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Non-Volatile Memory Market Size (2024 - 2029)

The Non-Volatile Memory Market is projected to experience significant growth over the forecast period, driven by the increasing demand for efficient, fast, and low-power memory solutions in consumer electronics and portable systems. The market's expansion is further supported by advancements in memory technology, as traditional flash memory faces limitations. Despite challenges such as read/write endurance and data retention issues, the market is buoyed by the rising need for memory in servers, PCs, and IoT devices, particularly in the wake of the COVID-19 pandemic.

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Market Size of Non-Volatile Memory Industry

Non-Volatile Memory Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 94.52 Billion
Market Size (2029) USD 164.79 Billion
CAGR (2024 - 2029) 11.76 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Non-Volatile Memory Market Major Players

*Disclaimer: Major Players sorted in no particular order

Non-Volatile Memory Market Analysis

The Non-Volatile Memory Market size is estimated at USD 94.52 billion in 2024, and is expected to reach USD 164.79 billion by 2029, growing at a CAGR of 11.76% during the forecast period (2024-2029).

In the last decade, the growth of the portable systems market attracted the interest of the semiconductor industry in non-volatile memory (NVM) technologies for mass storage applications. Demand for greater efficiency, faster memory access, and low-power consumption drive the NVM market growth.

  • In the flourishing consumer electronics industry, users expect their devices to continually become more powerful, provide new functionality with incredible speed, and store more movies, pictures, and music. While flash enabled substantial innovation during the past few decades, a new generation of memory is required as flash hits technology roadblocks, preventing it from scaling much further.
  • The adoption of flash memories in consumer electronics due to their low price and power consumption is significant for the market's growth. NVM is used in smartphones and wearable devices to enable more storage and faster memory access.
  • The increasing research activities in this space are also driving the market's growth. For instance, in March 2021, Infineon Technologies LLC announced the launch of second-generation non-volatile Static RAMs that are qualified for QML-Q and high-reliability industrial specifications to mainly support non-volatile code storage in harsh environments, including aerospace and industrial applications.
  • Similarly, in early 2021, Samsung announced the improvement of its MRAM's MTJ function and advanced its 14 nm process to support its flash-type embedded MRAM designed to increase the write speed and density. In addition, the company targets the IC emerging NVM's application in wearables, microcontrollers, and IoT devices.
  • However, troubles with non-volatile memories in the market are often caused by the read/write endurance and data retention characteristics. For instance, Phase-change memories (PCMs) and flash memories are examples of NVM's with limited endurance. These NVM's have little endurance because after undergoing several writing cycles (RESET cycles for PCM, program/erase cycles for flash memory), the memory cells wear out and can no longer reliably store information.
  • The COVID-19 outbreak negatively impacted several end-user industries of non-volatile memories, such as the smartphone industry. Spurred demand for server and PC memory for stay-at-home activities, driven by important megatrends like cloud computing, AI, and the IoT, is expected to support the growth of non-volatile memory during the forecast period.

Non-Volatile Memory Industry Segmentation

Non-volatile memory is a computer memory that can retain information stored on it even when turned off. Types of memories, such as flash memory, SRAM, EPROM, and EEPROM, are considered under the traditional non-volatile memory. In contrast, MRAM, FRAM, ReRAM, 3D-X point, and nano RAM are considered under next-generation non-volatile memories. The end-user industries considered part of the study include IT and telecom, retail, healthcare, consumer electronics, and other sectors in various geographies. Also, the study also includes the impact of COVID-19 on the market.

By Type
Traditional Non-volatile Memory
Flash Memory
EEPROM
SRAM
EPROM
Other Traditional Non-volatile Memories
Next-generation Non-volatile Memory
MRAM
FRAM
ReRAM
3D-X Point
Nano RAM
Other Next-generation Non-volatile Memories
By End-user Industry
Consumer Electronics
Retail
IT and Telecom
Healthcare
Other End-user Industries
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Rest of Asia Pacific
Latin America
Middle East and Africa
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Non-Volatile Memory Market Size Summary

The non-volatile memory (NVM) market is poised for significant growth, driven by the increasing demand for efficient, high-speed, and low-power memory solutions across various sectors. The consumer electronics industry, in particular, is a major contributor to this growth, as users seek more powerful devices with enhanced functionality and storage capabilities. While traditional flash memory has been a cornerstone of innovation, its limitations have prompted the development of new memory technologies. The market is witnessing substantial advancements, with companies like Infineon Technologies and Samsung making strides in memory technology to support applications in harsh environments and improve speed and density. The rise of AI, IoT, and cloud computing further fuels the demand for NVM, as these technologies require robust storage solutions to handle increasing data volumes.

The Asia Pacific region is emerging as a key player in the NVM market, with countries like China and India investing heavily in data center infrastructure to support the digital economy. The region is also seeing a surge in research and development activities, with companies like Samsung and Macronix International making significant advancements in memory technology. The competitive landscape is marked by the presence of major players such as Rohm Co. Ltd, STMicroelectronics NV, and Intel Corporation, who are focusing on innovation and market penetration to maintain their competitive edge. Recent developments, including acquisitions and the introduction of new memory solutions, highlight the dynamic nature of the market. As the demand for NVM continues to rise, driven by the proliferation of consumer electronics and data centers, the market is expected to experience robust growth in the coming years.

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Non-Volatile Memory Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Impact of COVID-19 on the Market

    4. 1.4 Industry Value Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Traditional Non-volatile Memory

        1. 2.1.1.1 Flash Memory

        2. 2.1.1.2 EEPROM

        3. 2.1.1.3 SRAM

        4. 2.1.1.4 EPROM

        5. 2.1.1.5 Other Traditional Non-volatile Memories

      2. 2.1.2 Next-generation Non-volatile Memory

        1. 2.1.2.1 MRAM

        2. 2.1.2.2 FRAM

        3. 2.1.2.3 ReRAM

        4. 2.1.2.4 3D-X Point

        5. 2.1.2.5 Nano RAM

        6. 2.1.2.6 Other Next-generation Non-volatile Memories

    2. 2.2 By End-user Industry

      1. 2.2.1 Consumer Electronics

      2. 2.2.2 Retail

      3. 2.2.3 IT and Telecom

      4. 2.2.4 Healthcare

      5. 2.2.5 Other End-user Industries

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Germany

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of Europe

      3. 2.3.3 Asia Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 South Korea

        4. 2.3.3.4 India

        5. 2.3.3.5 Rest of Asia Pacific

      4. 2.3.4 Latin America

      5. 2.3.5 Middle East and Africa

Non-Volatile Memory Market Size FAQs

The Non-Volatile Memory Market size is expected to reach USD 94.52 billion in 2024 and grow at a CAGR of 11.76% to reach USD 164.79 billion by 2029.

In 2024, the Non-Volatile Memory Market size is expected to reach USD 94.52 billion.

Non-Volatile Memory Market Report Snapshots

Non-Volatile Memory Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)