NAND flash memory is a type of non-volatile memory that does not require power to retain data. It is commonly used in universal serial bus (USB) flash drives, memory cards, solid-state drives (SSDs), and other storage devices due to its high storage capacity, fast read and write speeds, shock resistance, and low power consumption.
The global NAND flash memory Market is estimated to be valued at US$ 80.93 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The NAND flash memory market is expected to witness significant growth over the forecast period, primarily driven by the surge in demand for advanced storage devices such as SSDs and USB drives. NAND flash memory is increasingly being incorporated in various electronic devices owing to its superior storage capacity compared to traditional hard disk drives (HDDs). The rising uptake of smartphones, tablets, laptops, and other consumer electronics has boosted the uptake of NAND flash memory globally. Additionally, growth of data centers has also augmented the consumption of SSDs that use NAND flash memory for storage, thereby propelling the market growth.
Strength: NAND flash memory offers higher speeds and capacities compared to other memory technologies. It is small, robust and requires very little power to retain data even when powered off.
Weakness: NAND flash memory costs more than other memory technologies and has a limited number of write/erase cycles before failing. The development of new manufacturing processes requires large investments.
Opportunity: Growing demand for high capacity storage in smartphones, tablets and SSDs is driving the need for higher density flash memory chips. Emerging applications in automotive electronics, AI and IoT also present opportunities.
Threats: Technological innovations such as resistive RAM and 3D XPoint memory could compete with NAND flash in the future. Declining NAND flash prices may squeeze producer profits.
The Global NAND Flash Memory Market Demand is expected to witness high growth over the forecast period from 2024 to 2031. The global NAND flash memory Market is estimated to be valued at US$ 80.93 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024-2031.
Regional analysis: Asia Pacific currently dominates the global NAND flash market with China being the largest producer. China and South Korea are also home to many flash memory manufacturing facilities and global leaders like Samsung and SK Hynix.
Key players operating in the NAND flash memory market include Samsung, Kioxia, Western Digital, Micron Technology and SK Hynix.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it