Solid State Drive (SSD) Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, South Korea, Taiwan - Size and Forecast 2023-2027

Solid State Drive (SSD) Market Forecast 2023-2027

The Solid State Drive (SSD) Market size is projected to grow by USD 74.55 billion at a CAGR of 23.87% between 2022 and 2027. The market's growth relies on several key factors, including the continuous drive for enhanced performance and durability in storage solutions. This demand is further fueled by the expanding enterprise storage market, where solid-state drives (SSDs) are becoming increasingly prevalent. Moreover, the rising adoption of SSDs in laptops, gaming, and high-end PC applications is contributing significantly to market expansion. As these devices become more affordable and offer greater storage capacities, they are becoming the preferred choice for consumers looking for faster and more reliable storage options. Additionally, technological advancements and innovations in SSDs are further driving market growth, making them an integral part of modern computing systems.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This 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 the Middle East and Africa).

By Type

The market share growth by the TLC segment will be significant during the forecast period. The NAND flash market encompasses various types of memory, including TLC, with design complexity that caters to different market segments. TLC, which stores three bits per cell, is the most cost-effective solution, ideal for consumer applications such as memory cards. However, it comes with higher error correction requirements and shorter read/write life cycles, making it less suitable for industrial uses due to performance, endurance, and reliability concerns. Such factors will increase segment growth during the forecast period.

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The TLC segment was valued at USD 5.27 billion in 2017. In contrast, the SSD market focuses on enterprise applications, prioritizing performance, reliability, and endurance. In April 2021, Samsung Electronics introduced the PM9A1 SSD, featuring hardware-based encryption for enhanced security. Enterprises require stringent security measures to protect sensitive data, necessitating the use of MLC NAND Memory in SSDs. SSDs are employed in various applications, including file back-up, archiving information, and cloud platforms. They cater to diverse market segments, such as Compute engines, netbooks, ultrabooks, single-user desktops, laptops, homes, and small workplaces. SSDs are available in various capacities, including under 500 GB, 500 GB–1 TB, 1 TB – 2 TB, and above 2 TB.

The market offers both hardware-based and software-based encryption options to meet varying security requirements. Temperature management and controller efficiency are essential factors in SSD design. MLC Planar and TLC 3D are popular NAND flash-based memory technologies used in SSDs. SSDs are not limited to PCs and smartphones but are also used in industrial applications, where high performance, endurance, and reliability are essential. However, the cost-effectiveness of TLC NAND memory may not be suitable for all industrial applications. 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. 

By End-User

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. In the consumer market, there is a rising preference for thinner, lighter, and more advanced laptop systems. To meet this demand, companies are increasingly incorporating Solid State Drives (SSDs) into their laptops. Notebooks now come with 256 GB SSD and 4 GB DRAM, enhancing their overall performance at an affordable cost of around USD40-USD50. The flexibility of laptop configurations enables manufacturers to gain a competitive edge by introducing SSD SKUs with comparable Bill of Materials (BOMs) but superior performance compared to HDD-enabled laptops. 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.

By Region

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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 Solid State Drive (SSD) market in APAC is experiencing significant growth, driven by the adoption of SSDs in data centers and enterprises. South Korea and Japan are currently leading this regional market. By April 2021, Taiwan, China, and India are projected to make substantial contributions. Asian governments, including India, with its National Policy on Electronics (NPE 2019), are promoting the expansion of the electronic industry. SSDs offer design complexity, superior performance, reliability, and endurance. Security is a crucial factor, with hardware-based encryption and software-based encryption available. Enterprises utilize SSDs for file back-up, archiving information, and cloud platforms. Compute engines also benefit from SSDs. Samsung Electronics, a key player, launched the PM9A1 SSD, catering to sensitive data security requirements. SSDs come in various sizes, including MLC Planar, MLC 3D, and TLC 3D, and are used in various devices like smartphones, PCs, and laptops. NAND flash-based memory is the foundation for SSDs, available in Enterprise, Client, Industrial, Netbooks, Ultrabooks, Single-user desktop, and Laptop systems. Sizes range from under 500 GB to above 2 TB.  Such factors will increase the segment growth during the forecast period.

