Rising Penetration of IoT Devices Propels SLC NAND Flash Memory Market Growth
According to our latest study, "SLC NAND Flash Memory Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – By Type, Application, Density, and Geography," the market was valued at US$ 11.29 billion in 2024 and is expected to reach US$ 16.40 billion by 2031; it is estimated to register a CAGR of 5.3% during 2025–2031. The report includes growth prospects owing to the current SLC NAND flash memory market trends and their foreseeable impact during the forecast period.
In recent years, there has been a surge in the adoption of IoT technologies owing to advancements in mobile and wireless connectivity technologies, as well as a gradual drop in the cost of sensors and other components. Industries are using IoT to improve efficiency and reduce the costs of their operations. Technological advancements, soaring use of smart devices, 5G connectivity expansion, increasing need for automation and real-time data, and government support to fuel digitalization are major factors driving the IoT market. The growing adoption of smart devices and rapid urbanization in developing countries such China and India are another prime factor contributing to the IoT market. Smart manufacturing and smart city projects in the region further foster the adoption of IoT devices.
SLC NAND Flash Memory Market Analysis — by Geography
SLC NAND Flash Memory Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Parallel and Serial), Application (Industrial, Automotive, Consumer Electronics, Computers and IT, Communication, and Others), Density (Above 8 GB, 8 GB, 4 GB, 2 GB, and 1 GB), and Geography
SLC NAND Flash Memory Market Forecast (2024-2031)
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Source: The Insight Partners Analysis
Companies incorporating the Internet of Things (IoT) generate the demand for the installation of an abundance of connected devices into the network. This growth in the installation of connected devices has resulted in critical memory challenges for the IoT, which are being addressed by innovative memory technologies. As the SIC NAND flash memories provide higher reliability, low voltage operations, higher capacities, and faster read and write times, their demand to support the efficient functioning of IoT networks is surging. Thus, the soaring penetration of IoT devices fuels the SLC NAND flash memory market growth.
Micron Technology Inc; KIOXIA Corporation; Samsung Electronics Co Ltd; Winbond Electronics Corp; SkyHigh Memory Ltd; Macronix International Co., Ltd; Flexxon Pte Ltd; Greenliant Systems; UNIM Innovation (Wuxi) Co.,Ltd. Shanghai Fudan Microelectronics Group Co., Ltd.; Western Digital Corp; and Kingston Technology Co Inc are key players profiled in the SLC NAND flash memory market report. Other major players were also studied and analyzed in the market study to get a holistic view of the market and its ecosystem.
The report includes the SLC NAND flash memory market forecast by type, application, density, and geography. Based on type, the SLC NAND flash memory market is segmented into series and parallel. In terms of revenue, the parallel segment held the largest SLC NAND flash memory market share and is expected to register the highest CAGR during the forecast period.
The scope of the SLC NAND flash memory market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Asia Pacific dominated the market in 2023, followed by Europe and APAC.
The market in Asia Pacific is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest SLC NAND flash memory market share in APAC. China is a strong player in the semiconductor industry owing to the Made in China 2025 initiative that promotes local manufacturing in the country. The growing demand for semiconductors in industries such as automotive, consumer electronics, telecommunications, and aerospace contributes to the SLC NAND flash memory market growth in China. China has a robust manufacturing industry. Owing to the cheap labor costs in the country, companies have opened their manufacturing plants and offices. China is the world's largest producer of vehicles. Also, the Chinese government is investing in the development of electric vehicles. The country has witnessed the presence of huge electric vehicle manufacturers on a global scale, which has also contributed to the adoption of SLC NAND flash memory products. China holds the largest Asia-Pacific SLC NAND flash memory market share in the region due to the increasing demand for smartphones, tablets, and wearables. China is the world’s largest manufacturing hub and produces ~36% of the world’s electronics. In addition, with approximately one-fifth of the global population, China is the second-largest final consumption market for electronic devices after the US. This demand for electronic devices drives the need for SLC NAND flash memory to store and boot small-to-medium OS for IoT, automotive, and electronics.
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