NOR Flash Market is expected to reach US$ 6,069.5 million by 2028

Growth in Digitalization and Emergence of Data-Centric Application for NOR Flash Market During 2021–2028

According to our latest market study on “NOR Flash Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Density,” the market is projected to reach US$ 6,069.5 million by 2028 from US$ 2,361.9 million in 2021; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.

The rapidly increasing data-centric application of NOR flash memories in numerous industries, coupled with the burgeoning prominence of mobile and connected devices, is boosting the global demand for NOR flash memories. The high-performance NOR flash technologies enable the simplification of the memory hierarchy, which can be used for incorporating nonvolatility in logic circuits, opening a new application area for NOR flash memories in hardware security and neuromorphic computing. In addition, nonvolatile memories are also used for the development of 3D stackable memory architecture. NOR flash is most used in applications that require individual bytes of data to be written and read, and it is also used in random and execute-in-place access techniques. The consumer electronics industry is witnessing immense growth in both developed and developing countries. Devices such as smartphones, tablets, PCs, TV sets, washing machines, refrigerators, and music players have become an integral part of people’s lives. Moreover, ongoing advancements in technologies, and the integration of the Internet of things (IoT) and artificial intelligence (AI) encourage the development of smarter consumer electronics.

Continuous technological advancements and automation are allowing manufacturing companies to achieve greater productivity and profitability levels. Transformations in the industrial sector, and the incorporation of the IoT and other technologies to manage and monitor electronic devices are bolstering the demand for integrated circuits, microprocessors, and sensors with faster speeds and better performing capabilities. Owing to its programmed characteristics, NOR flash is emerging as a replacement for the electronically erasable programmable read-only memory (EEPROM) in many applications. It finds new use cases in areas that require quick, nonvolatile memory, such as communications, industrial, and automotive. In addition to the continuously flourishing consumer electronics industry, advancements in automobiles such as advanced driver assistance systems (ADAS), automatic cruise controllers (for code storage), and IoT-enabled devices are contributing to the growth of the  NOR flash market. The automotive sector is receiving a lot of attention as a result of the development of autonomous vehicles. The penetration of connected cars depends on innovative safety features, including advanced driver-assistance systems (ADAS) and head-up display (HUD) systems. For the effective implementation and functioning of advanced connected car technologies, the manufacturers would require memory solutions that are compatible with these cutting-edge technologies and flexible with the fluctuating data rates. Macronix International, which bills itself as the world's leading supplier of NOR flash, is ranked third in the automobile category.

The NOR flash market is segmented based on type, application, density, and geography. Based on type, the market is further segmented into serial NOR flash and parallel NOR flash. The serial NOR flash segment held a larger market share in 2020. Based on application, the NOR flash market is sub segmented into telecommunication, networking, industrial, automotive, smart grid space, and others. The industrial segment held the largest market share in 2020. Based on density, the market is segmented into less than 250 MB, 250 MB - 1 GB, and more than 1 GB. The less than 250 MB segment held the largest market share in 2020. In terms of geography, the NOR flash market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).  APAC accounted for a significant market share in 2020.

Impact of COVID-19 Pandemic on NOR Flash Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. The pandemic had an adverse effect on the semiconductors industry in the first half of 2020. However, according to the Semiconductor Industry Association (SIA), global semiconductor sales increased by ~11% in Q3 2020. Thus, an immediate resurgence of the industry to catch up with new planned and ongoing initiatives led to a rise in the demand for NOR flash memory in the latter half of 2020.

Cypress Semiconductor Corporation; Dialog Semiconductor PLC; Gigadevice; Integrated Silicon Solution Inc.; JSC; Kioxia Corporation; Macronix International Co., Ltd; Micron Technology, Inc.; and Winbond Electronics Corporation are among the key companies operating in the NOR flash market. Several other market players have been analyzed to understand the market. Further, industry associations for NOR flash memory include the Association for Computing Machinery and Personal Computer Memory Card International Association (PCMCIA).

NOR Flash Market — by Region, 2020 and 2028 (%)

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NOR Flash Market Share & Size | Global Report Forecast 2028

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Published Report - NOR Flash Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Serial NOR Flash and Parallel NOR Flash), Density (Less than 250Mb, 250Mb-1Gb, and More than 1Gb), and Application (Industrial, Telecommunication, Networking, Automotive, Smart Grid Space, and Others)

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