Industry: Semiconductor Electronics
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33328
The Global Non-Volatile Memory Market is estimated to reach a valuation of US$ 70.3 billion in 2023 from US$ 64.5 billion registered in 2022. It is likely to witness a CAGR of 8.0% from 2023 to 2033. The market is predicted to be valued at US$ 152.0 billion by 2033.
Since the previous decade, the semiconductor industry has become increasingly interested in non-volatile memory (NVM) solutions for bulk storage applications due to expansion of the portable systems market. The non-volatile memory industry is expanding owing to surging demand for reduced power consumption, rapid memory management, and high efficiency.
Users across the globe want their devices to continuously increase in terms of power, offer new capabilities at lightning speeds, and store more music, movies, & images in the booming consumer electronics market. Despite the fact that flash has significantly facilitated innovation over the past few decades, it is reaching its scaling limits and needs to be replaced with a new wave of memory.
Due to its low cost and reduced power consumption, flash memory is becoming increasingly common in consumer devices, which is important for the market's expansion. In wearable technology and smartphones, non-volatile memory is utilized to increase storage capacity and speed up memory access.
The market's expansion is also being fueled by a rising amount of research being done in this area. For instance, Infineon Technologies LLC announced the release of second-generation non-volatile Static random access memories in March 2021.
They are compliant with high-reliability industrial specifications and QML-Q. They are also primarily intended to support non-volatile code storage in challenging environments such as industrial and aerospace applications.
Similar to this, Samsung said in early 2021 that it had improved the magnetic tunnel junctions function of its magneto resistive random access memory and had upgraded its 14 nm technology to accommodate its flash-type integrated magneto resistive random access memory. It was intended to boost write speed and density. The business also aims to use the upcoming NVM IC in internet of things devices, microcontrollers, and wearables.
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Attributes |
Key Insights |
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Non-volatile Memory Market Size (2022) |
US$ 64.5 billion |
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Estimated Market Size (2023) |
US$ 70.3 billion |
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Projected Market Valuation (2033) |
US$ 152.0 billion |
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Value-based CAGR (2023 to 2033) |
8.0% |
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USA Value-based CAGR (2023 to 2033) |
7.4% |
A research study published by Persistence Market Research (PMR) mentions that the global non-volatile memory market is projected to witness a CAGR of 8.0% between 2023 and 2033. It exhibited considerable growth at a CAGR of 8.9% from 2018 to 2022.
Device flash memory applications were made possible by rising consumer electronics demand and market penetration. Global positioning systems, cell phones, laptops, digital cameras, and electronic musical instruments use this type of memory. Numerous providers of data center solutions have widely embraced it. Data center demand is rising exponentially along with the adoption of cloud technologies.
Cloud storage, flash storage, and enterprise data centers are all suited for deep learning training due to rising popularity of internet of things devices and artificial intelligence/machine learning applications. They require high throughput and low latency cloud storage. Demand is anticipated to increase further as a result of data centers’ expanding size and number.
Non-volatile memory can retain information even when the power supply is cut-off. Applications of non-volatile memory are in industries such as retail, military & aerospace, consumer electronics, agriculture, industrial, enterprise storage, healthcare, automotive & transportation, energy & power, and telecommunication industries.
Non-volatile memory is being used in new generation wearable devices such as smartwatches and smart glasses as they have a long battery life. Non-volatile memory is also being used in printers, smart speakers, and streaming devices as they require less density.
Vendors in the market are concentrating on creating new solutions with great capabilities in order to meet the growing demand. For instance, in February 2021, Western Digital Corp. and Kioxia Corporation announced the creation of a 162-layer, sixth-generation 3D flash memory technology. The most sophisticated and high-density 3D flash memory available from the industry, it makes use of numerous technological and manufacturing advancements.
How will the USA Exhibit High Sales of Non-volatile Memory?
The USA non-volatile memory market is expected to surge at a valuation of US$ 24.6 billion by 2033 and create an incremental opportunity of US$ 12.5 billion in the next ten years. It is projected to showcase considerable growth at a CAGR of 7.4% from 2023 to 2033.
Due to rising demand for digital recreation, videoconferencing, and video & phone call services, construction of novel new infrastructure, including data centers, has been expanding in the USA. It is hence becoming vital to establish sizable big data centers in the country due to rapid development of the digital economy.
Will the United Kingdom Showcase Astonishing Non-volatile Memory Demand?
As per Persistence Market Research, the United Kingdom non-volatile memory market is projected to be valued at US$ 4.0 billion by 2033. It is likely to witness a CAGR of 6.4% in the forecast period from 4.4% CAGR recorded between 2018 and 2022.
