North America NOR Flash Market Growth Opportunities and Forecast by 2028

The North America NOR flash market is expected to reach US$ 1,643.6 million by 2028 from US$ 656.4 million in 2021; it is estimated to grow at a CAGR of 14.0% from 2021 to 2028.

The market growth is attributed to factors such as the growing digitalization and emergence of data-centric applications and rising technological advancements of NOR flash across the region. However, the availability of substitutes for NOR flash hampers the growth of the market.

The rapidly expanding technological development, coupled with the humongous production of data, has critically increased the demand for memories that are capable of handling large data efficiently. The NOR flash memory is something that fits into almost every demand from the end users. These types of memory technologies offer relatively exclusive benefits to the industry players as they deliver a far better-read performance and operate much faster than already existing memory technologies. NOR flash 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 devices industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features offered. Consumer electronics devices such as smartphones, tablets, PCs, TVs, washing machines, refrigerators, and music players, have become an integral part of people’s lives. All these devices are becoming smarter with the ongoing technological advancements and integration of the Internet of things (IoT) and artificial intelligence (AI). Furthermore, wearable devices account for one of the fastest-growing segments of the IoT-connected device industry. Advanced enterprises consider wearables as an exceptional opportunity for mobile technology that can drive greater efficiency, improve workflow, and enhance communication. Technological developments and the availability of smart features in consumer electronics devices are expected to fuel the demand for consumer electronic devices in the coming years. The consumer electronics industry, on the other hand, is undergoing some tectonic transformations right now. Handsets have already fallen behind in terms of growth and are unlikely to rebound on a global basis. Wearables, on the other hand, are rapidly overtaking the world. For instance, in June 2018, Cypress Semiconductor announced the launch of the Semper NOR flash memory family, which is geared for automotive and industrial applications and prioritizes safety and dependability. Thus, the growing demand for non-volatile memory in wearable and connected devices and high-speed, low-power, and highly scalable memory devices will boost the growth of the NOR flash market.

North American market suffered a huge loss in the first half of 2020 owing to the high number of COVID-19 cases, specifically in the US. Post lockdown, the market witnessed increasing demand for digital devices. North America is among the eminent regions in adopting smart or IoT-based devices due to favorable infrastructure support for high-speed internet services. The adoption of the 5G network is supposed to drive the market growth post lockdown. The COVID-19 outbreak has a major impact on manufacturing facilities as production capacities were lowered. As the demand for electronics remained constant, it helped the market to resume the growth. The COVID-19 pandemic has a temporary impact on this market as only the production and supply chain are halted. Production, supply chains, and demand for NOR flash memory will steadily improve as the situation improves. Cypress Semiconductor, for instance, has a NOR Flash memory solution for a fail-safe 5G network. The next generation of mobile internet connections is on the verge of becoming a reality. The 5G network will change lives by providing substantially higher transmission speeds and lower latency. Apart from allowing user to download high-definition movies to their phone in seconds, 5G networks will give much-needed additional bandwidth for Internet of Things (IoT) applications. Thus, the COVID-19 lockout would encourage businesses to consider modern NOR flash memory to improve efficiency.

 

NORTH AMERICA DUAL CLUTCH TRANSMISSION MARKET SEGMENTATION

By Type

• Serial NOR Flash
• Parallel NOR Flash

By Density

• Less than 250Mb
• 250Mb-1Gb
• More than 1Gb

By Application

• Industrial
• Telecommunication
• Networking
• Automotive
• Smart Grid Space
• Others

By Country

• US
• Canada
• Mexico

Company Profiles

• Cypress Semiconductor Corporation
• Integrated Silicon Solution Inc.
• Micron Technology, Inc
• WINBOND ELECTRONICS CORPORAITON
• Microchip Technologies, Inc.
• Macronix International Co., Ltd
• Dialog Semiconductor
• GigaDevice

North America NOR Flash Report Scope