A study conducted by Cognitive Market Research suggests that the global memory device market will have a compound annual growth rate of 16.2% from 2023 to 2030, but what are the drivers of this expanded market?

The global memory device market is predicted to have a valuation of approximately €349.91 billion ($376.84 billion) by the year 2030. Market growth is found to be driven by different factors, including the rapid development in digitisation and automation, especially in the electronics industry, along with the implementation of memory-based models in products like smartphones and wearables.

The global memory device market can be categorised in four segments: SRAM, DRAM, MRAM and Flash ROM. The former segment is predicted to have the highest revenue share, and according to Cognitive Market Research will enjoy “significant growth” during the forecast period of 2023 to 2030. The reason for SRAM’s dominance as a segment is due to the growing use of smartphones and wearables around the world.

The study notes that the growing adoption of semiconductor devices, flash ROM and DRAM for example, is also helping drive up demand for integrated gadgets and chips for automotive and electronic systems.

Another significant driver of the global memory device market is the integration of the Internet of Things into products within consumer electronics, including automotive and industrial applications, along with “growing acceptance of IoT,” as a whole.

Integration of internet of things driving memory device market

The report notes that sectors like IT, telecommunications, automotives, electronics and manufacturing all are increasing the use of semiconductor materials within devices. In turn, a growing amount of personal computers are engaging in high-end data processing, leading to growth in the global storage devices market.

Furthermore, Cognitive Market Research has predicted that demand for memory technologies will continue to grow thanks to the demand for dependable memory in consumer electronic devices like cameras or video game accessories.

The wider trend of players in the industry collaborating with other manufacturers is something that will also drive demand for the memory device market. The report cites the partnership that was established between Silicon Catalyst and Sony Semiconductor in November 2021 as one example of this. The collaboration allows the two companies to “innovate technology or high-end memory chips and provide customers with better solutions,” according to Cognitive Market Research.

Another example of this in the report is the partnership that was formed between Intel Corp. and MediaTek in July 2021. The former is regarded as a global supplier of high-end processors and memory storage systems, while the latter is a supplier of smartphone processors.

“Through this partnership, the two companies can share foundries that manufacture semiconductors and memory devices,” the study notes.

Global semiconductor market to reach valuation of approximately €1.15 billion ($1.24 billion) by 2030

Cognitive Market Research has also predicted that the global semiconductor market is expected to have a valuation of approximately €1.15 billion ($1.24 billion) by 2030, with a compound annual growth rate of 14.9%.

Drivers of the semiconductor market include rising household disposable income levels, along with rapid population growth and “accelerated urbanisation,” all of which have helped foster a rising demand for consumer electronic devices such as smartphones or refrigerators, which in turn feature integrated circuit chips.

A report from CMR highlights that consumer electronic brands like Apple and Samsung have made significant investments towards developing devices that can meet the increasing consumer demand for “advanced devices.”

Global Silicon Carbide Inverter-based market expected to grow significantly

The worldwide Silicon Carbide Inverter (SiC)-based power electronics and inverter market is expected to reach a value of approximately €776 million ($832.5 million) by 2030, with a predicted compound annual growth rate of 31.23%

Demand for the SiC-based power electronics and inverter products is growing, thanks to “significant changes in the development and operation of regulations and standards governing new agencies,” as put by Cognitive Market Research. It is thought that unifying standards and compliance will increase the demand of SiC-based models.