The solid state drives market is expected to grow from US$ 53,829.6 million in 2021 to US$ 143,557.0 million by 2029; it is estimated to grow at a CAGR of 15.0% during 2022 to 2029.
Increasing Penetration of High-End Cloud Computing
Cloud computing is rapidly becoming one of the most popular methods for businesses and individuals to back up and preserve their data. With the growing variety of cloud platforms-from classic corporate private and new public clouds to personal clouds in homes—the need for SSDs has constantly been expanding. SSDs featuring new interfaces such as PCIe, NVMe, and others have emerged due to technological improvements in solid state storage. PCIe SSDs for cloud computing are becoming more popular due to improved capabilities such as high speed and quick data access. New PCIe SSDs provide excellent performance with low latency and high frequency. A Solid state drive with these capabilities is necessary for various sophisticated activities in data-sensitive businesses like financial services, medical sciences, and energy management, where each microsecond of latency results in a significant revenue loss. Solid state drives, or SSDs as they are more frequently known, are storage devices that rely on memory. Traditional hard disc drives differ from SSDs because they lack magnetic storage and, more significantly, moving parts.
Several big firms manage their cloud platforms and respond to their clients' increased demand for SSDs. For example, Google employs permanent SSD storage for compute engine users in open beta, delivering high-input/output operations per second (IOPS) and allowing Google cloud platform customers to use SSDs faster on workloads. Compared to standard magnetic media, these activities allow faster delivery of input/output (I/O) and are less redundant. Facebook Inc. employs PCIe flashcards instead of hard drives for its MySQL databases to take advantage of FusionIO's logging system, which preserves data in the event of a power outage. Compared to HDD storage, this has resulted in a 50% reduction in latency and a 33% increase in throughput. SSDs aid in the reduction of infrastructure costs and the improvement of response times. For mega-clouds and virtualized servers, SSDs provide significantly more inputs and outputs (I/Os).
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Solid State Drives (SSD) Market: Strategic Insights
Market Size Value in US$ 53,829.6 million in 2021 Market Size Value by US$ 143,557.0 million by 2029 Growth rate CAGR of 15.0% from2022 to 2029. Forecast Period 2022-2029 Base Year 2021
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Solid State Drives (SSD) Market: Strategic Insights
| Market Size Value in | US$ 53,829.6 million in 2021 |
| Market Size Value by | US$ 143,557.0 million by 2029 |
| Growth rate | CAGR of 15.0% from2022 to 2029. |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Impact of COVID-19 Pandemic on Solid State Drives Market
The COVID-19 pandemic has affected several industries worldwide in a negative manner. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, electronics & semiconductor, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities, along with production volume across several manufacturers, especially the small & medium enterprise owners. The semiconductor industry took a significant hit as the demand for electronic components lowered from the industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried during the lockdown period. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies also helped increase the sale of advanced electronics products for better connectivity. The IT and telecommunication industry's importance has been highlighted for the communicational purpose, which allowed the industry to evolve with new technologies such as IoT connectivity and high-speed wi-fi compatible packaging technology. COVID-19 significantly impacted the semiconductor industry in the first half of 2020. According to The Semiconductor Industry Association (SIA), worldwide sales increased by around 11% in the third quarter. The increasing demand for small form factor-based electronics devices specifically for health monitoring and smartphones augmented the market growth.
Lucrative Regions for Solid State Drives Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Solid State Drives Market Insights
The rise in the utility of solid state drives worldwide and advancement in integration of next-generation technologies such as artificial intelligence in the industrial sector further drive the market. Single packaged SSDs decrease the size of IoT (Internet of Things) devices. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent. Among all the regions, the North American region is a quick adopter of all the latest technological advancements in the electronics & semiconductor industry.
