Semiconductor memory IC market to grow at around 7% CAGR
The global semiconductor storage IC market will grow at a CAGR of around 7%. The key growth drivers for this market include the growing demand for mobile devices and data centers, the increasing popularity of technologies for artificial intelligence and machine learning, and the emergence of new storage technologies.
Mobile devices such as smartphones, tablets, and wearables are one of the largest end-use segments for semiconductor storage ICs. In recent years, the global popularity of smartphones has driven the demand for various storage chips. It is estimated that by 2024, more than 6 billion smartphones will be in use worldwide. As smartphones continue to increase in functionality with features such as higher resolution displays, better cameras, and faster processors, more memory is required to support these advanced features. This positively impacts sales of DRAM and NAND memory chips.
In addition, the rapid growth in data volumes driven by enterprise digital transformation, increased mobile internet usage, and increased adoption of cloud services is driving investments in data center infrastructure. Data centers require large amounts of memory ICs for storage, caching, buffering, and other operations. DRAM and NAND flash memory are widely used in servers, storage systems, and networking equipment in data centers. Leading cloud service providers such as Amazon, Microsoft, Google, Alibaba, and others are aggressively expanding their data center footprints globally, which bodes well for memory chip suppliers.
The emergence of new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Self-Driving Cars has also pushed up memory demand. AI/ML workloads involve huge model sizes and massive datasets, which can create a huge storage and memory burden. Specialized memory solutions are being developed to accelerate AI/ML workloads. Self-driving cars also require mass memory ICs to store large amounts of sensor data, maps, and software. All these next-generation technologies will drive the demand for memory ICs in the coming years.
Based on type, the global semiconductor memory IC market is segmented into DRAM, NAND, NOR, and others. DRAM held the largest share of more than 50% of the global market in 2021 owing to its extensive use in computers, servers, mobile devices, gaming consoles, and other consumer electronics. However, the NAND flash memory segment is expected to register the highest growth during the forecast period, supported by the mega deployment of solid state drives (SSDs) in data centers and the increasing popularity of USB flash drives and memory cards.
From an application perspective, mobile devices accounted for the largest share of the global semiconductor storage IC market at over 40% in 2021. However, the data center segment is expected to expand at the fastest rate during the forecast period, driven by cloud computing, big data. data analytics, and 5G rollout. Other key application areas include consumer electronics, automotive, industrial, aerospace & defense, and healthcare.
Geographically, Asia Pacific dominates the global semiconductor storage IC market with more than 50% share by 2021. This can be attributed to the presence of leading memory chip manufacturers and huge demand from smartphone and electronics manufacturing clusters in China, South Korea, Taiwan, and Japan. Looking ahead, the North American and European markets are expected to grow significantly due to increasing investments in data center infrastructure and growing adoption of artificial intelligence/machine learning technologies.
The competitive landscape of the semiconductor storage IC market is inherently fragmented, with both global industry leaders and regional players. Some of the prominent players in this market include Samsung Electronics, SK Hynix, Micron Technology, Intel, Western Digital, WaPont Electronics, Macronix, ISSI, ESMT, and GigaDevice.The players are focusing on increasing their production volumes through capacity expansions, advanced process technologies, development of specialized memory solutions, and mergers and acquisitions to achieve long-term growth.
The global semiconductor memory IC market is poised to witness significant growth in the coming years, supported by increasing smartphone penetration, proliferation of data centers, and emergence of new technologies that leverage memory capabilities. Continuous advancements in memory technology will further expand the scope of memory ICs.
Mobile devices such as smartphones, tablets, and wearables are one of the largest end-use segments for semiconductor storage ICs. In recent years, the global popularity of smartphones has driven the demand for various storage chips. It is estimated that by 2024, more than 6 billion smartphones will be in use worldwide. As smartphones continue to increase in functionality with features such as higher resolution displays, better cameras, and faster processors, more memory is required to support these advanced features. This positively impacts sales of DRAM and NAND memory chips.
In addition, the rapid growth in data volumes driven by enterprise digital transformation, increased mobile internet usage, and increased adoption of cloud services is driving investments in data center infrastructure. Data centers require large amounts of memory ICs for storage, caching, buffering, and other operations. DRAM and NAND flash memory are widely used in servers, storage systems, and networking equipment in data centers. Leading cloud service providers such as Amazon, Microsoft, Google, Alibaba, and others are aggressively expanding their data center footprints globally, which bodes well for memory chip suppliers.
The emergence of new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Self-Driving Cars has also pushed up memory demand. AI/ML workloads involve huge model sizes and massive datasets, which can create a huge storage and memory burden. Specialized memory solutions are being developed to accelerate AI/ML workloads. Self-driving cars also require mass memory ICs to store large amounts of sensor data, maps, and software. All these next-generation technologies will drive the demand for memory ICs in the coming years.
Based on type, the global semiconductor memory IC market is segmented into DRAM, NAND, NOR, and others. DRAM held the largest share of more than 50% of the global market in 2021 owing to its extensive use in computers, servers, mobile devices, gaming consoles, and other consumer electronics. However, the NAND flash memory segment is expected to register the highest growth during the forecast period, supported by the mega deployment of solid state drives (SSDs) in data centers and the increasing popularity of USB flash drives and memory cards.
From an application perspective, mobile devices accounted for the largest share of the global semiconductor storage IC market at over 40% in 2021. However, the data center segment is expected to expand at the fastest rate during the forecast period, driven by cloud computing, big data. data analytics, and 5G rollout. Other key application areas include consumer electronics, automotive, industrial, aerospace & defense, and healthcare.
Geographically, Asia Pacific dominates the global semiconductor storage IC market with more than 50% share by 2021. This can be attributed to the presence of leading memory chip manufacturers and huge demand from smartphone and electronics manufacturing clusters in China, South Korea, Taiwan, and Japan. Looking ahead, the North American and European markets are expected to grow significantly due to increasing investments in data center infrastructure and growing adoption of artificial intelligence/machine learning technologies.
The competitive landscape of the semiconductor storage IC market is inherently fragmented, with both global industry leaders and regional players. Some of the prominent players in this market include Samsung Electronics, SK Hynix, Micron Technology, Intel, Western Digital, WaPont Electronics, Macronix, ISSI, ESMT, and GigaDevice.The players are focusing on increasing their production volumes through capacity expansions, advanced process technologies, development of specialized memory solutions, and mergers and acquisitions to achieve long-term growth.
The global semiconductor memory IC market is poised to witness significant growth in the coming years, supported by increasing smartphone penetration, proliferation of data centers, and emergence of new technologies that leverage memory capabilities. Continuous advancements in memory technology will further expand the scope of memory ICs.
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