Owing to its ultra-low power requirements, NOR flash memory is gaining immense popularity across the United Kingdom. For instance, Infineon Technologies released new development tools in January 2022 to support the SEMPER NOR Flash chip family. It will also facilitate the rapid creation of communication, industrial, and automotive systems that are both safety-critical and intrinsically secure.
How are Japan-based Non-volatile Memory Companies Progressing?
Japan non-volatile memory market is anticipated to be valued at US$ 23.4 billion by 2033, says Persistence Market Research. It is expected to exhibit a CAGR of 8.3% from 2023 to 2033. The country is likely to create an absolute dollar opportunity of US$ 12.8 billion in the estimated time frame.
Over the course of the forecast period, the Japan market for non-volatile memory is anticipated to be driven by its expanding application base. According to estimates, the industry is projected to escalate as non-volatile memory replaces conventional storage.
Benefits such as quick switching times, high endurance, and low electricity consumption are also anticipated to support market expansion throughout the projection period. In the next ten years, Japan market may be hampered by expensive technological advances and limited memory volume & capacity. Introduction of adaptable electronics equipment may further open up new market expansion prospects.
Why would South Korea Witness Elevated Non-volatile Memory Sales?
South Korea non-volatile memory industry is expected to escalate at a CAGR of 8.5% in the next ten years. As per Persistence Market Research, the country is predicted to reach US$ 9.2 billion in terms of valuation by 2033. An opportunity of around US$ 5.1 billion is expected for South Korea through 2033.
Non-volatile memory (NVM) is generally utilized for long-term consistent storage or secondary storage in South Korea. In magnetic-optical (DVD, CD) media, magnetic (tape, diskette, disc), digital cameras, and flash memory for USB memory sticks, non-volatile memory is very common among digital media.
Non-volatile memory (NVM) uses user-configurable technology in contrast to storage devices, which need to be updated periodically. Due to its low cost and low wattage requirements, non-volatile memory (NVM) is expected to be widely used by consumer electronics businesses in the nation.
Which is the Leading Application of Non-volatile Memory Globally?
Based on application, the consumer electronics category is projected to witness a CAGR of 7.8% from 2023 to 2033, as compared to 8.5% CAGR exhibited in the historical period. The segment is anticipated to surge as high-performance smartphones are produced across the globe.
These smartphones take advantage of cutting-edge hardware and non-volatile memory to speed up data access and increase user happiness. NAND flash memory, which supports speedy performance, is a common feature of next generation cell phones. As a result, all of these elements are anticipated to offer market expansion and boost the segment.
Key players in the global non-volatile memory market include Crossbar Inc., Micron Technology, Samsung Electronics, Adesto Technologies, Nantero, Toshiba Corporation, Microchip Technology, SK Hynix, Intel Corporation, and Western Digital among others.
The non-volatile memory industry is crowded with powerful competitors. The industry's competitive competition is primarily reliant on innovation-based sustained competitive advantage, levels of market saturation, and effectiveness of competitive strategy. The global market has high exit barriers as it requires a lot of capital.
Few of the recent developments in the non-volatile memory market are:
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Attribute |
Details |
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Estimated Market Size (2023) |
US$ 70.3 billion |
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Projected Market Valuation (2033) |
US$ 152.0 billion |
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Value-based CAGR (2023 to 2033) |
8.0% |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
Value (US$ billion) |
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Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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The global market for non-volatile memory is set to be worth US$ 70.3 billion by 2023.
The global non-volatile memory industry is projected to reach a size US$ 152.0 billion in 2033.
From 2018 to 2022, the non-volatile memory industry witnessed a CAGR of 8.9%.
The global non-volatile memory industry is projected to showcase a CAGR of 8.0% between 2023 and 2033.
By type, the traditional non-volatile memory segment is estimated to dominate the global market by 2033 and witness 7.9% CAGR throughout the forecast period.
By application, the consumer electronics category is likely to dominate the global non-volatile memory industry and exhibit 7.8% CAGR by 2033.
The USA non-volatile memory industry is projected to reach US$ 24.6 billion by 2033 and create an absolute dollar opportunity of US$ 12.5 billion in the estimated time frame.
Samsung Electronics, Toshiba Corporation, Micron Technology, SK Hynix, Western Digital, Adesto Technologies, Intel Corporation, Microchip Technology, Nantero, and Crossbar Inc. are key companies in the global non-volatile memory industry.
Asia Pacific is projected to dominate the global non-volatile memory industry during the assessment period.
