The global semiconductor memory market size is expected to reach $240,66-billion by 2030, expanding at a CAGR of 11,6% from 2023 to 2030,according to a new report by Grand View Research.
The DRAM (Dynamic Random-Access Memory) chip holds a prominent position in consumer electronics. Designed to support high-speed data access and rapid multitasking, the DRAM chip has become indispensable in powering modern consumer electronic devices.
The DRAM chip’s fast data access speed for consumer electronics is a critical advantage. It enables smooth and seamless user experiences, making devices highly responsive and efficient. Whether it’s smartphones, laptops, gaming consoles, or smart home devices, the DRAM chip plays a vital role in enhancing overall performance.
As the consumer electronics market continues to thrive with the proliferation of smart devices and digital technologies, the demand for DRAM memory chips is expected to soar, creating significant business opportunities in this segment.
The use of semiconductor memory chips in industrial applications has become widespread, driven by the growing adoption of Internet of Things (IoT) technology in smart devices and cameras.
This trend is expected to fuel the demand for non-volatile memory products in the market. Moreover, the rapid technological advancements in industrial applications, particularly with big data and Artificial Intelligence (AI) integration, are driving the need for faster processing and higher information storage capacities. As a result, the demand for memory chips is set to rise, supporting overall market growth.
Another significant opportunity for players in the DRAM market comes from the increasing integration of electronic components in automobiles and the continuous improvement of automotive systems. This trend is further boosting the demand for memory chips.
The market is highly competitive. Major players are investing in research and development (R&D) to drive innovation. Some prominent players in the market include Micron Technology; Integrated Silicon Solution; Macronix International; and Samsung Electronics, among others.
These key players are adopting different development strategies such as product launches, mergers & acquisitions, and others to expand their presence and market share in the market. Along with key strategies, these players are introducing new features to improve the customer experience.
Highlights of the Semiconductor Memory Market Report include:
* The market is anticipated to witness substantial growth during the forecast period, owing to the rising adoption in various industries, including automotive, consumer electronics, and IT & telecom, among others.
* The dynamic random-access memory (DRAM) segment accounted for the highest market share, owing to the increasing usage of computing capabilities with AI in smartphones, smartwatches, and wearable devices, which, as a result, increases the demand for DRAM.
* The consumer electronics industry held with the largest market share, owing to the rising demand for semiconductor memory chips due to the adoption of wearable devices in hospitality services and healthcare applications, such as chronic disease management, fitness monitoring, and heart care monitoring.
* Key players in the market include Integrated Silicon Solution, Micron Technology, Macronix International, Samsung Electronics, SK Hynix, Taiwan Semiconductor, Texas Instruments, and Toshiba, among others. New product development and expansion remains the premiere/key/major strategy adopted by the leading manufacturers in the market