June 25, 2024
Ict

The global Solid State Drive (SSD) Market Growth Accelerated by Rapid Adoption of SSD Technology

Solid state drives (SSDs) offer several advantages compared to conventional hard disk drives (HDDs) such as higher performance, lower power consumption, noiseless operation, and higher resistance to physical shock. SSDs based on NAND flash memory are increasingly used in data centers, desktops, and notebooks as primary storage devices due to their faster read/write times and reliability.

The Solid State Drive (SSD) Market is estimated to be valued at US$ 47.6 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rapid adoption of SSD technology has been a major driver of market growth over the recent past. SSDs are faster and more durable than traditional HDDs, encouraging more consumers and businesses to replace aging HDDs with SSDs for primary storage. SSDs are increasingly popular for laptops, desktops, data centers, and other applications that require high performance storage. Increasing reliance on hyperscale and cloud computing has also boosted demand for large-capacity SSDs in data centers. Larger SSD capacities and declining prices are further fueling adoption rates. Major companies continue introducing new SSD models with higher capacities and speeds to capitalize on the fast growth of this market.

Key players related content comprises:
Key players operating in the solid state drive (SSD) market include Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC. Intel Corporation currently enjoys the leading position in the global SSD market, backed by its portfolio of PCIe and SATA SSDs for consumer and enterprise segments. Samsung Group also has a significant market share through its wide range of internal and external SSD options.

Segment Analysis
The global solid state drive (SSD) market is divided into hard disk drive (HDD), solid state hybrid drive (SSHD), and all-solid state drive (SSD) segments. The all-solid state drive (SSD) segment currently dominates the market, accounting for over 60% share. SSDs do not have any moving parts and rely entirely on NAND flash memory, making them more durable than HDDs and offering faster read/write speeds. Their higher performance capabilities and lower power consumption have made SSDs the preferred data storage solution for computers, gaming consoles, and other consumer electronics.

Key Takeaways
The Solid State Drive (SSD) Market expected to witness high growth over the forecast period of 2023 to 2030. The global Solid State Drive (SSD) Market is estimated to be valued at US$ 47.6 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

The Asia Pacific region currently accounts for the largest share in the global SSD market and is expected to continue its dominance through 2030. Countries like China, Taiwan, and South Korea are major manufacturing hubs for data storage devices. The presence of several SSD component suppliers and memory manufacturers in the region has enabled faster adoption of SSD technologies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it