According to the new research report published by The Insight Partners, titled “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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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.
Increasing Need for Advanced Features Boosts NOR Flash Market Growth
The rapidly expanding technological developments, coupled with the humongous production of data, has critically increased the demand for flash memory solutions that are capable of handling large data efficiently. The NOR flash memory fits into almost every expectation of the end-user, as they deliver a better-read performance and operate faster than already existing memory technologies. NOR flash memory is one of two types of nonvolatile storage technologies. It is mostly used in applications that require individual bytes of data to be written and read, and it is also used in random access and execute-in-place access techniques. The consumer electronics industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features of modern devices. As a result, smartphones, tablets, PCs, TVs, washing machines, refrigerators, and music players have become an integral part of people’s lives. These devices are becoming smarter with the ongoing technological advancements and integration of the Internet of things (IoT) and artificial intelligence (AI) with them.
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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 continued 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.
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 players in the global NOR Flash market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2021, Winbond Electronics Corporation, a major global supplier of semiconductor memory solutions, has announced the addition of a new single die monolithic 1.8V 512Mb SPI NOR flash that can handle up to 166 MHz standard/dual/quad SPI clocks to their comprehensive solution of SPI NOR flash.
In 2020, Infineon Technologies AG expands its memory capabilities with the acquisition of Cypress Semiconductor Corporation. Semper Secure is now available for Infineon’s award-winning Semper NOR Flash memory platform. Semper Secure NOR Flash is the first memory solution to combine security and functional safety in a single NOR flash device, delivering the security, safety, and reliability required for the most advanced connected automotive, industrial, and communications systems. It is based on Semper NOR Flash’s field-proven and robust smart memory architecture.
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