Global Memory Device Market to Hit $376.84 Billion by 2030: Cognitive Market Research

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Feb 02, 2023, 09:48 ET

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:

Rapid development in digitization and automation in the electronics industry and usage of memory-based elements in technologically advanced products such as smartphones, wearables, and electronics are driving the market growth.
Increasing use of semiconductor devices such as flash ROM and DRAM in automotive and electronic systems is a crucial factor driving the demand for integrated gadgets and chips.
Integration of the Internet of Things (IoT) into consumer electronics, automotive, industrial applications, and growing acceptance of IoT in all these industries are driving the overall market globally.
Among type, the global market is segmented into SRAM, DRAM, MRAM, and Flash ROM. The SRAM segment is expected to have the highest revenue share and significant growth during the forecast period. This is attributed to the increasing usage of consumer electronics solutions such as smartphones and wearable devices.
Among applications, these segments include Consumer Products, PC/Laptop, Smartphone/Tablet, Data Center, Automotive, and others. The consumer electronics segment is expected to witness significant growth in the global market during the forecast period. The development of this segment is attributed to the growing adoption of IoT and related technologies coupled with the increasing disposable income of consumers across the globe.
Among the end user, the consumer electronics segment is expected to witness significant growth in the global market during the forecast period. This is attributed to the growing adoption of IoT and related technologies coupled with the increasing disposable income of consumers across the globe.

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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 with 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

Memory Device Market - Type Outlook (Revenue, USD Billion, 2018–2030)

SRAM
MRAM
DRAM
Flash ROM

Memory Device Market - Application Outlook (Revenue, USD Billion, 2018–2030)

Consumer Products
PC/Laptop
Smartphone/Tablet
Data Center
Automotive
Others

Memory Device Market – End User Outlook (Revenue, USD Billion, 2018–2030)

Consumer Electronics
IT & Telecommunication
Automotive
Aerospace & Defense
Healthcare
Others

Memory Device Market - Regional Outlook (Revenue, USD Billion, 2018–2030)

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, rest of MEA)

List of Key Companies Profiled:

Broadcom Inc.
Intel Corporation
Micron Technology
Samsung Electronics
Toshiba
Macronix International Co., Ltd.
Taiwan Semiconductor
Sony
LAM Research
Texas Instruments

Related Reports on Memory Device Market:

The global Semiconductor Market is expected to reach USD 1,240.34 billion by 2030

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

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.

Other Related Reports:

The Global Discrete Semiconductor Market is expected to reach USD 82.33 billion by 2030 at a 9.23% CAGR.
The Global Microcontroller Market is projected to hit USD 71.34 billion by 2030 at 8.21% CAGR.

Explore Other Cognitive Market Research's Electronics & Electrical Industry Report

About Cognitive Market Research :

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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SOURCE Cognitive Market Research