3D NAND Flash Memory Market Size, Share, Demand, Major Players and Opportunities by 2023
3D NAND flash memory market is expected to register significant growth during the forecast period. The market is buoyed by several factors primarily, growing demand for solid state drives (SSDs) with increasing memory space in devices, such as laptops, tablets, and smartphones. Moreover, growing demand for high-performance computers used for monitoring, programming, gaming, and various other functions is further fueling the demand for 3D NAND flash memory in the market.
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Based on product type, 3D NAND flash memory market is categorized into SSD, flash drive, and SD card. Among these SSD held the largest share in the market. This is attributed to rising adoption of SSDs in data centers, and increasing demand for SSDs from enterprises. Further, SSD is categorized into multi-level cell (MLC) and triple-level cell (TLC). Among these, MLC type lead the market; owing to more reliability and greater endurance offered by MLC as compared to TLC.
Based on application, 3D NAND flash memory market is segmented into smartphones, tablets, laptops & personal computers (PCs), digital camera, and audio players. Among these, smartphones is the leading category in the 3D NAND flash memory market. This is attributed to growing demand for smartphones globally, particularly in China, India, and U.S. Moreover, the use of 3D NAND technology helps in increasing storage space in mobile devices.
Based on geography, Asia-Pacific is expected to register fastest growth in the 3D NAND flash memory market, due to rising number of mobile users in the region, particularly in China and India. Additionally, the growing semiconductor industry in the region, particularly in China is fueling the market growth. China’s semiconductor industry grew at a CAGR of around 18.7%, while its semiconductor consumption grew at a rate of about 14.3%.
The surging demand for SSD along with increasing memory space in devices such as laptops, smartphones and tablets, and growing demand for faster data processing and high storage requirements from data centers are the key factors driving 3D NAND flash memory market growth.
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This new flash memory can write and read more cells in parallel, and hence delivers faster throughput and higher bandwidth at the system level. SanDisk Corporation (Western Digital Corporation), SK Hynix Inc., Powerchip Technology Corporation, and Lenovo Group Ltd. are some of the other key players operating in the 3D NAND flash memory market.
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