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The Magneto-resistive random-access memory (MRAM) market is estimated to increase by USD 1,483.85 million between 2022 and 2027. The market size is forecasted to grow at a CAGR of 34.35%. The growth of the market depends on several factors, including low power consumption, impulsion for miniaturization, and large-scale benefits of using IoT devices in healthcare applications.
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The low power consumption is notably driving the magneto-resistive RAM (MRAM) market growth, although factors such as memory density issues may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The low power consumption is notably driving the magneto-resistive RAM market growth. The technologies are mainly used in battery-powered wireless sensors, as they consume about 50% less power than other flash memories. This increases the battery life, which enables OEMs to integrate this technology into devices. Moreover, the module has advanced features such as faster access time and non-volatile data storage when compared to other memory technologies.
SRAM retains data bits in its memory as long as power is being supplied. It does not have to be periodically refreshed. STT MRAM has replaced SRAM, which is used as cache memory. For wireless and portable applications, especially IoT, energy budget is critical. Hence, engineers need to consider the rate of power consumption of devices. Technologies with fast-write and power-up-to-write times, reduce power consumption compared with EEPROM or flash. This, in turn, creates a demand for the modules. These factors attract device manufacturers and end-users. Therefore, low power consumption is expected to fuel the growth of the global market during the forecast period.
The integration of MRAM in smartphones is a key trend in the magneto-resistive RAM market. During the forecast period, the integration into smartphones will provide various advantages. For example, the technology retains data when the power is removed. It also offers a higher read-write speed when compared to other technologies such as Flash and EEPROM. This data does not degrade over time. In addition, it consumes low power.
In 2021, there were about two billion smartphone users across the world. The growth in the number of smartphone devices is directly proportional to several factors, such as technology and innovations. Vendors such as Avalanche Technology Inc., Everspin Technologies Inc., Renesas Electronics Corp., Honeywell International Inc., and Teledyne Technologies Inc. are conducting research on technology. This is expected to lead to the development of low-capacity memory chips for IoT sensors and mobile devices. Therefore, the integration in smartphones is expected to drive the growth of the global magneto-resistive RAM market during the forecast period.
Memory density issues may impede the global magneto-resistive RAM market growth. MRAM has a lower memory density than other memory technologies, including Dynamic Random Access Memory (DRAM) and Flash Memory. MRAM uses magnetic fields to store data and requires more space than electrical charges used in other memory technologies. This limits the amount of memory that can be stored in a given space, which makes it more expensive to manufacture when compared to other memory technologies.
The size of the memory cells is another factor that restricts their memory density. The cells are larger than DRAM and Flash memory cells, which indicates that fewer cells can be packed into a given space. This reduces the overall memory density. In addition, memory density is critical to the global memory market, and the lack of memory density can challenge its adoption. This is evident for applications that require high memory density, including servers, data centers, and other large-scale applications. These factors are expected to hinder the growth of the global magneto-resistive RAM market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avalanche Technology Inc. - The company offers MRAM such as Embedded Perpendicular MRAM and Tornado discrete MRAM.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the automotive and aerospace and defense segment will be significant during the forecast period. This segment mainly includes defense and military products such as aircraft and automotive powertrains.
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The automotive and aerospace and defense segment was valued at USD 69.58 million in 2017 and continued to grow until 2021. The demand for defense and military products such as aircraft is increasing globally due to political tensions in the Middle East, Eastern Europe, North Korea, and the East and South China Seas. In the automotive industry, MRAM is used in advanced driver assistance systems (ADAS) and infotainment systems. It is also used in infotainment systems, as it can store large amounts of data, such as maps, music, and videos. In the aerospace industry, it is used in avionics systems, including flight control systems, navigation systems, and communication systems. Avionics systems need to operate in harsh environments such as high altitudes, extreme temperatures, and radiation. Hence, MRAM is an ideal solution for avionics systems owing to its non-volatile nature and high endurance. In the defense industry, it is used in various applications such as missile guidance systems, radar systems, and communication systems. This is because these systems require high reliability, speed, and endurance to operate in mission-critical situations. Such factors will drive the growth of the global market during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is another region that will contribute significantly to the growth of the global magneto-resistive RAM market during the forecast period. The demand for this technology is expected to increase in the region owing to its advantages such as low power consumption and faster write speed. This technology is used significantly by the automotive, aerospace, defense, and enterprise storage industries, which is expected to boost its demand in the region. Rapid technological advances and changes in consumer preferences are also expected to contribute to the growth of the magneto-resistive RAM market.
The market, focusing on Magneto Resistive RAM, utilizes magnetic charges for data storage, offering advantages over traditional Dynamic RAM. It caters to electronic products, including those requiring battery power, and targets the growing demand in the flexible and wearable electronics market. With applications in aerospace and military sectors, it addresses diverse temperature conditions. The market is analyzed globally, considering product types like Toggle MRAM and STT-MRAM, with a regional framework covering Asia-Pacific and Middle East and Africa. Growth strategies include product launches, approvals, patents, events, partnerships, and business expansion to enhance the customer base.
The MRAM market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
MRAM Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 34.35% |
Market growth 2023-2027 |
USD 1,483.85 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.0 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ARCO INC., Avalanche Technology Inc., Crocus Nano Electronic LLC, Everspin Technologies Inc., Fujitsu Ltd., Honeywell International Inc., IMEC Inc., KLA Corp., MEMTECH, Numem Inc., NVE Corp., NXP Semiconductors NV, Renesas Electronics Corp., Samsung Electronics Co. Ltd., SK hynix Co. Ltd., SPIN MEMORY INC., SRAM and MRAM Group, Taiwan Semiconductor Manufacturing Co. Ltd., Teledyne Technologies Inc., and Yole Developpement SA |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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