Increase in demand for data centers, high performance & low latency of 3D NAND flash memory, and surge in space constraints on the semiconductor wafer fuel the growth of the global 3D NAND flash memory market.
Allied Market Research published a research report on the 3D NAND flash memory market. The findings of the report state that the global market for 3D NAND flash memory generated $12.38 billion in 2020, and is expected to garner $78.42 billion by 2030, witnessing a CAGR of 20.3% from 2021 to 2030. The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Himanshu Jangra, the Lead Analyst, Semiconductor and Electronics at Allied Market Research, highlighted, “The global 3D NAND flash memory market trends is expected to witness considerable growth, owing to increase in demand for digital entertainment solutions across residential and commercial sectors, especially in Asia-Pacific and LAMEA region. This is expected to drive the market growth.”
The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities. Increase in demand for data centers, high performance & low latency of 3D NAND flash memory, and surge in space constraints on the semiconductor wafer fuel the growth of the global 3D NAND flash memory market. On the contrary, high manufacturing costs and precision required at the time of manufacturing restrain the market growth. However, rise in penetrations of the Internet of Things offers new opportunities for market growth.
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The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the 3D NAND flash memory market across the globe. The Covid-19 pandemic severely affected the growth of the global 3D NAND flash memory market, particularly in the initial stages. Several constraints inhibited market growth, such as a shortage of skilled labor and project delays or cancellations due to partial or complete global lockdown. At the same time, end-user demand for 3D NAND flash memory has dropped significantly due to the prolonged lockdown.
The report offers a detailed analysis of segments of the global 3D NAND flash memory market. These segments include type, application, end user, and region. This analysis assists new entrants, investors, and market players as they can determine the fastest growing and highest revenue-generating segments for identifying growth strategies for the next few years.
By type, the triple-level cell segment dominated the market share in 2020, contributing to more than half of the global 3D NAND flash memory market, and is anticipated to maintain its leadership status throughout the forecast period. Moreover, this segment is expected to witness the highest CAGR of 21.1% from 2021 to 2030. The triple-level cell (TLC) flash offers a lower price per gigabyte as compared to SLC and MLC flash, therefore, it offers significant growth opportunities for the market.
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By end user, the consumer electronics segment held the highest market share in 2020, accounting for nearly half of the global 3D NAND flash memory market, and is expected to dominate the market during the forecast period. Inclination toward electric and hybrid vehicles that utilize electronics drives the demand for 2D and 3D NAND flash memories. This, in turn, is driving the growth of image sensors across the consumer electronics sector. The healthcare segment, however, is projected to manifest the fastest CAGR of 21.2% from 2021 to 2030.
By region, Asia-Pacific, followed by North America, accounted for the largest share in terms of revenue in 2020, contributing tonearly half of the global 3D NAND flash memory market. This is attributed to surge in investment by prime players in data centers. However, the LAMEA region is anticipated togrow with the fastest CAGR of 21.2% during the forecast period, owing to rise in awareness about artificial intelligence and IoT technology to develop smart infrastructure solutions.
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Leading players of the global 3D NAND flash memory market analyzed in the research include Toshiba Corporation, Samsung Electronics Co., Ltd., SK Hynix Semiconductor, Inc., Intel Corporation, Micron Technology, Inc., Apple Inc., Advanced Micro Devices, Lenovo Group Ltd., STMicroelectronics, and SanDisk Corporation.
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