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January 2024
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Nand flash memory is a type of non-volatile memory that is used in storage devices like USB flash drives, memory cards and solid-state drives. It stores data in arrays of memory cells made from floating-gate transistors. Nand flash memory provides advantages like higher storage capacity, lower costs due to scaling of technology and higher performance as compared to traditional hard disk drives. The growing adoption of portable storage devices and SSDs is driving the demand for nand flash memory in the market.
The global Nand Flash Memory Market is estimated to be valued at US$ 70.25 Bn in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the major trends driving the growth of nand flash memory market is the rising adoption of IoT devices globally. Various IoT applications use nand flash memory for storing data and operating systems. The growth in number of connected devices is resulting in higher demand for storage solutions. According to estimates, there will be around 27 billion IoT connected devices by 2025 creating huge opportunities for nand flash memory manufacturers. IoT is enabling new applications in sectors like automotive, healthcare, industrial and consumer electronics which will continue to drive the demand for nand flash memory during the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants in the Nand Flash Memory Market is low as it requires high initial capital investments and has economies of scale and product differentiation which provide advantages to established players. Bargaining power of buyers: The bargaining power of buyers is medium as there are few large players dominating the market and the product differentiation helps companies negotiate better prices. Bargaining power of suppliers: The bargaining power of suppliers is medium as the suppliers of raw materials like silicon wafers are concentrated. However established suppliers depend on orders from key players. Threat of new substitutes: The threat of new substitutes is low as Nand Flash Memory has unique features of high storage capacity, durability and speed. Competitive rivalry: Intense competition among existing players. SWOT Analysis Strength: Nand flash memory has high storage density and faster read/write speeds compared to other storage mediums. It also has low cost per gigabyte. Weakness: Nand flash has a limited number of program-erase cycles and data may get corrupted with aging. Development of new technology requires large investments. Opportunity: Growth of IoT devices and automation is driving demand for storage. Rising demand for high capacity storage solutions from data centers and cloud applications. Threats: Decliningaverage selling prices with technology advancement poses pricing pressure. Trade wars and geopolitical tensions affect supply chain. Key Takeaways The Global Nand Flash Memory Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for embedded storage solutions across various applications like smartphones, tablets, SSDs. The market size for 2023 is estimated to reach US$ 70.25 Bn. Regional analysis: Asia Pacific dominates the Nand Flash Memory Market with a share of over 50% due to presence of manufacturing facilities of leading players and strong demand from countries like China, South Korea and others. Fastest growth is expected in North America and Europe due to growing data center construction and demand for high performance storage solutions. Key players: Key players operating in the Nand Flash Memory market are KIOXIA Corporation, Cypress Semiconductor Corporation (Infineon Technologies), SK Hynix Inc., SanDisk Corp. (Western Digital Technologies Inc.), Powerchip Technology Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Yangtze Memory Technologies and Micron Technology Inc. They are focusing on new product launches and partnerships to strengthen market presence. Get more insights on this topic: https://www.dailyprbulletin.com/nand-flash-memory-market-trends-size-and-share-analysis/
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