Market Dynamics

The market is experiencing significant growth due to the increasing demand for high-performance storage solutions in various industries. SSDs, such as those using TLC Planar or SLC technology, offer faster read and write speeds compared to traditional Hard Disk Drives (HDDs). Two common form factors for SSDs are PCI Express (PCIe) and SATA, with interfaces like 2 (SFF 8639), FHHL, and half height, half length (HHHL). Solid-state drive providers, including those specializing in NVMe technology using NAND flash memory, cater to high-end cloud computing and automotive applications. Low-cost interface designs, like SATA, enable wider adoption of SSDs in various sectors. Relational analytics benefits from the quicker data access provided by SSDs, making them an essential component in modern data centers. High-end cloud computing solutions often rely on SSDs, HDDs, MnM, PCI Express, SATA, 2 (SFF 8639), full height, half length (FHHL), HHHL, TLC Planar, SLC, interface, form factor, storage, solid-state drive providers, PCIe, automotive, low-cost interface design, cloud computing, NVMe, NAND flash memory, relational analytics for efficient data processing and storage solutions.

Key Market Driver

Improved performance and durability are key drivers of market growth In the consumer market, They have gained significant popularity due to their advanced technology and performance benefits. Unlike Hard Disk Drives (HDDs), which have moving parts and require physical scanning for reads and writes, SSDs contain no mechanical components. This feature makes them more robust and less susceptible to damage, even in conditions where the system experiences vibrations or shocks. They offer faster data access, as they do not rely on physical tracks or sectors and do not require physical seeks to locate data. This capability enables SSDs to process I/O requests much more quickly, making them an ideal choice for high-traffic environments, such as Tier 0 and Tier 1 databases and caching technologies. The absence of mechanical movement also accelerates I/O requests, resulting in improved system performance. Overall, the SSD market continues to grow as consumers seek faster, more reliable storage solutions. As a result, SSD demand is expected to rise.

Significant Market Trends

The market is witnessing a trend in portable SSDs. In the consumer market, there has been significant activity in the Solid State Drive (SSD) sector. In September 2021, Kingston Technology Co. Inc. introduced the XS2000, a compact, pocket-sized portable SSD utilizing USB 3.2 Gen 2x2 speeds for enhanced on-the-go performance. Previously, in March 2021, Micron Technology Inc. expanded its portable SSD offerings, launching a high-capacity 4TB and a new 500GB model, catering to various price points, capacity, and performance needs. Micron had earlier entered the market with the Crucial X6 portable SSD in August 2020, offering more value, capacity, and performance options for customers seeking instant access to their digital content. These portable SSDs cater to various storage needs, driving market growth.

Major Market Restrain

Inadequate latency and endurance present significant obstacles to market growth. In the consumer market, Solid State Drives (SSDs) offer faster data access than traditional Hard Disk Drives (HDDs), with typical latencies ranging from a few hundred microseconds to a few milliseconds. However, unpredictable performance can arise when internal tasks of the device interrupt read operations, leading to latencies exceeding tens of milliseconds or even seconds. Additionally, SSDs have a finite number of write cycles, limiting their endurance and potentially reducing their lifespan. The lack of coordination across an array of SSDs further complicates matters, leading to more unpredictable IO performance. Consequently, factors such as endurance are expected to hinder market growth in the forecast period.

Key Market Customer Landscape

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

Who are the Major Market Companies?

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.

• Skhynix- The company offers tablet application processors such as Exynos 4 Quad.
• Seagate- The company offers tablet application processors such as R-Mobile A1.
• Samsung- The company offers tablet application processors such as QCS2290, APQ8009, and QCS605.
  

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• 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.
• Western Digital Corp.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The 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. 

• Type Outlook 
  • TLC
  • MLC
  • SLC
• End-user Outlook 
  • Laptops
  • PCs
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the ever-evolving world of technology, Solid State Drives (SSDs) have emerged as a game-changer in data storage solutions. SSDs offer several advantages over traditional Hard Disk Drives (HDDs), including faster read and write speeds, lower power consumption, and increased durability. The market is witnessing significant growth, with key players such as Samsung, SanDisk, Micron, and Intel leading the charge. The use of SSDs is not limited to personal computers but is also gaining popularity in data centers, automobiles, and even in the aerospace industry. The market is projected to reach new heights, with a CAGR of 16.7% between 2021 and 2028. The increasing demand for high-performance storage solutions, coupled with the decreasing prices of SSDs, is driving the growth of this market. The market is expected to be valued at USD126.35 billion by 2028. The future looks bright for SSDs as they continue to revolutionize the way we store and access data.

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 74.55 billion
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 companies, Market Positioning of companies, 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 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 forecast period
Customization purview	If our market 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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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