On account of the rising demand for fast, scalable, low power consuming, and non-volatile memory devices, especially in the automotive, enterprise storage, and aerospace and defense sectors, the global market for magneto resistive RAM (MRAM) is likely to gain significant impetus over the forthcoming years.
In 2015, the worldwide MRAM market stood at US$41.2 mn. Supported by the infinite cycling endurance and high speed reading/writing capabilities of MRAM, the opportunity in this market is likely to expand at a CAGR of 44.10% between 2016 and 2024 and reach a value of US$869.7 mn by 2024.
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Enterprise Storage Sector to Report Strong Demand for MRAM
The enterprise storage, consumer electronics, automotive, robotics, aerospace and defense sectors have emerged as the key application areas of MRAM. Among these, MRAM finds the most prominent application in the enterprise storage sector. In enterprise storage solutions, the deployment of MRAM improves the networking and data center fault recovery systems, reducing the overall system downtime to a great extent, and eventually, decreasing the total operational cost. Over the coming years, this factor is likely to add significantly to the popularity of MRAM and will lead to a remarkable increase in their demand in the enterprise storage sector.
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Nowadays, several consumer electronics applications utilize technologically advanced memory devices in a bid to gain reliability, ensure data integrity, and enable low energy consumption, which in turn, is anticipated to create lucrative opportunities for the global market for MRAM in the coming years.
Asia Pacific to Remain Leading Contributor to Global MRAM Market
On the geographical front, Asia Pacific has surfaced as the leading contributor to the global MRAM market. The ongoing development of the data center infrastructure in this region, thanks to the rising penetration of internet and the robust usage of cloud computing, is acting at the key driving factor behind the growth of the Asia Pacific MRAM market. Researchers expect this regional market to remain dominant over the forecast period.
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North America emerged second in the global market for MARM in 2015. Supported by a strong concentration of key vendors and the rise in research and development activities, the North America market for MRAM is likely to retain its position during the period of forecast. Apart from this, the growing need to curtail data consumption, together with the increasing number of computationally intensive applications, is projected to boost the demand for fast and highly scalable memory solutions in North America, which is anticipated to create attractive growth opportunities for MRAM manufacturers over the next few years. On the other hand, Europe is likely to experience a moderate demand for MRAM devices in the near future.
NVE Corp., Hewlett-Packard Enterprise, Avalanche Technology Inc., Everspin Technologies Inc., Honeywell International Inc., Spin Transfer Technologies, Toshiba, Samsung Electronics Co. Ltd., and Intel Corp. are some of the leading vendors of MRAM across the world. The leading players in this market are investing heavily for the development of technologically advanced MRAM and are expected to focus on product innovation in the coming years.
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