Global Memory Device Market to Hit $376.84 Billion by 2030: Cognitive Market Research
CHICAGO, Feb. 2, 2023 /PRNewswire/ -- The Global Memory Device Market size is projected to be USD 376.84 Billion by 2030 growing at a CAGR of 16.2 % from 2023 to 2030, as per a recent report by Cognitive Market Research. Major players operating in this market are trying to reach global customers by collaborating with other industry participants. For instance, Micron Technology partnered with Alliance Memory to become global distributor of Micron Products.
Major findings during the study of the Memory Device Market:
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Memory Device Market Growth and Trends
With the integration of the Internet of Things (IoT) and automation in various industrial sectors such as IT and telecommunications, consumer automotive, electronics, and manufacturing, the use of semiconductor materials inside devices is increasing. The increasing use of high-end data processing and solid-state hard disk drives in personal computers is responsible for the growth of the global storage devices market. The demand for these memory technologies is expected to rise further due to the need for efficient memory in other consumer electronic devices such as digital, gaming camera devices, etc.
The industry players focus on joint venture or collaboration with other manufacturers or others members of value chain. This helps them to have competitive advantage over other competitors and enter into new market which was earlier untapped by them. For instance, in November 2021, global semiconductor supplier Silicon Catalyst partnered ith Sony Semiconductor. This partnership enables the two companies to innovate technology or high-end memory chips and provide customers with better solutions. Similarly, in July 2021, Intel Corp., a global supplier of high-end processors and memory storage systems, partnered with smartphone processor supplier MediaTek. Through this partnership, the two companies can share foundries that manufacture semiconductors and memory devices.
The COVID-19 pandemic has spread rapidly, and its impact has manifested itself in supply chain disruptions. This has negatively influenced global economic activity. The surging number of COVID-19 cases across various countries has affected the market growth. The sudden imposition of lockdown restrictions has shut down different manufacturing plants. In addition, supply chains for raw materials such as silicon have been disrupted in several countries mainly in China. The pandemic here initially impacted the country, imposing restrictions on the local market and disrupting semiconductor supply chains.
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Memory Device Market Report Scope
Related Reports on Memory Device Market:
The global semiconductor market is expected to reach USD 1,240.34 billion by 2030 growing at a CAGR of 14.9%. Rising household disposable income levels, rapid population growth, and accelerated urbanization have created an enormous demand for both ordinary and advanced consumer electronic devices. For efficient and proper function, Integrated circuit (IC) chips are found in various electronic devices, including smartphones, washing machines, televisions, and refrigerators. Several leading consumer electronics brands, including Samsung, Apple, and Huawei, are investing heavily in launching new devices to meet rising consumer demand for advanced devices and support market growth.
Global SiC-based power electronics and inverter market is projected to reach USD 832.5 million by 2030, growing at a CAGR of 31.23%. With the continuous emergence of advanced technologies, the demand for SiC-based power electronics and inverter products is expected to grow significantly. This growth is expected to be fueled by significant changes in the development and operation of regulations and standards governing new agencies. Standards and compliance will open up new markets and demand for SiC-based modules as manufacturers are expected to move to place bulk orders. This will help manufacturers of emerging technologies as they invest heavily and make components that can withstand manufacturing. The growth of these companies is expected to increase in the coming years.
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Cognitive Market Research is one of the leading market research and consulting firms, and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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