Serial NOR Flash Market Forecast 2023 - 2031

By Type :

Based on the type, the market is bifurcated into 1 Mb, 4 Mb, 8 Mb, 32 Mb, 64 Mb, and others. The 32 Mb segment accounted for the largest revenue share in the year 2022. 32 Mb serial NOR flash offers several features including SPI/DTR (Double Transfer Rate) read, programmable output driver strength, individual block/sector write protection, and others. The above benefits of 32 Mb serial NOR flash are further increasing its utilization in automotive, medical devices, and other related applications.

For instance, in June 2021, Digilent introduced Pmod SF3 which is a 32 Mb serial NOR flash memory module. The serial NOR flash memory module is designed to provide additional non-volatile storage capacity for microcontrollers and FPGA boards. Therefore, the rising innovations associated with 32 Mb serial NOR flash is a prime factor proliferating the growth of the segment.

The 64 Mb segment is anticipated to register fastest CAGR growth during the forecast period. The 64 Mb serial NOR flash memory offers a range of features including SPI-compatible serial bus interface, increased throughput, program/erase suspend operations, erase capability, and enhanced performance among others. Additionally, 64 Mb NOR flash is primarily used in consumer devices, communication systems, military & defense systems, and other industrial applications.

For instance, Winbond is among few of the serial NOR flash manufacturers that offers a range of 64 Mb serial NOR flash solutions for application in automotive, communication, and industrial applications. The NOR serial NOR flash is optimized for utilization in wearable and industrial applications including health monitors, fitness trackers, GPS trackers, drones, and others. Thus, the increasing development of 64 Mb serial NOR flash for utilization in automotive, communication, and industrial applications is a vital factor expected to drive the growth of the market during the forecast period.

By Sales Channel :

Based on the sales channel, the market is segregated into online and offline. The online segment accounted for the largest revenue share in the year 2022. Online sales channel offers a method of distribution in which the manufacturers sell products through the company websites or any other third-party e-commerce websites that are available on the internet. Online distribution channels offer several benefits including easy access to the products, quicker comparison of multiple products and prices, faster buying process, and higher flexibility. The above benefits of online sales channels are key determinants for driving its utilization for the distribution of serial NOR flash.

For instance, Microchip Technology Inc. is among the few serial NOR flash manufacturers that provide a range of serial NOR flash solutions for online purchase through the company website along with multiple e-commerce websites including Amazon, eBay, and others. Hence, the increasing availability of serial NOR flash through online sales channels is a prime factor fostering the growth of the market.

Offline segment is expected to witness fastest CAGR growth during the forecast period. Offline sales channel involves the distribution of serial NOR flash from manufacturers to the end-users indirectly through offline distributors including specialty stores, regional distributors, and others. The growth of the offline segment is attributed to several factors including the including a strong customer base, higher credibility, and ease of customization as per the target market among others.

For instance, Infineon Technologies AG, and Winbond are few of the manufacturers of serial NOR flash that offers a range of serial NOR flash solutions through various offline regional distributors including Mouser Electronics Inc., DigiKey, Arrow Electronics, and others. Hence, the increasing availability of serial NOR flash in offline sales channel is anticipated to boost the market growth during the forecast period.

By End-User :

Based on the end-user, the market is segregated into consumer electronics, IT & telecommunication, automotive, medical, and others. The consumer electronics segment accounted for the largest revenue share of 36.29% in the year 2022. Factors including progressions in consumer electronics including growing demand of smartphones, computers, and other consumer 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 Italy is projected to reach 81% by 2025, witnessing an increase from 77% in 2021. Additionally, according to Japan Electronics and Information Technology, the overall production by the Japanese electronics sector reached up to worth 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 serial NOR flash in smartphones, computers, wearables, and other consumer devices, in turn driving the growth of the market.

Automotive segment is expected to witness the fastest CAGR growth during the forecast period. The growth of automotive segment is primarily driven by multiple factors including advancements in autonomous driving systems, growing need for enhanced automobile storage solutions, and rising production of automobiles among others.

For instance, Microchip Technology offers a broad range of serial NOR flash including 4 Mb, 8 Mb, 32 Mb, 64 Mb, and others in its product portfolio that are particularly designed for utilization in automotive applications. Additionally, Winbond offers W25H02JV_DTR model of serial NOR flash that is designed for deployment in automotive applications including ADAS, infotainment systems, instrument clusters, and others. Thus, the rising development of serial NOR flash for utilization in automotive applications is among the key factors contributing to the growth of the market during the forecast period.

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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 599.07 Million by 2031 from a value of USD 400.00 Million in 2022 and is projected to grow by USD 410.11 Million in 2023. The market growth for serial NOR flash in the North American region is driven by the deployment of memory in automotive, medical, IT & telecommunication, and other sectors. Moreover, rising development of telecom 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 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 serial NOR flash 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 electric vehicles 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 5.3% and is estimated to reach over USD 466.22 Million by 2031 from a value of USD 299.06 Million in 2022 and is projected to grow by USD 307.67 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 28.5% 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, automotive, and others are driving the market growth for serial NOR flash in the Asia-Pacific region.

For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall automotive production in Asia-Pacific reached 50,020,793 units in 2022, witnessing a growth of 7% from 46,768,800 units in 2021. Serial NOR flash are primarily used in the automotive industry for storage applications, particularly in ADAS, infotainment system, and other safety-critical systems. Therefore, the growing automotive sector in the Asia-Pacific region is anticipated to drive the utilization of serial NOR flash, thereby proliferating market growth in the region during the forecast period.