Flash Memory Market - Size, Share, Industry Trends, and Forecasts (2023 - 2031)

By Type :

Based on the type, the market is bifurcated into NAND flash memory and NOR flash memory. The NAND flash memory segment accounted for the largest revenue share in the year 2022. NAND flash memory is a type of non-volatile storage that retains the data even in absence of power. Moreover, NAND flash memory offers several benefits including faster read/write speed, higher capacity storage, lower manufacturing cost, and reprogram ability among others. The above benefits of portable NAND flash memory are further increasing its utilization in consumer electronics, medical devices, and other related applications.

For instance, in August 2022, SK Hynix introduced its new 238-layer 4D NAND flash memory that features compact design, improved productivity, faster data transfer speed, and high power efficiency. Thus, the rising innovations associated with NAND flash memory is a prime factor proliferating the growth of the segment.

The NOR flash memory segment is anticipated to register the fastest CAGR growth during the forecast period. NOR flash memory is a type of non-volatile memory that is primarily used in electronic devices for storing data. NOR flash memory is usually available in the form of integrated circuits. Moreover, NOR flash memory offers multiple benefits including higher read capability, high data retention capability, random access interface, dense memory, and others. Additionally, NOR flash memory is primarily used in consumer devices, medical devices, and military & defense systems among others.

For instance, in February 2023, Infineon Technologies AG launched its new SEMPER Nano NOR flash memory designed for electronic devices. The NOR flash memory is optimized for utilization in wearable and industrial applications including health monitors, fitness trackers, GPS trackers, drones, and others. Thus, the increasing development of NOR flash memory for utilization in consumer electronics and industrial applications is a vital factor expected to drive the growth of the market during the forecast period.

By End-User :

Based on the end-user, the market is segregated into consumer electronics, enterprise, medical, military & defense, and others. The consumer electronics segment accounted for the largest revenue share of 38.63% in the year 2022. Factors including growing penetration of smartphones, computers, and other consumer electronic devices, and rising popularity of smart wearable devices are driving the growth of the consumer electronics segment.

According to GSM Association, the adoption of smartphones in Germany is projected to reach 84% by 2025, witnessing an incline from 80% in 2021. Additionally, according to Japan Electronics and Information Technology, the overall production by the Japanese electronics sector reached up to USD 95.2 billion in 2021, depicting an increase of 9.9% in contrast to 2020. Thus, the growing consumer electronics sector is increasing the utilization of flash memory in smartphones, computers, wearables, and other consumer devices, in turn driving the growth of the market.

Enterprise segment is expected to witness fastest the CAGR growth during the forecast period. The growth of the enterprise segment is attributed to several factors including rising investments in development of business enterprises, expansion of enterprise data centers, and growing demand for reliable server and storage solutions among others.

For instance, according to the Key 2021 Statistics for Singapore SMEs, the total number of enterprises in Singapore reached 291,600 in 2021, witnessing a growth of 6.8% as compared to 273,100 enterprises in 2019. Flash memory is primarily used in enterprise data center servers, storage, and networking solutions for higher and efficient data storage capacity. Thus, the rising expansion of business enterprises is among the key factors contributing to the growth of the market during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America is estimated to reach over USD 36.17 Billion by 2031 from a value of USD 23.93 Billion in 2022 and is projected to grow by USD 24.56 Billion in 2023. The market growth for flash memory in the North American region is primarily driven by the deployment of the chip in enterprises, consumer electronics, medical, and other sectors. Moreover, rising development of enterprise data centers and increasing demand for high-capacity server and storage solutions in data centers are among the significant factors driving the market growth in the region.

For instance, in January 2023, ManageEngine, a division of Zoho Corporation, announced the launch of two new data centers in Montreal and Toronto cities in Canada, with the aim of offering Canadian customers the benefits of localized data centers with enhanced data security and functionality. The above factors are driving the integration of flash memory for application in data center servers, storage, and networks for storing large volumes of data and electronic information, in turn driving the market growth in North America. Furthermore, the increasing investments in consumer electronic devices and medical devices are projected to drive the market growth in North America during the forecast period.

Asia-Pacific is expected to grow with the highest CAGR growth of 5.4% and is estimated to reach over USD 24.28 Billion by 2031 from a value of USD 15.47 Billion in 2022 and is projected to grow by USD 15.93 Billion in 2023. In addition, in the region, the China accounted for the maximum revenue share of 31.6% in the same year. The growing pace of industrialization and development is creating lucrative growth aspects for the market in the region. Additionally, factors including the growth of various industries including consumer electronics, military & defense, and others are driving the market growth for flash memory in the Asia-Pacific region.

For instance, according to the India Brand Equity Foundation, the consumer electronics sector in India was valued at USD 9.84 billion in 2021, while it is estimated to grow at a significant rate to reach USD 21.18 billion by 2025. Flash memory is primarily used in the consumer electronics industry for storage and data transfer applications, particularly in smartphones, computers, digital cameras, television, wearable devices, and other related consumer devices. Therefore, the growing consumer electronics sector in the Asia-Pacific region is anticipated to drive the utilization of flash memory, thereby proliferating market growth in the region during the forecast period.