Hard Disk Drive Market Size Projected To Be USD $97,558.5 Мn by 2030

A Hard Disk Drive (HDD), hard disk, fixed disk, or hard drive, is an electro-mechanical data storage device that stores and retrieves digital data using magnetic storage, and one or more rigid, rapidly rotating platters coated with a magnetic material.

The Global Hard Disk Drive Market was valued at USD $61,151.5 Мn in 2020, and is projected to achieve a valuation of USD $97,558.5 Мn by 2030, at a CAGR of 6.0%. The 5-year (2020–2025) cumulative revenue of this market is projected to be over $77,717.1 Mn, and is estimated to increase substantially over the latter part of the forecast period.

Owing to the anticipated increase in the traffic through public cloud data center, there is expected to be an exponential increase in the demand for effective storage devices. This is a major factor that is slated to have a profound impact on the revenue growth of the global hard disk drive market in the years to come. Moreover, the increasing adoption of these products among numerous end-user industries for various applications, be it commercial, government, or personal usage, is also a factor that is expected to contribute to the market growth of the Global Hard Disk Drive Market. The surging popularity of smartphones is gradually beginning to phase-out the use of hard disk drives, and this could hamper the revenue growth of this global industry in the near future. However, given that the landscape for market growth has slightly stagnated in most developed nations, industry players are rapidly focusing their respective attention towards the various emerging economies that are brimming with the potential for robust revenue growth.

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However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global hard disk drive market is no different, and this factor is anticipated to have a negative impact on the revenue growth of this industry. Additionally, the surging popularity of smartphones in recent years is steadily phasing-out the use of personal computers, and this is a factor that could potentially hamper the future revenue growth of the global hard disk drive market.

Although the markets for hard disk drives in various developed regions are presently mature, key industry players are now focusing their efforts towards the increased market penetration of emerging economies. This is another factor that is anticipated to significantly boost the revenue growth of the global hard disk drive market in the coming years.

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Segmentation of the Global Hard Disk Drive Market is as follows:

In terms of product type, the Hard Disk Drive(HDD) segment accounted for the maximum number of revenue shares of the global hard disk drive market in 2020, and is expected index a high CAGR over the forecast period. However, the Solid State Drive (SSD) segment is anticipated to index the highest CAGR over the next 10 years.

With regards to application, the commercial use segment accounted for the highest number of revenue shares of the global hard disk drive market in 2020, and is anticipated to continue to do so over the next decade. The government application segment is also indicative of registering a high CAGR over the forecast period.

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Key Players: Samsung Electronics Co. Ltd., Intel Corporation, Toshiba Corporation, Western Digital Corp., Seagate Technology PLC, Micron Technology, Kingston Technology Company Inc., Lite-On Technology Inc., Buffalo Americas Inc.

Regional Segmentation and Analysis:

The markets in China accounted for the maximum number of revenue shares of the global hard disk drive market in 2020, and is indicative of remaining this industry’s front-runner over the next decade. The markets in the United States of America and Europe are expected to register high CAGRs respectively over the course of the forecast period.