NAND Flash Memory Market Forecast 2023 - 2030

By Type :

The type segment is classified into SLC (One Bit Per Cell), MLC (Multi Bit Per Cell), TLC (Three Bit Per Cell), and QLC (Quad Level Cell). Three bits per cell accounted for the largest market share in 2022 as TLC NAND offers higher storage density by storing three bits of data per memory cell instead of two. The increased storage density allows for more data to be stored in physical space, resulting in a lower cost per gigabyte of storage. In addition, manufacturers are implementing various techniques, including improved error correction codes (ECC), wear leveling algorithms, and advanced controller designs to enhance the endurance and reliability of TLC NAND. Moreover, the increasing adoption of TLC in consumer electronics including smartphones, tablets, and solid-state drives (SSDs) is also contributing notably in accelerating the growth of the market.

QLC (Quad Level Cell) is expected to register the fastest CAGR during the forecast period as QLC NAND allows for the storage of four bits of data per memory cell, compared to three bits in TLC NAND. Additionally, the improvements in cell design of QLC NAND including the integration of nitride-based charge trap (NBCT) and silicon nitride (SiN) that enables precise control over the storage are also contributing to the market growth. The advancements help to improve the accuracy and reliability of data storage, reducing the potential for errors and read disturbances. For instance, in January 2022, Kioxia Corporation launched UFS Ver. 3.1 embedded flash memory devices by utilizing 4-bit per cell quad-level-cell technology. The product is equipped with advanced technology to meet the high-density requirements in mobile applications, thus contributing in propelling the market growth in the upcoming years.

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By Structure:

The structure component is bifurcated into 2-D Structure and 3-D Structure. 3D structure accounted for the largest market share in 2022 and is also projected to witness the fastest CAGR during the forecast period. The growth of the market is attributed to the ability of 3D structured NAND to offer improved performance compared to 2D NAND. The vertical stacking of memory cells in 3D structure reduces the footprint leading to shorter interconnect distances and resulting in faster data transfer speeds, lower power consumption, and reduced latencies. Additionally, 3D structures aids in shortening the data processing time and increasing the speed, lifespan, and endurance of NAND flash memory. Moreover, 3D structures NAND flashes, particularly SSDs are capable of working at extreme temperature ranges and have the ability to withstand harsh industrial conditions, hence contributing considerably in bolstering the market growth. For instance, in May 2022, Transcend Information, Inc. introduced industrial-grade 112-layer 3D NAND SSDs to improve the speed, lifespan and endurance of memory flashes. SSDs are capable of functioning at a temperature range of 20°C-75°C ensuring higher reliability and data integrity.

By Application :

The application segment is categorized into memory card, smartphone, SSD, tablet, and others. The smartphone accounted for the largest market share in 2022 as NAND flash memory offers faster sequential writeup and improved performance to download 4K movies. In addition, NAND also provides design flexibility and low power consumption enabling a more responsive mobile experience with multitasking across apps. Moreover, NAND flash memory is employed for caching purposes to improve system performance for faster access, reducing load times and enhancing user experience. Consequently, the aforementioned factors are collectively responsible for increasing the demand of NAND flash memory in smartphones to enhance the speed and performance. For instance, in July 2021, Micron Technology, Inc. launched 176-Layer NAND flash storage in mobile solution. The advanced NAND storage increases the speed by up to 75% enabling the download of 4K movies in 9.6 seconds at low power consumption.

Memory cards are anticipated to witness the fastest CAGR during the forecast period. Memory cards, including Secure Digital (SD) cards, are employed in digital cameras to store photos and videos. NAND flash memory in memory cards offers a high capacity to capture and store several high-resolution images and videos without compromising the quality. Additionally, NAND flash memory enables smooth video recording and playback, ensuring that users capture and store high-quality videos without buffering. Subsequently, the ability of NAND flash in memory cards to provide portable and high-capacity storage solutions is expected to drive market growth in upcoming years.

By End-User :

The end-user segment is divided into automotive, consumer electronics, communication & technology, and manufacturing. Consumer electronics accounted for the largest market share in 2022 as NAND flash memory is extensively employed in a wide range of consumer electronics devices including smartphones, tablets, and media players. Additionally, the increasing adoption of NAND flash memory in consumer electronics to provide non-volatile storage, high data transfer rates, and low power consumption is accelerating market growth. Moreover, NAND flash offers improved speed and data processing capabilities including high-resolution images and high-capacity mobile games, further boosting the growth of the market. For instance, in April 2022, Samsung Electronics launched Universal Flash Storage (UFS) 4.0 solution for 5G smartphones to improve the data processing capabilities. The launch of 7th-generation V-NAND increases the read speed by 4,200 megabytes per second (MB/s) and sequential write speed of 2,800 MB/s, to deliver approximately 2x and 1.6x faster speeds over the previous UFS 3.1 product, respectively.

Automotive industry is projected to witness the fastest CAGR during the forecast period as NAND flash memory is utilized in onboard navigation systems to store digital maps, points of interest (POI) databases, and route guidance data. The flash memory enables real-time navigation with fast map rendering and quick search capabilities, enhancing the user experience. In addition, NAND flash memory is deployed in telematics systems to provide connectivity and communication capabilities in vehicles. Moreover, NAND flash memory is also employed in instrument clusters and HUDs to store and display vehicle information, including speed, fuel level, engine status, and warnings, further driving the growth of the market.

By Region :

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

Asia Pacific accounted for the largest revenue share in the year 2022 valued at USD 24.16 Billion and is projected to grow at a CAGR of 5.9% accounting to USD 37.53 Billion in 2030. In addition, in the region, China accounted for the maximum revenue share of 26.3% in the year 2022. The growth of the market is attributed to the expanding consumer electronics industry that raises the demand for advanced NAND flash memory to improve the speed and storage of various electronic devices including smartphones and tablets. Moreover, the presence of key players in the region including Samsung Electronics, SK Hynix, and Toshiba Memory are investing heavily and constantly applying innovations to strengthen the market position. For instance, in February 2021, SK Hynix completed the construction of M16 plant to expand the semiconductor memory sector in South Korea. The increasing investment by key players to expand the semiconductor industry including NAND flash memory contributes significantly in accelerating the market growth in the region.

North America is anticipated to witness the fastest CAGR during the forecast period in the NAND flash memory market. The growth is attributed to the advancements in technology including cloud computing and the presence of data centers. NAND flash memory is widely employed in cloud computing applications owing to the high-speed data access, reliability, and storage capacity. In addition, the presence of key players including Intel, Micron Technology, Western Digital, and Texas Instruments has established a strong foothold in the market, driving innovation, research and development, and manufacturing of NAND flash memory products. In conclusion, the emergence of advanced technologies and the presence of key players are collectively responsible in promoting market growth in North America in the upcoming years.