NOR Flash Market to Garner USD 6.07 Billion, Globally, by 2028 at 14.4% CAGR - Recent study by The Insight Partners
PUNE, India, Oct. 8, 2021 /PRNewswire/ -- According to our new research study on "NOR Flash Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Density, and Geography," the market is projected to reach US$ 6,069.5 million by 2028 from US$ 2,106.6 million in 2021; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.
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Rising demand for consumer electronics and communication devices and increasing penetration of electronics in automotive and industrial applications are fueling the NOR flash market growth. The escalating applications of NOR flash memory in automotive, industrial, and medical sectors as well as in technologies such as the Internet of things (IoT), active-matrix organic light-emitting diode (AMOLED), and liquid crystal display (LCD) would further drive the market during the forecast period. The rapidly expanding technological development, coupled with the humongous production of data, has critically increased the demand for memory solutions that are capable of handling large data efficiently. The NOR flash memory fits into almost every expectation of end user; it delivers a far better-read performance and operates much faster than already existing memory technologies.
Wearable devices form one of the fastest-growing segments of the connected device industry. Advanced enterprises are focused on leveraging wearables for driving efficiency, improving workflow, and enhancing communications. Developments in technologies and the availability of smart features in consumer electronics are expected to fuel the demand for these devices in the coming years. The use of advanced sensors facilitates a rise in the application areas of consumer electronic devices. The surge in fatalities in car crashes is driving consumers' attention toward autonomous cars, which would further boost the adoption of NOR flash memories in the coming years
The Asia Pacific NOR flash market is estimated to grow significantly on account of the increasing demand for consumer electronics and the growing penetration of communication devices. Enlarging consumer base and proliferating automotive and industrial sectors in emerging economies such as China and India would further contribute to the regional market growth in the coming years. The rapid evolution of technologies and an increase in the number of connected devices such as routers, sensors, security cameras, and controllers have augmented the demand for nonvolatile memory for storage. Thus, NOR flash systems find significant applications in embedded systems use in the automotive¸ industrial, medical, and IoT industries, among others.
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Increasing Demand for Electric Vehicles Boost NOR Flash Market Growth
The rapidly increasing data-centric applications of NOR flash memories in numerous industry verticals worldwide, coupled with the burgeoning prominence of mobile devices and connected technology, is expected to offer an increase in demand for NOR flash memories. Furthermore, high-performance NOR flash technologies enable the simplification of the memory hierarchy, which can be used for incorporating non-volatility in logic circuits, resulting in a new application for NOR flash memories in hardware security and neuromorphic computing. The rising demand from the IT companies for building a computer's system further secured and enhancing its efficiency is expected to drive innovative applications of NOR flash memories. The trend is subsequently anticipated to encourage the NOR flash market growth during the forecast period.
NOR Flash market: Application Overview
Based on application, the NOR flash market is sub segmented into telecommunication, networking, industrial, automotive, smart grid space, and others. The industrial segment led the NOR flash market in 2020. In the current scenario, there is an increase in demand for NOR flash memory from many industrial applications requiring more code and data storage. As the device developers seek high-density embedded memory solutions that can provide storage at the lowest available cost per gigabit, the demand for embedded serial NOR flash memory is increasing.
NOR Flash Market: Competitive Landscape and Key Developments
Cypress Semiconductor Corporation; Dialog Semiconductor PLC; Gigadevice; Integrated Silicon Solution Inc.; Microchip technologies, Inc.: JSC; Elite Semiconductor Microelectronics Technology Inc.: Macronix International Co., Ltd; Micron Technology, Inc.; and Winbond Electronics Corporation are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the NOR flash market and its ecosystem.
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In June 2021, Winbond Electronics Corporation, a global supplier of semiconductor memory solutions, has announced the addition of a new single die monolithic 1.8V 512Mb SPI NOR flash that can handle up to 166 MHz standard/dual/quad SPI clocks to their comprehensive solution of SPI NOR flash.
In April 2021, Dialog Semiconductor plc, a leading provider of battery and power management, Wi-Fi, Bluetooth low energy (BLE), and Industrial edge computing solutions, launched the AT25EU family of SPI NOR Flash devices to support the development of power-conscious, size-constrained connected devices.
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