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The Solid State Drive (SSD) Market size is projected to reach a value of USD 113469.89 billion in 2027 with a CAGR of 23.87% between 2022 and 2027. The growth of the market depends on several factors, including enhanced performance and durability, a growing enterprise storage market, and increasing adoption of SSDs in laptops and gaming, and high-end PC applications. An SSD is a solid-state disk or an electronic disk that is used for data storage, and it is built out of semiconductors. It uses the same I/O interface design as HDDs and stores data in solid-state memory. They are made of silicon microchips and store data electronically. Unlike traditional Hard Disk Drives (HDDs) that use spinning disks to read and write data, SSDs have no moving parts, making them faster, more reliable, and less prone to failure. SSDs are also more energy-efficient and generate less heat than HDDs.
Analysis Period | 2017-2027 |
Market Size (2017) Historic Year | USD 13832.76 billion |
Market Size (2027) - Forecasted Year | USD 113469.89 billion |
Historic Opportunity (2017-2021) | USD 17304.65 billion |
Historic CAGR | 22.49% |
Forecasted Opportunity (2023-2027) | USD 47.89 billion |
Market Opportunity Transformation Growth | 720.30% |
Market Opportunity Capitalization | USD 17352.54 billion |
This solid state drive (SSD) market report extensively covers market segmentation by Type (TLC, MLC, and SLC), End-user (laptops and PCs), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Improved performance and durability are key drivers of market growth for SSDs, which offer reliable storage without moving parts, ensuring data safety even in challenging conditions. SSDs outperform HDDs in high I/O environments like databases and caching technologies, providing 100 times better performance for faster access, file transfers, boot-ups, and overall computing. They are also more power-efficient. Leading manufacturers like Intel, Samsung, and SanDisk continue to enhance SSDs, such as Seagate's FireCuda 530 and Samsung's 980 NVMe SSD, meeting the needs of various users and boosting PC performance. As a result, SSD demand is expected to rise.
The market is witnessing a trend in portable SSDs. Kingston Technology launched the XS2000 in September 2021, a pocket-sized SSD delivering advanced performance. In March 2021, Micron Technology expanded its portable SSD range, offering more options in capacity and affordability. In August 2020, Micron introduced the Crucial X6 portable SSD. These portable SSDs cater to various storage needs, driving market growth.
Inadequate latency and endurance present significant obstacles to market growth. Consistently low latency remains a significant challenge. While write latency can be mitigated with write-back caching, read latency cannot be concealed. SSDs typically exhibit latencies in the range of a few hundred microseconds, but in certain instances, internal device tasks can cause latency to spike to tens of milliseconds or even a few seconds. Additionally, the lack of coordination among multiple devices further exacerbates IO performance unpredictability due to uncoordinated internal tasks.
Endurance is another major impediment, as SSDs have limited write cycles compared to hard disks. SLC flash drives offer higher endurance than MLC drives but are prohibitively expensive for mainstream applications. MLC flash is a more cost-effective option, but its lifespan depends on user data write activity and internal drive processes. Consequently, factors such as endurance are expected to hinder market growth in the forecast period.
The market share growth by the TLC segment will be significant during the forecast period. TLC is the most affordable form of NAND flash. Only 3 bits can be stored per cell, and also It is ideal for consumer use, including accessories such as memory cards. TLC has better error correction requirements. This is the cheapest NAND flash memory available on the market. Such factors will increase segment growth during the forecast period.
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The TLC segment was valued at USD 5,277.20 million in 2017 and continue to grow by 2021. TLC is an emerging segment with high potential. High storage density and low cost are the main reasons for the high utilization of TLC. In addition, their read/write life cycles are considerably shorter than those of SLCs and MLCs, which makes them ideal for applications that do not require several write cycles.Therefore, this segment is expected to grow during the forecast period due to features such as better error correction requirements and the cheapest form of flash memory on the market.
Based on end-user, the category is classified into laptops and PCs. The laptop segment is expected to hold the largest market share during the forecast period. The demand for sleek and advanced laptops with enhanced functionalities is driving the adoption of SSDs. Laptop vendors are integrating SSDs to cater to the growing need for thinner and faster systems. By incorporating 256 GB SSDs and 4 GB DRAM, vendors can improve overall laptop performance at a reasonable cost of around USD 40- USD 50. Shifting to SSDs gives laptop manufacturers a competitive edge in terms of technical specifications, as they can create SSD-based models with similar bill of materials (BOM) but better performance compared to HDD-based laptops. To maintain margins, vendors are increasing the production of 128 GB SSDs while reducing the presence of 500 GB HDDs. SSDs are being introduced in the premium laptop segment. The adoption of SSDs in laptops is on the rise, and this segment is expected to grow further during the forecast period due to its flexible configurations that offer a competitive advantage in technical specifications.
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APAC is estimated to contribute 30% 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.
The market in APAC is growing due to the increasing adoption of SSDs in data centers and enterprises. South Korea and Japan are the largest contributors to this regional market. Taiwan, China, and India are also expected to contribute significantly to the APAC solid state drive market during the forecast period. Moreover, the Asian governments have set political goals for the expansion of the electronics industry. Indian Ministry of Finance has established various schemes to encourage domestic electronics manufacturing such as Production Linked Incentive (PLI) Scheme, Modified Special Incentive Package Scheme (MSIPS), Electronics Manufacturing Cluster (EMC) Scheme and Electronic Development Fund. Such factors will increase the segment growth during the forecast period.
In 2020, the outbreak of COVID-19 had a significant impact on the economic growth of APAC. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
The Solid State Drive (SSD) Market industry 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 Solid State Drive (SSD) Market Customer Landscape
Vendors 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, 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 solid state drive (SSD) 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.
Solid State Drive (SSD) Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.87% |
Market growth 2023-2027 |
USD 74,553.83 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.34 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 30% |
Key countries |
US, China, Japan, South Korea, and Taiwan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADATA Technology Co. Ltd., Corsair Gaming Inc., DataDirect Networks Inc., Intel Corp., International Business Machines Corp., Kingston Technology Co. Inc., Kioxia Corp., LITE ON Technology Corp., Maxta Inc., Micron Technology Inc., NetApp Inc., Pure Storage Inc., Samsung Electronics Co. Ltd., Seagate Technology Holdings Public Ltd. Co, Simms International plc, SK HYNIX Inc., Sony Group Corp., Toshiba Corp., Transcend Information Inc., and Western Digital Corp. |
Market dynamics |
Parent market analysis, 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 forecast period |
Customization purview |
If our 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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