Major countries in the North American region like the US, Canada, and Mexico find wide use of SSD across numerous domains such as networking, telecommunication, industrial, automotive, aerospace, defense, and consumer electronics. Most of the countries in Asia Pacific are still in developing states and are not as developed as the countries in the west. However, with growing disposable income, demand for vehicles and consumer electronics products is expected to rise substantially in various countries such as Bangladesh, India, Malaysia, China, and the Philippines. This drives the requirement for respective SSD needed in vehicles, personal computers, laptops, tablets, notebooks, smart wearables , etc.
The rapidly growing media & entertainment industry in Asia Pacific is significantly contributing toward the market growth. The COVID-19 pandemic impacted the production operations; however, the demand for solid state drives for connective medical devices remained intact. From the last quarter of 2020, the supply chain has started reviving. The solid state drives market is anticipated to grow notably worldwide in the coming years.
Type-Based Market Insights
Based on type, the global SSD market is segmented into external and internal. The internal segment dominated the market, accounting for 73.2% market share and is expected to capture 70.8% by 2029. Internal SSDs, also known as internal Solid state drives, are noted for their instant-load performance, which results in faster boot times, application loading times, and overall system responsiveness. An SSD is typically used as a storage solution and as a replacement for hard disc drives. Solid state drives are far more efficient than traditional HDDs since they have access speeds of 35 to 100 microseconds, which is 100 times faster than regular HDDs. SSDs use flash memory to store data instead of moving parts, ensuring improved performance and reliability.
Technology-Based Market Insights
Based on technology, the SSD market is segmented into single level cell, multi-level cell, and triple layer cell.
In terms of market share, the market was dominated by the SLC segment, which accounted for more than 43.5% of the total market share in 2022 and is expected to be at more than 38.0% of the market share by 2029. Solid state SSDs with SLC hold only one bit of data per cell. As a result, the data can be written and retrieved faster because the cell stores either a 0 or a 1. With 100,000 P/E cycles, SLC delivers the best performance and endurance, allowing it to last longer than other forms of SSD. However, because of its low data density, SLC is the most expensive type of SSD, and hence, it is rarely employed in consumer electronics. It is commonly utilized in servers and other industrial applications where speed and endurance are required.
Players operating in the solid state drives market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In November 2021, Kingston announced the launch of Kingston FURY Renegade SSD, a next-generation PCIe 4.0 NVMe M.2 drive for enthusiasts, gamers, and high-power users.
The solid state drives market is segmented based on type, state, material, range, and application. Based on type, the solid state drives market is segmented into internal and external. In terms of technology, the solid state drives market is segmented into single level cell, Multi-Level Cell, and triple level cell. Based on storage, the solid state drives market is segmented into under 500 GB, 500 GB–1 TB, 1 TB–2 TB, and above 2 TB. In terms of end user, the solid state drives market is segmented into industrial, enterprise, and consumer.
G.SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP. are the key solid state drives market players considered for the research study. In addition, several other significant market players have been studied and analyzed in this research report to get a holistic view of the solid state drives market and its ecosystem.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Technology, Storage, End-User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, Chile, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Netherlands, Norway, Poland, Russian Federation, Saudi Arabia, SIngapore, South Africa, South Korea, Sweden, Turkey, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The solid state drives have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. Increasing penetration of high-end cloud computing and growing adoption in data center applications are supporting the growth of solid state drives market.
The data processing and code execution techniques are the focus of relational analytics. Smart SSDs are flash storage devices with memory and processing power for handling relational analytic queries. The efficiency of relational analytics for widely scattered data will be increased by utilizing the compute capabilities of SSDs. Therefore, with the increase usage for the data processing by relational analytics there will more opportunities for solid state drives.
The global solid state drives market was dominated by single level cell (SLC) segment accounted for the largest share in 2021 during the forecast period. However, because of its low data density, SLC is the most expensive type of SSD and is hence rarely employed in consumer electronics. It's commonly utilized in servers and other industrial applications where speed and endurance are required.
In 2021, Europe led the market with a substantial revenue share, followed by North America and APAC. Germany is the leading country in Europe for SSDs, and it is expected to rise rapidly over the projection period, followed by the United Kingdom and France. Increased demand for SSD in the regions would stem from a surge in the building of data centers in the countries by businesses.
