Solid State Drives Market Growth Report and Size by 2031
The solid-state drives market size is projected to reach US$ 143.52 billion by 2031 from US$ 53.02 billion in 2023. The market is expected to register a CAGR of 13.3% during 2023–2031. The increasing penetration of high-end cloud computing and the growing adoption of data center applications are likely to be the key drivers and trends of the market.
Solid State Drives Market Analysis
Solid state drives market is experiencing significant growth globally. This growth is attributed to factors such as the increasing penetration of high-end cloud computing and the growing adoption of data center applications. Moreover, relational analytics using smart SSDs and innovations in critical SSD components are anticipated to drive market growth in the coming growth.
Solid State Drives Market Overview
A solid-state drive (SSD) is a new generation of storage device used in computers. SSDs store data using flash-based memory, which is faster than traditional hard disks. SSDs also have no relocating parts, and upgrading to one is a way to speed up the computer and make it stronger.
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Solid State Drives 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
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Solid State Drives 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 |
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Solid State Drives Market Drivers and Opportunities
Increasing Penetration of High-End Cloud Computing to Favor Market
The SSD cloud servers operate by using the power of cloud computing and making use of solid-state drives (SSDs) for storage. Whenever there is a use of an SSD cloud server, the data and applications possessed are stored on high-speed SSDs, which enables faster access and data processing than hard disk drives (HDDs). SSD cloud servers offer scalability, reliability, and swift performance, making them ideal for businesses of all sizes. Small and medium-sized enterprises (SMEs) find them particularly advantageous due to their cost-effective solutions without compromising on speed or storage capacity. A diverse range of applications can make the SSD cloud server. Applications such as business owners, entrepreneurs, start-ups, marketplaces, retailers, software, IT professionals, etc.
Innovations in Critical SSD Components.
Crucial external SSDs are faster than traditional hard drives and work with an expansive variety of devices. With Crucial X9 Pro, X10 Pro, X9 Pro for Mac, X9, and X6 portable SSDs, take files, backups, movies, games, or photos. The progression in SSD capacities is remarkable, revolutionizing data storage possibilities. Further, technological advancements such as 3D NAND have increased memory densities while advancing endurance and reliability. Multi-level cell (MLC) and triple-level cell (TLC) technologies have portrayed a crucial role in achieving these higher-capacity SSDs by enabling more data to be stored within memory cells.
Solid State Drives Market Report Segmentation Analysis
Key segments that contributed to the derivation of the solid-state drives market analysis are type, technology, storage, and end-user.
- Based on type, the solid-state drives market is divided into external and internal. The power management components segment is anticipated to hold a significant market share in the forecast period.
- Based on manufacturing technique, the solid-state drives market is divided into single-level cells (SLC), multi-level cells (MLC), and triple-layer cells (TLC). The single-level cell (SLC) segment is anticipated to hold a significant market share in the forecast period.
- By storage, the market is segmented into Under 500 GB, 500 GB-1 TB, 1 TB - 2 TB, and Above 2 TB. The Under 500 GB segment is anticipated to hold a significant market share in the forecast period.
- By end-user, the market is segmented into industrial, automotive, enterprise, and client; the other segment is anticipated to hold a significant market share in the forecast period.
Solid State Drives Market Share Analysis by Geography
The geographic scope of the solid-state drives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the solid state drives market. High technology adoption trends in various industries in the North American region have fuelled the growth of the solid-state drives market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American solid-state drives market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of solid state-driven market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the solid-state drives market.
Solid State Drives Market Report Scope
Solid State Drives Market News and Recent Developments
The solid-state drives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the solid-state drives market are listed below:
- As digital transformation becomes imperative, with the continual evolution of Artificial Intelligence (AI) and rapid advancements in cloud computing, enterprises' demand for data computation and storage is escalating. To meet this growing demand, STC (a subsidiary of Kioxia) launched the CL6 series of industrial-grade SSDs, the world's first to be equipped with KIOXIA's sixth-generation BiCS FLASH™ 3D flash memory. (Source: STC Company Website, September 2023)
- Seagate Technology Holdings plc, a world leader in mass-data storage infrastructure solutions, and Phison Electronics Corp, a global leader in NAND flash controller and storage solutions, announced today plans to expand their SSD portfolio of next-gen high-performance, high-density enterprise NVMe SSDs. The new SSDs will help enterprises lower total cost ownership (TCO) through increased storage density, lower power consumption, and higher performance. (Source: Seagate Technology Holdings plc Company Website, April 2022)
Solid State Drives Market Report Coverage and Deliverables
The “Solid State Drives Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Solid state drives market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Solid state drives market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Solid state drives market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the solid state drives market.
- Detailed company profiles.
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 global solid state drives market is expected to reach US$ 143.52 billion by 2031.
The innovations in critical SSD components are anticipated to drive the market in the forecast period.
The key players holding majority shares in the global solid state drives market are 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.
The increasing penetration of high-end cloud computing and growing adoption in data center applications are some of the factors driving the solid state drives market.
North America is anticipated to dominate the solid-state drives market in 2023.
The expected CAGR of the solid-state drives market is 13.3%.
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.
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