The global Nand Flash Memory Market is estimated to be valued at US$ 70.25 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Nand flash memory is a type of non-volatile storage technology that offers faster read and write speeds compared to traditional hard disk drives. Nand flash finds application in storage devices, memory cards, solid state drives and other consumer electronics devices owing to advantages like high density, shock resistance and lower power consumption.
Market key trends:
One of the key trends in the Nand flash memory market is the growing adoption of cloud computing and mobility solutions. Organizations are increasingly moving their applications and data to public and private cloud infrastructure to gain efficiencies of scale and centralized management. This has led to higher demand for data center infrastructure including servers and storage solutions that use Nand flash memory. Furthermore, the proliferation of smart devices and IoT applications is fueling growth in the memory market as more data gets generated and stored on both edge and cloud storage infrastructure. Manufacturers are focusing on developing newer and higher density Nand flash chips to support emerging technologies and handle massive data volumes.
The NAND Flash Memory market is segmented into Type and Application. By type, 3D NAND is dominating the market and is expected to witness high growth over the forecast period. 3D NAND offers higher storage capacity compared to 2D NAND and has better performance. Increased demand for storage in smartphones and tablets has accelerated the adoption of 3D NAND.
The global NAND Flash Memory market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing adoption of high-density storage solutions in consumer electronics. The Asia Pacific region is expected to dominate the market, growing at a CAGR of 6.3% during the forecast period. This is attributed to high concentration of consumer electronics manufacturers and the presence of large semiconductor industries in countries like China, South Korea and Taiwan.
The global NAND flash memory market size was valued at US$ 70.25 Bn in 2023.
The Asia Pacific region is dominating the market, accounting for over 45% of the global market share in 2023. Growing demand for smartphones, SSDs and tablets from large economies like China and India is driving the growth of the market in the region.
Key players operating in the Nand flash memory market are KIOXIA Corporation, Cypress Semiconductor Corporation (Infineon Technologies), SK Hynix Inc., SanDisk Corp. (Western Digital Technologies Inc.), Powerchip Technology Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Yangtze Memory Technologies and Micron Technology Inc. Samsung captured the largest market share of over 20% in 2023 owing to its robust portfolio of flash memory products and strong distribution network across the globe.