The major companies in solid state drives includes Kingston Technology Europe Co LLP, Micron Technology, Inc., Western Digital Corporation, Samsung Group, and SK Hynix Inc. The ranking has been derived analysing multiple parameters such as annual revenue earned from solid state drives portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing solid state drives for various applications.
Germany held the largest share in Europe region. German companies have gained a wide range of experience in adopting and using cloud services. Recent studies show that the number of cloud computing user companies in Germany has been steadily increasing for several years. According to a study by the auditing company KPMG in cooperation with the German Industry Association BITKOM, two out of three companies (65%) had already deployed cloud services in 2016 and an additional 18% had already planned to implement cloud services. These factors is driving the growth of these services in the Europe region.
The List of Companies - Solid State Drives (SSD) Market
- Kingston Technology Europe Co LLP
- SK Hynix Inc.
- Micron Technology, Inc.
- Microsemi Corporation
- Samsung Group
- KIOXIA Corporation
- G.SKILL International Enterprise Co., Ltd.
- Silicon Power Computer & Communications Inc.
- Hangzhou Hikstorage Technology Co., Limited
- Western Digital Corporation
- Seagate Technology LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Solid State Drives (SSD) Market
Dec 2021
Robotic Crawler Camera System Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Hardware (Cameras, Crawlers, Cable Drums, Control Units, and Others), Software, and Service], Application (Drain Inspection, Pipeline Inspection, and Tank Void Capacity or Conduit Inspection), and End User (Residential, Commercial, Municipal, and Industrial)
Dec 2021
Inertial Sensor for Land Defense Systems Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (FOG, MEMS, and Others) and Application (Stabilization Missile Systems, Stabilization Turret-Cannon Systems, Land Navigation Including Land Survey, Missile GGM-SSM, Stabilization Active Protection System, Stabilization of Optronics System, and Others)
Dec 2021
Drone Lithium Battery Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Battery Type (Li-ion, Li-Po, and Li-S), Battery Capacity (Below 3,000 mAh; 3,000–5,000 mAh; and Above 5,000 mAh), Drone MTOW (Below 100 Kgs, 100–200 Kgs, and Above 200 Kgs), Wing Type (Fixed Wing and Rotary Wing), and End Use (Military and Commercial)
Dec 2021
ASRS for Garments on Hangers Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Type (Garment Rail System, Garment Conveyor, Garment Property Storage, and Others) and Application (Warehousing and Logistics, Retail 3PL, Hotels, Hospitals and Institutes, and Others)
Dec 2021
Analog to Digital Converter Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Integrating Analog to Digital Converters, Delta-Sigma Analog to Digital Converters, Successive Approximation Analog to Digital Converters, Ramp Analog to Digital Converters, and Others), Resolution (8-Bit, 10-Bit, 12-Bit, 14-Bit, 16-Bit, and Others), and Application (Industrial, Consumer Electronics, Automotive, Healthcare, Telecommunication, and Others)
Dec 2021
Laser Distance Sensor Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Distance (Between 2 and 10 Meters, Between 11 and 100 Meters, Between 101 and 200 Meters, and Between 201 and 500 Meters), Accuracy (1 mm at 2 Sigma, 3 mm with 2 Sigma, and 5 mm at 2 Sigma), and End User (Manufacturing, Construction, Automotive and Robotics, Aerospace and Defense, Geospatial Industry, and Others)
Dec 2021
Rugged Tablet Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Type (Fully Rugged Tablet, Semi Rugged Tablet, and Ultra Rugged Tablet); Operating System (Android, Windows, and iOS); and Application (Aerospace & Defense, Automotive, Construction, Energy & Utilities, Manufacturing, Oil & Gas, and Others)
Dec 2021
Rear Door Heat Exchanger Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Active and Passive) and End User (Data Center, IT and Telecommunication, Semiconductor, Education, Government, and Others)