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NAND Flash memory is the fastest growing segment fueling the growth of Solid State Drive Market

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Niranjan Mardakar
NAND Flash memory is the fastest growing segment fueling the growth of Solid State Drive Market

The global Solid State Drive (SSD) Market is estimated to be valued at US$ 55.22 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Solid State Drives are data storage devices that use flash memory and have no moving parts. SSDs are increasingly replacing conventional hard disk drives due to advantages such as faster access times, lower power consumption, noiseless operation and better tolerance of shock and vibration.

Market key trends:

SSDs have emerged as a faster and more reliable alternative to traditional hard disk drives (HDDs). One of the major trends in the SSD market is the rising adoption of NAND flash memory-based SSDs. NAND flash memory offers higher storage density and better performance as compared to other memory technologies. The growing usage of SSDs in data centers and servers is fueling the demand for NAND flash memory. Additionally, the development of 3D NAND technology has enabled increased storage capacity and reliability of SSDs. The 3D NAND architecture vertically stacks memory cells to boost storage density without increasing chip surface area. Ongoing migration from planar to vertical 3D NAND is a key trend shaping the future of the solid state drive market.

Segment Analysis

The Global Solid State Drive (SSD) Market Size is segmented by interface type into SATA SSD, PCIe SSD, and others. The PCIe SSD segment dominates the market and is expected to continue its dominance over the forecast period due to its higher transmission speeds compared to SATA SSDs. PCIe SSDs offer transmission speeds more than 6 gigabits per second (Gbps), while SATA SSDs offer speeds up to 6 Gbps.

Key Takeaways

The global solid state drive (SSD) market is expected to witness high growth, exhibiting a CAGR of 16.% over the forecast period, due to increasing demand for faster data storage devices with large storage capacities.

Regional analysis

North America dominates the global solid state drive market, accounting for more than 30% share of the total market revenue in 2023. Growth in the region is driven by the presence of major SSD manufacturers and increasing demand for SSDs from data centers and cloud computing applications. Asia Pacific exhibits the fastest growth and is expected to be the largest market for SSDs by 2030 due to rapid growth of data centers and hyperscale infrastructure in China and India.

Key players

Key players operating in the solid state drive (SSD) market are Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC. Intel Corporation dominates the SSD controller market with over 40% market share in 2023, driven by its strong brand recognition and product portfolio. Samsung Group is a leading provider of NAND flash-based SSD storage solutions and is expected to further strengthen its market position over the forecast period.

Read Our More Blogs : https://www.rapidwebwire.com/solid-state-drive-ssd-market-size-share-analysis-2023-2030/

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Niranjan Mardakar
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