The global NOR flash memory market is evaluated at US$1,982.483 million for the year 2019 and is projected to grow at a CAGR of 14.93% reaching the market size of US$5,251.980 million by the year 2026.
Flash memory is a type of non-volatile electronic (solid-state) computer storage memory that can be electrically deleted and reprogrammed. The two main types of flash memory are named after the logic gates of NAND and NOR. Reading from NOR flash is identical to reading from random-access memory, provided correct mapping of the address and data bus is performed. Furthermore, NOR flash is most often used in applications where individual bytes of data need to be written and read, and is most often used where random access and execute-in-place access techniques are required. As each read access takes the same amount of time, sequential read access is no faster than random access. Erase/program cycles can often belong. Today’s NOR flash devices are available with capacities in the megabits and low gigabits range. Depending on the device, individual bytes or sectors must be erased before writing data, with erase/program speeds typically below 1 MB/s. NOR flash has high reliability and is typically rated to maintain data integrity for 20 years or more. This has led to an increased customer base for this type of flash memory over the years.
The global NOR flash memory market is estimated to grow on account of the rising demand for consumer electronics and communication devices. Furthermore, the increasing penetration of electronics in automotive and automation of industrial applications is further projected to enhance the market growth in the coming years. However, the cyclical nature of the semiconductor industry and the availability of substitutes is projected to hinder the global NOR flash memory market in the coming years.
With such an increased pace of technological revolutions taking place in various industrial sectors the demand for NOR flash memory is expected to witness a significant rise during the forecast period. Nearly every connected device in application today–from routers and sensors to security cameras and controllers in the cars–has a NOR flash memory chip inside—a type of non-volatile memory used for storage. Today¸ many NOR memory vendors are seeing the biggest growth coming from embedded applications in new markets such as automotive¸ industrial¸ medical¸ and Internet of Things (IoT).
In each of this new markets¸, there are potentially billions of connected edge devices that will ultimately make up society’s crucial infrastructure. But the standard device protection methods¸ such as intrusion detection application¸ access control¸ and network protection¸ don’t apply to these edge devices. For one¸ most are in the public domain and¸ therefore¸ can be physically accessed by the outside world; this makes network protection weak¸ as it’s impossible to identify all entry points to an IoT edge device. And devices that aren’t physically accessible are still at risk¸ too¸ as they don’t have the computational processing power for sophisticated security applications. This means that today’s device security is dependent on the CPU to protect against multiple vectors of attack and adapt to a dynamic environment that introduces new risks all the time. In many cases¸ a security breach comes from simple oversight by the manufacturer or the user.
The advent of COVID-19 had an adverse impact on the global Nor flash memory market. The immense downturn in the global manufacturing, technological industries has been a significant reason for the decline in the demand for Nor flash memory at a global level. The market was impacted due to several projects around the world getting stalled during the period which in turn resulted in the decline in the demand for analog semiconductors. The temporary decline in the market is expected to recover starting from the first and second quarters of the year 2021 owing to the gradual lifting up of lockdowns which is expected to ease the operations and the supply chain. The development in the coming years will be fuelled by the stalled investments in the sector which is expected to resume in full strength once the pandemic is over.
The developments in the sector have resulted in the increase in demand for the NOR flash memory as more advanced technologies came up and the applications are rising with new upcoming and ongoing projects.
The global Nor flash memory market segmentation has been done into type, end-user, and geography. By type, the classification of the market has been done into Serial NOR Flash, Parallel NOR Flash. By end-user industry, the classification of the market has been done into Communication, Consumer Electronics, Automotive, Manufacturing. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Increasing applications in various sectors will drive the market during the forecast period
The growth of the Nor flash memory market is fuelled by the increasing applications of the product in several sectors. One of the most significant applications of this old-hat memory type has been in Active-Matrix Organic Light-Emitting Diode (AMOLED), smart display device technology that is currently expelling Liquid Crystal Display (LCD) from the diverse world of gadgets. The market is booming, stirred by middle-end Chinese vendors that are actively leveraging the technology. Innovations like smaller notch, in-display fingerprint sensors, punch hole, and pop-up cameras are driving the growth of AMOLED. However, the consumer electronics sphere is undergoing some tectonic shifts these days. Handsets have already become growth laggards and are not likely to recover on a global scale At the same time, wearables are conquering the world at a rapid pace. Furthermore, In August 2019, Winbond Electronics announced that their SpiStack dual-die NOR+NAND code storage product has been included on NXP’s FRWY-LS1012A board to be used with the company’s Layerscape LS1012A communications processor. Similarly, in June 2018, Cypress Semiconductor unveiled their new Semper NOR flash memory family designed for automotive and industrial applications, with emphasis on safety and reliability.
The global Nor flash memory market players are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
|Market size value in 2019||US$1,982.483 million|
|Market size value in 2026||US$5,251.980 million|
|Growth Rate||CAGR of 14.93% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, End-user Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cypress Semiconductor Corporation, Micron Technology, Inc., GigaDevice Semiconductor (Beijing) Inc., Macronix International Co., Ltd., Winbond, Toshiba Corp., Intel Corporation, SAMSUNG, Seagate Technology LLC, SK HYNIX INC|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the global NOR flash memory market?
A1. The global NOR flash memory market is projected to grow at a CAGR of 14.93% over the forecast period.
Q2. What is the size of the NOR flash memory market?
A2. NOR Flash memory market was valued at US$1,982.483 million in 2019.
Q3. What will be the global NOR flash memory market size by 2026?
A3. The NOR flash memory market is projected to reach a total market size of US$5,251.980 million in 2026.
Q4. What factors are anticipated to drive the NOR flash memory market growth?
A4. The global NOR flash memory market is estimated to grow on account of the rising demand for consumer electronics and communication devices.
Q5. How is the global NOR flash memory market segmented?
A5. The NOR flash memory market has been segmented by type, end-user industry, and geography.