Growing Penetration of IoT Devices to Fuel Asia-Pacific SLC NAND Flash Memory Market Growth During Forecast Period
According to our latest study, “Asia-Pacific SLC NAND Flash Memory Market Size and Forecast (2021–2031), Regional Share, Trend, and Growth Opportunity Analysis – by Type, Application, and Density," the market was valued at US$ 3.69 billion in 2023 and is expected to reach US$ 6.08 billion by 2031. The market is estimated to record a CAGR of 6.4% from 2023 to 2031. The report includes growth prospects owing to the current Asia-Pacific SLC NAND flash memory market trends and their foreseeable impact during the forecast period.
In recent years, there has been a huge surge in the adoption of IoT technologies owing to advancements in mobile and wireless connectivity technologies, as well as a gradual drop in the cost of sensors and other components. Several industries are using IoT to improve efficiency and reduce the costs of their operations. Technological advancements, surging use of smart devices, 5G connectivity expansion, increasing need for automation and real-time data, and government support to fuel digitalization are a few of the major factors driving the market for IoT in Asia Pacific. The growing adoption of smart devices and rapid urbanization in developing countries such China and India are also contributing to the increasing use of IoT in the region. Smart manufacturing and smart city projects in the region further foster the adoption of IoT devices. Companies incorporating the Internet of Things (IoT) generate the demand for the installation of an abundance of connected devices into the network. This growth in the installation of connected devices has resulted in critical memory challenges for the IoT, which are being addressed by innovative memory technologies. As the SIC NAND flash memories provide higher reliability, low voltage operations, higher capacities, and faster read and write times, their demand to support the efficient functioning of IoT networks is also growing. Thus, the growing penetration of IoT devices fuels the Asia-Pacific SLC NAND flash memory market growth.
Asia-Pacific SLC NAND Flash Memory Market Breakdown by Key Countries, 2023 and 2031 (%)
Asia-Pacific SLC NAND Flash Memory Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Parallel and Serial), Application (Industrial, Automotive, Communication, Computers and IT, Consumer Electronics, and Others), Density (Above 8 GB, 8 GB, 4 GB, 2 GB, and 1 GB), and Country
Asia-Pacific SLC NAND Flash Memory Market Size by 2031
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Source: The Insight Partners Analysis
The Asia-Pacific SLC NAND flash memory market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Micron Technology Inc; KIOXIA Corporation; Samsung Electronics Co Ltd; Winbond Electronics Corp; SkyHigh Memory Ltd; Macronix International Co., Ltd; Flexxon Pte Ltd; Greenliant Systems; UNIM Innovation (Wuxi) Co., Ltd; Shanghai Fudan Microelectronics Group Co., Ltd.; Western Digital Corp; and Kingston Technology Co Inc are among the key players profiled in the Asia-Pacific SLC NAND flash memory market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The Asia-Pacific SLC NAND flash memory market analysis has been performed by considering the following segments: type, application, and density. Based on type, the Asia-Pacific SLC NAND flash memory market is divided into series and parallel. In terms of revenue, the series segment a larger Asia-Pacific SLC NAND flash memory market share and is expected to record a higher CAGR during the forecast period.
The scope of the Asia-Pacific SLC NAND flash memory market report focuses on India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. In terms of revenue, China dominated the Asia-Pacific SLC NAND flash memory market share in 2023, followed by Japan and South Korea.
Asian consumers are among the largest users of consumer electronics. For example, as per the India Brand Equity Foundation (IBEF), during (April–June) 2024, electronics exports reach US$ 8.44 billion. With robust growth, India aims to achieve electronics manufacturing worth US$ 300 billion and electronics exports of US$ 120 billion by FY26. Manufacturers are focused on developing smartphones, laptops, tablets, smartwatches, and other consumer electronic products to increase their production capacity. Due to a rise in the demand for wireless and advanced consumer electronics in the region, the demand for SLC NAND flash memory is expected to witness significant growth in the future. To cater to this demand, key players are launching various solutions. For example, in October 2021, SkyHigh Memory Limited., a global leader in embedded storage solutions, introduced 3.0V 1GB–4GB densities of 4KB page and 2KB page ML-3 products to its NAND flash memories family. This new 1GB–4GB ML-3 SLC NAND flash product family devices were designed on 1xnm, the industry's most advanced technology node for SLC NAND products. These products are ideal for high-reliable and secure applications, such as industrial control, networking equipment, IoT applications, and set-top boxes.
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