The non-volatile memory market was valued at USD 54.3 billion in 2020 and is projected to
reach USD 83.6 billion by 2025, at a CAGR of 9.0% between 2020 and 2025.
Increasing demand for faster access and low power consuming memory devices is
expected to drive the overall non-volatile memory market during the forecast
period. The rising need for memory devices with high speed, low power
consumption, and high scalability is expected to fuel the development of new
non-volatile memories.
The COVID-19 pandemic has disrupted business activities
globally. Due to the globally imposed lockdown, the consumer electronics and
enterprise sector has seen a huge loss in terms of production, with major
impact witnessed by the manufacturing, BFSI, and retail sectors. The lockdown
has severely impacted the manufacturing companies as almost every plant has
come to a halt. Many essential commodity manufacturing companies are also
unable to continue with production due to the lack of workforce amidst the
pandemic. Thus, there is a slight decline in the non-volatile memory market as
well due to COVID-19.
3D NAND flash technology is one of the growing technologies in
the non-volatile memory market. The market for NAND flash technology is
reaching saturation as NAND flash manufacturers are adopting miniaturization to
increase the storage density and to reduce cost. Nowadays, flash memory vendors
are emphasizing on increasing chip density by layering NAND flash cells on top
of each other. This approach is likely to reduce the production cost and boost
the performance of flash memories.
3D NAND flash memory uses a new flash cell design and vertically
stacks dozens of silicon layers in a single chip. This allows 3D NAND flash
memory to increase storage density using a much less aggressive manufacturing
process technology than the planar NAND flash memory.
Consumer electronics are one of the largest application areas of
nonvolatile memories. The performance requirements in consumer electronics are
continuously increasing owing to rising need for high processing power and
memory density while keeping the product cost more or less persistent. These
memories have the capability to meet the requirements of consumer electronics
equipped with advanced technologies, such as AI, IoT, and big data analytics,
which generate huge amounts of data to be stored. The increasing need for high
storage density and low power consumption is driving the demand for flash
memories in portable consumer electronic devices, such as mobile phones,
laptops, tablets, digital cameras, and gaming devices. However, the 3D NAND
memory offers miniaturized products with high storage density.
North America to
account for a significant market share during forecast period
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