Publication Month: Sep 2021 | Report Code: TIPEL00002074 | No. of Pages: 185 | Category: Electronics and Semiconductor | Status: Published
NOR flash memory is an electronic nonvolatile computer memory storage medium that can be electrically deleted and reprogrammed. The growing demand for NOR flash in applications where individual bytes of data need to be written and read, and random access and execute-in-place access are required is boosting the market growth. NOR flash solutions have capacities in megabits and low gigabits range, which is their major feature. Further, high reliability and data integrity features have led to an increased customer base for NOR flash memory over the years. Rising demand for consumer electronics and communication devices, and the increasing penetration of electronics in automotive and industrial applications boost the NOR flash market growth. Further, the increasing applications of NOR flash memory in automotive, industrial, and medical sectors as well as in technologies such as the Internet of things (IoT), active-matrix organic light-emitting diode (AMOLED), and liquid crystal display (LCD) would drive the market during the forecast period.
The COVID-19 pandemic hampered the economic growth of the manufacturing sector in most countries due to business shutdown and lockdown restrictions. Sales of products such as cars and electronics also declined for a few months in 2020. The shuttering of office premises, public places, schools, transportation, and other spaces also hampered the market growth. The semiconductors industry took a significant hit as dur to the lowering of demand for electronic components from the industrial sector. The revenue model for microelectronics has declined as no mass production was carried in the lockdown period. Post lockdown, the semiconductors industry started to regain the market share as production facilities resumed their operations, simultaneously ensuring compliance with all necessary measures. Besides, work from home and remote monitoring strategies also contributed to surge in the sale of advanced electronics products for better connectivity. The renewed importance of the IT and telecommunications sectors allowed them to evolve in accordance with new technologies such as IoT connectivity and high-speed, wi-fi-compatible packaging technologies. According to the Semiconductor Industry Association (SIA), the global semiconductor sales increased by 11% in the Q3 2020, which added to the demand for NOR flash memory.
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The rapidly expanding technological developments, coupled with the humongous production of data, has critically increased the demand for flash memory solutions that are capable of handling large data efficiently. The NOR flash memory fits into almost every expectation of end user, as they deliver a better-read performance and operate faster than already existing memory technologies. NOR flash memory is one of two types of nonvolatile storage technologies. It is most used in applications that require individual bytes of data to be written and read, and it is also used in random access and execute-in-place access techniques. The consumer electronics industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features of modern devices. As a result, smartphones, tablets, PCs, TVs, washing machines, refrigerators, and music players have become an integral part of people’s lives. These devices are becoming smarter with the ongoing technological advancements and integration of the Internet of things (IoT) and artificial intelligence (AI) with them.
There is an increase in demand for NOR flash memory in many industrial applications, requiring more code and data storage. The demand for embedded, serial NOR flash memory is increasing with the device developers seeking high-density embedded memory solutions that can provide storage at the lowest available cost per gigabit. Various industrial devices, such as security systems, military systems, and retail management products, require highly efficient NOR flash memory for data storage. Industrial manufacturers are focusing on implementing industrial IoT (IIoT) in their manufacturing plants to have control over the machines within these plants. This technology helps the companies to remotely monitor each machine throughout the production process. The growing influence of internet of Things (IoT) and artificial intelligence (AI) has propelled the demand for smart servers and devices, leading to the requirement of higher transfer speed and computing power. Thus, needs of high-quality storage devices would propel the demand for large sensor-based electronic integrations, thereby pushing the growth of the NOR flash market.
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Note: The outer circle represents market size for 2028, and the inner circle represents market size for 2020.
|Market Size Value in||US$ 2,361.9 million in 2021|
|Market Size Value by||US$ 6,069.5 million by 2028|
|Growth rate||CAGR of 14.4% from 2021-2028|
|No. of Pages||185|
|No. of Tables||88|
|No. of Charts & Figures||83|
|Historical data available||Yes|
|Segments covered||Type, Density and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Players operating in the NOR Flash Market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by the key players are listed below:
The List of Companies - NOR Flash Market