The Worldwide Solid State Drives Industry is Expected to Reach $143 Billion by 2029 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Solid State Drives Market" report has been added to ResearchAndMarkets.com's offering.

The Solid State Drives (SSD) market is expected to reach US$ 143,557.0 million by 2029 from US$ 53,829.6 million in 2021; it is estimated to grow at a CAGR of 15.0% from 2022 to 2029.

The SSD market is broadly segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share of the global SSD market. However, Europe is the fastest-growing region. G.SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP are among the key players operating in the SSD market.

The rise in the utility of SSD worldwide and advancement in integration of next-generation technologies such as artificial intelligence in the industrial sector further drive the market. Single packaged SSDs decrease the size of IoT (Internet of Things) devices. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent. Among all the regions, the North American region is a quick adopter of all the latest technological advancements in the electronics & semiconductor industry.

Major countries in the North American region like the US, Canada, and Mexico find wide use of SSD across numerous domains such as networking, telecommunication, industrial, automotive, aerospace, defense, and consumer electronics. Most of the countries in Asia Pacific are still in developing states and are not as developed as the countries in the west. However, with growing disposable income, demand for vehicles and consumer electronics products is expected to rise substantially in various countries such as Bangladesh, India, Malaysia, China, and the Philippines. This drives the requirement for respective SSD needed in vehicles, personal computers, laptops, tablets, notebooks, smart wearables, etc.

The rapidly growing media & entertainment industry in Asia Pacific is significantly contributing toward the market growth. The COVID-19 pandemic impacted the production operations; however, the demand for SSD for connective medical devices remained intact. From the last quarter of 2020, the supply chain has started reviving. The SSD market is anticipated to grow notably worldwide in the coming years.

The SSD market is segmented based on type, state, material, range, and application. Based on type, the SSD market is segmented into internal and external. In terms of technology, the SSD market is segmented into single level cell, multi-Level cell, and triple level cell. Based on storage, the SSD market is segmented into under 500 GB, 500 GB-1 TB, 1 TB-2 TB, and above 2 TB. In terms of end-user, the SSD market is segmented into industrial, enterprise, and consumer.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global solid state drives market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global solid state drives market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Increasing Penetration of High-End Cloud Computing
• Growing Adoption in Data Center Applications

Restraints

• High Cost & Small Life Span of SSDs

Opportunities

• Relational Analytics Using Smart SSDs

Future Trends

• Innovations in Critical SSD Components

Companies Mentioned

• Kingston Technology Europe Co LLP
• SK Hynix Inc.
• Micron Technology, Inc.
• Microsemi Corporation
• Samsung Group
• KIOXIA Corporation
• G.SKILL International Enterprise Co., Ltd.
• Silicon Power Computer & Communications Inc.
• Hangzhou Hikstorage Technology Co., Limited
• Western Digital Corporation
• Seagate Technology LLC

For more information about this report visit https://www.researchandmarkets.com/r/fg4jd3

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