PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1144190
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1144190
According to Stratistics MRC, the Global NOR Flash Memory Market is accounted for $4.2 billion in 2022 and is expected to reach $6.5 billion by 2028 growing at a CAGR of 7.79% during the forecast period. NOR flash memory is a nonvolatile computer memory storage medium that can be erased and reprogrammed electrically. The growing demand for NOR flash in applications involving individual bytes of data to be written and read, as well as random access and execute-in-place access, is driving market growth. The main feature of NOR flash solutions is their capacity, which ranges between megabits and low gigabits.
According to integrated circuit insights (IC), NOR flash memory accounted for 4% of the total flash memory market in 2021, but sales of NOR flash devices continued to increase by 63% to $2.9 billion during last year. Significant investments and new product launches from key industry players are contributing to the expansion of the NOR flash market.
The rapid advancement of technology, combined with the massive production of data, has significantly increased the demand for flash memory solutions capable of handling large amount of data efficiently. NOR flash memory meets almost every end-user expectation because it provides better read performance and operates faster than existing memory technologies. The consumer electronics industry is expanding rapidly in both developed and developing countries, owing primarily to technological advancements and smart features in modern devices, which are driving the market growth.
NOR flash memory is more expensive than NAND and has a smaller code saturation space Apart from that, NOR flash memory requires more power when it is first powered on, these factors hinder the market growth. However, the standby power requirement for NOR is considerably lower.
The rapidly expanding data-centric applications of NOR flash memories in a variety of industry verticals around the world, combined with the growing prominence of mobile devices and connected technology, are expected to propel up demand for NOR flash memories. Furthermore, high-performance NOR flash technologies enable memory hierarchy simplification, which can be used for incorporating non-volatility in logic circuits, resulting in NOR flash memories finding new applications in hardware security and neuromorphic computing.
NOR Flash Memory market is expected to fall significantly over the next few years as reserves increase and demand falls. Current semiconductor shortages and short supplies of other memory products such as DRAM and NAND have increased demand and average selling prices for NOR flash products since the pandemic and with an increase in market competition among the top players, which results in hindering the market growth.
Due to business closures and lockdown restrictions, the COVID-19 pandemic hampered economic growth in most countries' manufacturing sectors. Automobile and electronic product sales also tumbled for a few months in 2020. The closure of office buildings, public places, schools, transportation, and other facilities also hampered market growth. The semiconductor industry suffered significantly as a result of the decline in demand for electronic components from the industrial sector. As no mass production occurred during the lockdown period, the revenue model for microelectronics has declined.
The Consumer Electronics segment is expected to be the largest during the forecast period, due to its usage in communication devices and electronics. And also, due to the significant increase in usage of these products in recent years is driving demand for the market. Advanced businesses are focusing on leveraging wearables to increase efficiency, improve workflow, and improve communications. The Technological advancements and availability of smart features in consumer electronics are expected to drive demand for these devices.
The Serial NOR Flash Segment is projected to have the highest CAGR during the forecast period, due to a rise in demand in embedded electronics, IoT devices, and automotive electronics. When compared to parallel flash devices, serial flash devices require fewer connections to the circuit board. Serial NOR uses a simpler interface than parallel NOR, which reduces the cost of manufacturing serial NOR storage devices, which is an advantage. Moreover, the demand for embedded, serial NOR flash memory is expanding rapidly, as device developers seek high-density embedded memory solutions with the lowest available cost per gigabit.
Due to the region's prominent electronics industry and the presence of major players in the region, Asia-Pacific registered the largest share during the forecast period. The increasing penetration of electronics in automotive and industrial automation is expected to boost market growth. Furthermore, a surge in demand for non-volatile memory in consumer electronics products is driving mass production of non-volatile memory in the region.
Asia Pacific is considered to have exponential growth, registering the highest CAGR over the forecast period due to several initiatives that have recently been launched to increase industry output. Furthermore, the region is home to some of the market's biggest players, such as GigaDevice. As NOR flash memory is frequently used to store configuration data in many digital products, the market being studied is growing in this region with the growth in electronics industry. The combination of these factors makes Asia Pacific one of the market's most promising regions.
Some of the key players profiled in the NOR Flash Memory Market include Samsung, ISSI, Eon Microchip Technologies, Inc., Macronix International Co., Ltd, JSC, Elite Semiconductor Microelectronics Technology Inc., Dialog Semiconductor, GigaDevice, Cypress Semiconductor Corporation, Integrated Silicon Solution Inc., Micron Technology, Inc. and Winbond Electronics Corporation.
In March 2022, Winbond Electronics launched the W25Q64NE, a 1.2V SpiFlash NOR flash IC in a 64 Mb density. The new NOR flash memory would offer its customers a large code storage capacity and active mode power savings per the latest requirements of mobile devices and smart wearables.
In March 2022, CAES, a provider of mission-critical electronics for aerospace and defense, introduced a line of RadHard NOR Flash Memory devices that deliver the boot-memory densities required by microprocessors and FPGAs utilized in space applications. The new radiation-hardened (RadHard) devices feature high levels of space assurance needed for the longest, harshest space missions. They include the industry's first 1 Gb monolithic NOR Flash Memory device enabling the storage of mission-critical boot images.
In April 2022, Microchip announced the release of SST26LF064RT, a 64-Mbit serial quad I/O NOR flash memory device for harsh aerospace and defense systems. The commercial off-the-shelf (COTS) memory technology device has a high radiation tolerance and is capable of operating in 50 kilorad (krad) Total Ionizing Dose (TID). The space-qualified second SuperFlash device from Microchip has been mainly developed to reduce development time, cost, and risk in the systems.