MRAM Market Analysis
The global MRAM market will reach USD 1396.7 million at a healthy 18.58% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Growing Need for Cloud Computing to Boost Market Growth
The growing need for cloud computing to boost the operational efficiency of work processes has increased the need for MRAM in data centers will boost market growth over the forecast period.
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Opportunities
Rising Need for Wearables to offer Robust Opportunities
The rising need for flexible electronic products and wearables will offer robust opportunities for the market over the forecast period. Such electronic products need flexible magnetic memories both for processing as well as storing of data.
Restraints
Complex Nature to act as Market Restraint
The complex nature of MRAM and increasing manufacturing cost of MRAM may act as market restraints over the forecast period.
Challenges
Constant Demand and Supply Fluctuations to act as Market Challenge
The constant fluctuations in supply and demand may act as market challenge over the forecast period.
Market Segmentation
The global MRAM market has been bifurcated based on product and application.
By product, the STT segment will lead the market over the forecast period at a 19.35% CAGR.
By application, the aerospace and defense segment will dominate the market over the forecast period. It is likely to touch USD 249.7 million by 2030.
Key Players
Eminent industry players profiled in the MRAM market report include Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan).
Key players have incorporated several strategies to stay at the forefront such as partnerships, mergers and acquisitions, new product launches, and geographic expansions, to name a few.
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COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the MRAM market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Regional Analysis
North America to Sway MRAM Market
North America will sway the MRAM market over the forecast period. The presence of several major key players, companies offering innovative memory & storage solutions, introduction of disruptive trends like autonomous vehicles, machine learning, IoT, and AI, low power consumption and faster data rewrite owing to which it is used in different applications, and growing R&D activities are adding to the global MRAM market growth in the region. Besides, the imperative need for serving the growing need for lesser power consumption, better scalability, and faster computation, and large and SMEs moving toward cloud-based services for reducing costs related to technology infrastructure and streamlining operations, are also adding market growth.