A single SSD can outperform many spinning discs while using less electricity. As a result, one can consolidate servers and minimize the overall physical footprint of a storage rack.
However, data center SSDs use a different set of measurements than consumer PCs. A data center must be able to meet this requirement and will encounter increased demand based on the application, unlike a conventional client PC, whose usage is unlikely ever to require continual 24/7 steady performance. Data center drives must be able to handle this challenge in terms of durability and daily performance for the duration of the warranty period. Endurance and constant IOPS performance are essential. Predictable low latency becomes a fundamental requirement for a new application, such as a popular streaming video service requiring a Content Display Network.
Global Solid State Drives (SSD) Market: Segmental Overview
Based on type, the solid state drives market is bifurcated into external and internal. The solid-state drives (SSD) segment contributed a larger revenue share in 2020. Based on component, the solid state drives market is categorized into single level cell (SLC), multi-level cell (MLC), and triple layer cell (TLC). The single level cell (SLC) segment contributed the largest revenue share in 2020.
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Global Solid State Drives (SSD) Market: Competitive Landscape and Key Developments
G.SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP are among the key players profiled in the global solid state drives market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
Global Solid State Drives (SSD) Market – Key Market Dynamics
Drivers
- Increasing Penetration of High-End Cloud Computing
- Growing Adoption in Data Center Applications
Restraints
- High Cost & Small Life Span of SSDs
Opportunities
- Relational Analytics Using Smart SSDs
Future Trends
- Innovations in Critical SSD Components
Recent Developments:
- In 2021, FM:Systems acquired WizzPass, a fast-growing leader in the visitor management system and workplace management sectors. This purchase expands the company's visitor management capabilities, which are crucial for providing productive, safe, and rewarding working experiences.
Go through further research published by The Insight Partners:
AI-powered Storage Market - Global Analysis and Forecast to 2030.
3D NAND Flash Market - Global Analysis and Forecast to 2030.
External Storage in Gaming Device Market - Global Analysis and Forecast to 2030.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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