Global NOR Flash Memory Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Serial NOR Flash, Parallel NOR Flash), By Industry Vertical (Communication, Consumer Electronics, Automotive, Manufacturing), And By Geography - Forecasts From 2022 To 2027

The global NOR flash memory market is projected to witness a compound annual growth rate of 23.37% to grow to US$10,151.138 million by 2027, from US$2,333.184 million in 2020. NOR flash memory is a type of non-volatile memory used to store data for a range of applications like consumer electronics, automotive, and other similar segments requiring memory storage. Non-volatile memory devices do not require power to retain data in them.  NOR flash memory have a wide range of application used in low-end embedded code storage applications like dashboard instrument clusters, and advanced driver assistance (ADAS) systems in automotive segments. Also, in applications where higher reliability is needed, like medical devices, which require remote monitoring in addition to diagnosis, NOR flash memory is highly used. The low code storage applications are projected to propel the market growth of NOR flash memory in the forecast period. Growing technological advancements in the semiconductor industry are also projected to enhance the market lucrativeness of the NOR flash memory market. However, the high-density code storage application compatibility issues along with higher costs compared to alternative solutions in the market are projected to hinder the market growth during the predictive period.

Driver:

Demand for high-density code and memory storage, performance demerits, LOW-COST alternative presence

According to March 2021 Technical Brief by KIOXIA corporation, 256 MB of NOR flash memory sells for about US$ 4.00 as compared to the 1 GB NAND flash memory which sells for US$ 1.00. This leads to 4X cost savings and 4X larger capacities when NAND flash memory is used in place of NOR flash.

Further, the release by KIOXIA corporation, stated that software with intelligent applications, advanced IoT devices as well as faster communication protocols are driving the demand and need for cost-effective storage with larger density code storage. Also, the current requirements for application code storage have reached 1 gigabit or even more in capacity. However, NOR flash memory accommodates code storage with 64 megabits (MB), 128 MB, 256 MB, and 512 MB capacities. This has led device designers to shift from embedded NOR, as SLC NAND is the only flash memory available that is cost-effective and supports many high-density code storage applications. The high memory storage requirements by various end-user industries for code and memory are projected to replace NOR flash with NAND flash memory type.

Key Development:

• Alliance Memory introduced a cutting-edge line of 3V multiple input or output serial NOR flash memory solutions in October 2021.
• Korean firm SK Hynix acquired Intel's NAND memory and storage business for US $9 billion in 2020.
• In March 2022, a prominent provider of semiconductor memory products, Winbond Electronics Corporation, unveiled the W25Q64NE, a 1.2V SpiFlash® NOR Flash IC with a 64Mb density. The most recent generation of smart wearables and mobile devices can make use of its high code store capacity and dynamic mode power savings

COVID-19 Impact on the NOR Flash Memory Market

The COVID-19 pandemic had a significant impact on the NOR flash memory market throughout the year 2020. The disruptions in global supply chains and temporary shutdowns of some manufacturing facilities impacted the market growth negatively during the initial months of the COVID-19 outbreak. However, the lockdowns implemented in various parts around the world during the pandemic restricted people inside homes, due to which various companies implemented a work-from-home policy for their employees. This led to a surge in the demand for laptops and other necessary electronic devices and consequently elevated the market growth of the foundry market. Furthermore, the medium of education also shifted online as the schools and colleges were closed down to curb the spread of the coronavirus, and hence the sales of laptops and smartphones further surged, propelling an increased need for a large number of computer chips, which boosted the growth of the NOR flash memory market.  Moreover, supply chain constraints and a halt in production however a significantly high demand resulted in a shortage of semiconductor chips, plumping the price of NOR flash memory. An article published in Electronics Sourcing observed that the average price of flash memory surged by 20.45% in 2020. The price further surged by more than 60% in 2021.

Global NOR Flash Memory Market Scope:

Segmentation

• By Type
  • Serial Nor Flash
  • Parallel Nor Flash
• By Industry Vertical
  • Communication
  • Consumer Electronics
  • Automotive
  • Manufacturing
• By Geography
  • North Americas
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe Middle East & Africa
    • Germnay
    • France
    • Uk
    • Spain
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • India
    • Indonesia
    • Others