The non-volatile memory market was valued at USD 54.3 billion in 2020 and is projected to reach USD 83.6 billion by 2025, at a CAGR of 9.0% between 2020 and 2025. Increasing demand for faster access and low power consuming memory devices is expected to drive the overall non-volatile memory market during the forecast period. The rising need for memory devices with high speed, low power consumption, and high scalability is expected to fuel the development of new non-volatile memories.

COVID-19 Impact on the Global Non-Volatile Memory Market

The COVID-19 pandemic has disrupted business activities globally. Due to the globally imposed lockdown, the consumer electronics and enterprise sector has seen a huge loss in terms of production, with major impact witnessed by the manufacturing, BFSI, and retail sectors. The lockdown has severely impacted the manufacturing companies as almost every plant has come to a halt. Many essential commodity manufacturing companies are also unable to continue with production due to the lack of workforce amidst the pandemic. Thus, there is a slight decline in the non-volatile memory market as well due to COVID-19.

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Market for emerging memories such as 3D NAND to grow at fastest CAGR during forecast period

3D NAND flash technology is one of the growing technologies in the non-volatile memory market. The market for NAND flash technology is reaching saturation as NAND flash manufacturers are adopting miniaturization to increase the storage density and to reduce cost. Nowadays, flash memory vendors are emphasizing on increasing chip density by layering NAND flash cells on top of each other. This approach is likely to reduce the production cost and boost the performance of flash memories.

3D NAND flash memory uses a new flash cell design and vertically stacks dozens of silicon layers in a single chip. This allows 3D NAND flash memory to increase storage density using a much less aggressive manufacturing process technology than the planar NAND flash memory.

Consumer electronics to hold largest share of non-volatile memory market by 2025

Consumer electronics are one of the largest application areas of nonvolatile memories. The performance requirements in consumer electronics are continuously increasing owing to rising need for high processing power and memory density while keeping the product cost more or less persistent. These memories have the capability to meet the requirements of consumer electronics equipped with advanced technologies, such as AI, IoT, and big data analytics, which generate huge amounts of data to be stored. The increasing need for high storage density and low power consumption is driving the demand for flash memories in portable consumer electronic devices, such as mobile phones, laptops, tablets, digital cameras, and gaming devices. However, the 3D NAND memory offers miniaturized products with high storage density.

North America to account for a significant market share during forecast period

North America is among the largest producers of memory chips in the world. It is the major base for all non-volatile memory manufacturers. North America is the second-largest consumer of memory in the world after Asia Pacific. R&D support with a huge financial backing for the development and adoption of advanced technologies across industries is one of the major reasons for this consumption. The memory-integrated products in this field include smartphones, tablets, gaming consoles, digital still cameras, personal navigation devices, and MP3 players. North America is a major center for consumer electronics, especially smartphones owing to which the demand for emerging non-volatile memory is significantly large in this region.

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Key Market Players

The companies profiled in this report are Intel Corporation (US), Toshiba Corporation (Japan), SAMSUNG ELECTRONICS (South Korea), Adesto Technologies Corporation (US), Viking Technology (Taiwan), Crossbar Inc. (US), Kilopass Technology (US), Sidense Corporation (Canada), Sandisk Corporation (US) and Micron Technology (US) And many others.