NAND Flash Memory Market Size (2024 - 2029)

NAND Flash Memory Market Analysis

The NAND Flash Memory Market size is expected to grow from USD 50.14 billion in 2023 to USD 65.32 billion by 2028, at a CAGR of 5.43% during the forecast period (2023-2028).

• With the rise of PCs and smartphones, NAND flash consumption is dramatically increasing, much of which is attributed to the growth of the average capacity of smartphones. This is expected to drive the demand for NAND flash packaging, thus influencing the demand for memory packaging.
• According to Micron, an average smartphone contains 43 GB of NAND flash storage, and it is expected to grow substantially over the next four years. The company estimated that, by 2021, an average phone would have 142 GB of NAND flash storage, with flagship devices having one terabyte of flash storage.
• Other consumer products such as tablets and cameras, along with industrial equipment and sensors, automotive systems, and medical devices, rely upon flash memory, which is integrated alongside their processors, and stores both data and the code they execute. As demand for massive data processing for artificial intelligence and machine learning applications grows, the trend for flash-based storage will continue to evolve.
• Production of China-based NAND flash vendors was not severely affected by the outbreak of novel COVID-19. This is because the plants are highly automated, have relatively low demands for manpower, and operators are also stocked up with raw materials before the Chinese Lunar New Year. Foundry output was delivered to customers in China because semiconductor fabrication plants hold national special licenses. These allow them to ship their products throughout domestic China, even with cities under quarantine.
• The electronics device sector was anticipated to be impacted significantly by the COVID-19 outbreak, as China is one of the major suppliers of raw materials and finished products. The industry faced a reduction in production, disruption in the supply chain, and price fluctuations. The sales of prominent electronic companies were affected during the period. The travel restriction on both people and products hampered the market's growth in the short run.

NAND Flash Memory Industry Segmentation

NAND flash is a kind of non-volatile storage technology that does not require power to retain data. In other words, it is a form of electronically erasable programmable read-only memory (EEPROM). It is programmed, erased, and reprogrammed in large blocks. It's called NAND because, at the circuit level, it's similar to the NAND logic function. The scope of the study covers the market on the basis of the type of NAND and different applications in smartphones, SSD, Memory Card, and Tablet PC across the globe.

The NAND flash memory market is segmented by type (SLC, MLC, and TLC), structure (2-D structure and 3-D structure), application (smartphones, SSD, memory cards, and tablets), and geography.