USD 47.89 Billion Growth in Solid State Drive (SSD) Market | APAC to Garner Fastest Growth | Technavio
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- The solid state drive market by type (TLC, MLC, and SLC) and geography (APAC, North America, Europe, South America, and MEA) has been added to Technavio's offering. The SSD market is expected to witness potential growth of USD 47.89 billion, at a CAGR of 23.64% from 2020 to 2025, according to this latest market outlook report.
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Solid State Drive Market: Opportunities and Challenges
The market is expected to be driven by factors such as enhanced performance and durability, a growing enterprise storage market, and increasing adoption of SSDs in laptops for gaming and high-end applications. However, poor latency and endurance, lack of reliability, and proliferation of cloud applications are some of the potential factors expected to hinder the market growth in the long run.
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Solid State Drive Market: Segmentation by Type
By type, the market is segmented into TLC, MLC, and SLC. In 2020, the TLC segment held the largest solid state drive market share. The segment is likely to continue its dominance in the market during the forecast period. The growth can be attributed to the high growth of IoT devices accelerating the demand for PCBs from OEMs of smart devices. The demand for these IoT devices is primarily driven by the developments in wired and wireless communication technologies, telecommunication standards such as third-generation/fourth-generation/fifth-generation (3G/4G/5G), automation technologies, and supporting government initiatives on implementing energy-efficient systems and solutions.
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Solid State Drive Market: Segmentation by Geography
In terms of geography, APAC was the largest revenue-generating segment of SSD market in 2020. 66% of the market's growth will originate from APAC during the forecast period. APAC will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 26.93% and 27.56%. The market for SSDs is growing in APAC due to the increasing adoption of SSDs in data centers and in enterprises. South Korea and Japan are the major contributors to this regional market. In addition, Taiwan, China, and India are also expected to become significant contributors to the SSD market in APAC in the forthcoming years. This growth is mainly attributed to the high penetration of the Internet in APAC and the surging focus on the development of telecommunication network infrastructure are encouraging domestic companies to launch innovative products.
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Solid State Drive Market: Few Major Vendors
DataDirect Networks Inc.
The company offers wide range of solid state drive such as DDN SFA14KX Hybrid and Hyper-Converged. The company caters in key business segments including solutions and products.
Intel Corp.
The company offers wide range of solid state drive such as Intel Optane, intel QLC among others. The key business segments operated by the company are Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and Others.
NetApp Inc.
The company operates in single operating industry segment, which includes design, manufacture, marketing, and technical support of high-performance storage and data management solutions. The company offers wide range of solid state drive such as EF600, EF300, EF570 among others.
Kingston Technology Co. Inc.
The company offers products such as memory, solid state driver, and USB flash drivers. The company offers wide range of solid state drive such as A2000 NVMe Pcle SSD, A400 SATA SSD among others.
Micron Technology Inc.
The company offers wide range of solid state drive such as 3400 SSD with NVMe, 5210 SATA SSD, 9300 SSD With NVMe among others. The company operates in key business segments including Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit.
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Solid State Drive (SSD) Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 23.64% |
Market growth 2021-2025 | USD 47.89 billion |
Market structure | Fragmented |
YoY growth (%) | 22.83 |
Regional analysis | APAC, North America, Europe, South America, and MEA |
Performing market contribution | APAC at 66% |
Key consumer countries | US, China, Japan, South Korea (Republic of Korea), and Taiwan |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Companies profiled | DataDirect Networks Inc., Intel Corp., International Business Machines Corp., Kingston Technology Co. Inc., Micron Technology Inc., NetApp Inc., Samsung Electronics Co. Ltd., Seagate Technology LLC, Sony Group Corp., and Toshiba Corp. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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