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NOR Flash Market size to outstrip US$ 6,069.5 Mn by 2028 growth projections at 14.4% CAGR during 2021 to 2028

NOR flash memory is an electronic non-volatile computer memory storage medium that can be electrically deleted and reprogrammed. The growing demand for NOR flash in applications where individual bytes of data need to be written and read, and random access and execute-in-place access are required is boosting the market growth. NOR flash solutions have capacities in megabits and low gigabits range, which is their major feature. Further, high reliability and data integrity features have led to an increased customer base for NOR flash memory over the years. Rising demand for consumer electronics and communication devices, and the increasing penetration of electronics in automotive and industrial applications boost the NOR flash market growth. Further, the increasing applications of NOR flash memory in automotive, industrial, and medical sectors as well as in technologies such as the Internet of things (IoT), active-matrix organic light-emitting diode (AMOLED), and liquid crystal display (LCD) would drive the market during the forecast period.

NOR Flash Market: Key Insights

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.

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

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.

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.

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NOR Flash Market: Competitive Landscape and Key Developments

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).

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.

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