The NOR flash market size is projected to reach US$ 8823.17 million by 2031 from US$ 3006.25 million in 2023. The market is expected to register a CAGR of 14.4% during 2023–2031. Rising digitalization is likely to remain a key trend in the market.
NOR Flash Market Analysis
High reliability and data integrity features have led to an increase in customer satisfaction for NOR flash memory over the past few years. The increasing penetration of electronics in industrial and automotive applications and the rising demand for consumer electronics and communication devices boost the NOR flash market growth. Additionally, the increasing applications of NOR flash memory in industrial, automotive, and medical sectors, as well as in technologies such as the liquid crystal display (LCD), Internet of Things (IoT), and active-matrix organic light-emitting diode (AMOLED) would drive the market.
NOR Flash Market Overview
NOR flash aligns the memory cells horizontally, so it is faster than NAND flash at reading data faster, with a structure that allows for faster data locating. It also provides excellent security for data. However, each cell’s location must be remembered, which is why the circuits are complex. Hence, it is difficult to develop it into mass storage as there is limited space to save data. NOR flash parallels bit lines, so a given memory cell only stays high when both the bit and word lines are low; this corresponds to the logic function of a NOR gate. NOR flash memory provides access to each cell, and it is, therefore, faster to read. However, NAND cells are more expensive than NAND cells due to the greater silicon area for the same total memory capacity.
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NOR Flash Market: Strategic Insights
Market Size Value in US$ 2,361.9 million in 2021 Market Size Value by US$ 6,069.5 million by 2028 Growth rate CAGR of 14.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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NOR Flash Market: Strategic Insights
| Market Size Value in | US$ 2,361.9 million in 2021 |
| Market Size Value by | US$ 6,069.5 million by 2028 |
| Growth rate | CAGR of 14.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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NOR Flash Market Drivers and Opportunities
Increasing need for advanced features
Customers rely on systems that depend on NOR Flash technology to store code and data. The high-density NOR Flash memory devices exceed functional safety and automotive quality requirements and are engineered to last. The NOR Flash memory is a safe, high-performance, and reliable NOR Flash solution that integrates vital safety features for a comprehensive range of applications spanning automotive, communications, industrial, and more. Therefore, the increasing need for advanced features is driving the NOR flash market.
Increasing adoption of portable electronic devices
With the increasing penetration of portable electronics, such as laptops and smartphones, the demand for NOR flash has experienced significant growth. NOR flash has become essential the portable electronic devices. A significant portion of the population in countries owns and uses portable electronic devices. Smartphones and laptops have become essential tools for work, education, entertainment, and personal use for many individuals across the globe. Thus, the increasing adoption of environmental tunnel system lighting alternatives is creating more opportunities for the market.
NOR Flash Market Report Segmentation Analysis
Key segments that contributed to the derivation of the NOR flash market analysis are type, density, and application.
- Based on the type, the NOR flash market is divided into serial NOR flash and parallel NOR flash. The customized segment held a larger market share in 2023.
- By density, the market is segmented into less than 250MB, 250 MB-1GB, and more than 1GB. The surface-mounted segment held a larger market share in 2023.
- By type, the market is segmented into LED lighting, incandescent lighting, fluorescent lighting, and others.
- By application, the market is segmented into industrial, telecommunication, networking, automotive, smart grid space, and others.
NOR Flash Market Share Analysis by Geography
The geographic scope of the NOR flash market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
APAC dominates the NOR flash market. The NOR flash market in this region is growing due to various factors, such as increasing government initiatives and players operating in the region adopting strategies, such as partnerships, acquisitions, or product launches.
NOR Flash Market Report Scope
NOR Flash Market News and Recent Developments
The NOR flash 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 NOR flash market are listed below:
- Micron Technology Inc., a global leader in memory and storage solutions, announced the launch of its latest innovation - the Micron Serial NOR Flash Memory. This cutting-edge product is designed to provide enhanced performance and reliability for a wide range of applications, from automotive and industrial to consumer electronics. (Source: Micron Technology Inc, Press Release, October 2021)
- GigaDevice, a semiconductor industry leader in flash memory, 32-bit microcontrollers, sensors, and analog technology, announced the launch of the industry’s smallest 128Mb SPI NOR Flash, GD25LE128EXH, in the ultra-compact 3x3x0.4mm FO-USON8 package. With its thickness of only 0.4mm, the GD25LE128EXH offers designers unparalleled flexibility in designing compact applications, making it the ideal code storage unit for IoT, wearables, healthcare, and networking products that demand high functionality and low power consumption. (Source: GigaDevice, Press Release, May 2023)
NOR Flash Market Report Coverage and Deliverables
The “NOR Flash Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- NOR flash market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- NOR flash market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- NOR flash 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 NOR flash market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Density and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global NOR flash market is expected to reach US$ 8823.17 million by 2031.
The rising digitalization is anticipated to play a significant role in the global NOR flash market in the coming years.
The key players holding majority shares in the global NOR flash market are Cypress Semiconductor Corporation, Integrated Silicon Solution Inc., Micron Technology Inc., Winbond Electronics Corporation, Microchip Technologies Inc., Macronix International Co. Ltd, JSC, Elite Semiconductor Microelectronics Technology Inc., Dialog Semiconductor and GigaDevice.
The increasing need for advanced features and the increasing adoption of portable electronic devices are the major factors that propel the global NOR flash market.
APAC dominates the NOR flash market.
The expected CAGR of the global NOR flash market is 14.4%.
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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