Solid State Drive Market

Solid State Drive Market Outlook (2022 to 2032)

The global demand for the solid-state drive market is expected to rise at a healthy CAGR of 10% per year to USD 43.4 billion in 2022, supported by the following:

• Increasing awareness of the positive aspects of SSDs, such as reduced latency and low failure rates, to offset the advantage that hard drives hold over SSDs in terms of cost.
• There is a growing trend among solid-state drive manufacturers to increase the number of solid-state drives with different interfaces, such as SATA drive (serial advanced technology attachment), SAS drive (serial-attached SCSI drive), and PCI-E drive (PCI-E solid-state drive).
• Technology is developing at a rapid pace, largely driven by the pace of digitization of business processes around the world, which has increased the pace of technological advancements.

Attributes	Details
Global Solid State Drive Market Size (2022)	USD 43.4 Billion
Global Solid State Drive Market Size (2032)	USD 113 Billion
Global Solid State Drive Market CAGR (2022 to 2032)	10%
USA Solid State Drive Market Size (2032)	USD 39.2 Billion
Key Companies Covered	Intel Corporation; Samsung Group; Micron Technology, Inc.; Toshiba Corporation; Western Digital Corporation, Inc.; ADATA Technology Co. Ltd; Transcend Information Inc.; Kingston Technology Corporation; SK Hynix Inc.; Teclast Electronics Co., Limited?

New Architecture and Low Cost is Generating New Market Opportunities

It is expected that solid-state enterprise storage will become less expensive in the coming years. Even though SSDs are a dollar more expensive per gigabyte than HDDs, businesses tend to switch to SSDs when they see quick profits. As technology advances from SLC (single-level cell) to MLC (multi-level cell) to TLC (3 bits per cell), this development is attributed to improvements in scaling and the transition from the 2D to the 3D era.

It is currently possible to add multiple layers to the cell structure to make it more cost-effective. The emergence of new device categories and architectures, including the emergence of computational storage in Ethernet SSDs, is expected to eliminate system bottlenecks. To improve the performance of applications and improve the efficiency of the infrastructure, computational storage would reduce data movement and offload post-processing, for example.

QLC-based SSDs are suited for read-intensive workloads, resulting in a reduction of the total number of P/E cycles for read-intensive workloads. In addition to real-time analytics, machine and deep learning, artificial intelligence, streaming media, delivering content, and backing up data, QLC technology is suitable for a variety of workloads.

Aside from the cloud, CDNs, all-flash arrays, and other tiered solutions are also found in many applications. Many end-market applications will experience data growth as a result of trends such as cloud, artificial intelligence, 5G, and IoT. These trends will extend to public and private cloud environments, traditional IT environments, the edge, and endpoints.

Revenue of SSD Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the SSD Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the SSD Market increased at around 10% CAGR.

The growth of cloud computing services for personal use by organizations and individuals to store their data will boost the growing need for SSDs in the years ahead.

Smart Gadgets are Fueling SSD Demand in the Asia Pacific

During the past few years, the Asia Pacific solid state drive market has held the top share of the global market. One of the key drivers of the regional market's growth is its large consumer base. As mobile devices such as smart gadgets become more popular, the demand for advanced storage devices has increased, spurring the Asia Pacific solid state drive market's revenue growth.

There is also a large manufacturing base in the Asia Pacific solid state drive market, which has propelled the market. Both large and small drive manufacturers are eager to unveil technologically advanced storage & memory devices. As a result, several of them are developing new techniques for enhancing SSD read and write performance substantially.

Key Developments In The Market

The solid-state drive (SSD) market is dominated by several major vendors, such as Intel, Micron Technology, Samsung Electronics, and Western Digital Corporation. Since the entry barriers to the SSD market are high, it is difficult for new players to enter the market. It is widely accepted that the existing vendors in the market are investing heavily in the research and development of new and innovative products.

Some of the recent developments in the market are:

• SK Hynix Inc. announced on January 4, 2022, that it had completed the first phase of the purchase of Intel's NAND and solid-state drive (SSD) businesses. It is likely that the newly established USA subsidiary, which would oversee the newly acquired SSD business, will be referred to as Solididigm.
• On the 17th of August 2021, SK Hynix launched the 2TB 'Gold P31' Ultra-low-power solid-state drive, which is intended to cater to users seeking high-capacity storage, such as gamers and content creators.

What Factors are propelling the Solid State Drive Demand?

The increased usage of social media, expanding online commerce, and growth in media content will all play a significant part in boosting the SSD market throughout the projected period. Due to the high usage of tablets and smartphones, which have enabled customers to produce massive amounts of digital data, the average household's storage consumption is likely to expand in the future years. As a result, there is an increasing demand for sufficient storage.

It is also observed that SSD usage in data centers has been increasing due to a variety of factors, including improved efficacy in contrast to conventional HDD storage, rising need for storage facilities, and breakthroughs in enterprise-level SSD reliability and performance. SSDs are preferred by businesses since they require less energy, which further enables less dispersion, resulting in a reduced environmental imprint.

Additionally, SSDs are capturing the attention of people all over the world due to their benefits such as rapid read-write efficiency, minimal noise, lower power consumption, and mobility, among others. It has the potential to provide a quicker, more energy-efficient, highly secure, and reliable data storage experience. Furthermore, with the increase in game loading speed, the demand for responsive and multi-task processing storage has also surged.?

Solid state drives are also gaining traction in the automotive industry for next-generation connected automobiles and multimedia passenger vehicles, which is fuelling SSD market development. They are utilized in connected automotive applications to address the demand for high-definition graphics, data storage, and networking.

Flash memory-based solid-state drives offer solutions that help to supply high-performance storage and dependability in a variety of in-vehicle applications such as driver-assist technologies, entertainment systems, navigation systems, and 3D mapping.

Region-wise Analysis

Which Region is Projected to Offer the Largest Opportunity for the SSD Market?

During the projected period, the market in North America is expected to continue being the largest market for Solid State Drive with a projected value of over USD 40 Billion by 2032. The large IT corporations in the region require significant data storage solutions at an uncompromised speed. While most of the documentation, as well as records, have started to go on the cloud, the need for solid-state drives is expected to surge in the region.

Country-wise Analysis

Which Country Lies at the CenterStage for SSD Market Revenue?

China is expected to account for the highest Solid State Drive (SSD) Market Share. The market in the country is projected to reach a valuation of USD 794.2 Million by the end of 2032 with an expected CAGR of 35.8% by the end of 2032.

The key element driving market expansion includes the decline in the price of SSDs and the general degradation of the price of data storage. Besides, several global memory manufacturers are spending massive sums, which are bolstered by government initiatives such as Made in China 2025.

The Chinese data center industry is predicted to increase due to the supporting government measures and foreign investments. The government's quest for AI in intelligence and security applications is expected to boost the market for SSDs in the region. China is both a massive IoT market and a key provider of component technology.

According to Axa Insurance, by 2020, there will be 200 Billion IoT-connected modules and gadgets in the world, with China producing 95% of them. As a result of the increased volume of Big Data generated by IoT gadgets and corporate applications, the need for faster storage has risen to the top of the priority list.

Category-wise Insights

Which Application Type of SSD is Expected to Score Highest Growth in the Coming Years?

SSD utilization by Enterprises is forecasted to grow at the highest CAGR of around 10% from 2022 to 2032. The worldwide enterprise SSD market is growing due to greater efficiency, high throughput, and improved power efficiency of business SSD. Furthermore, fast developments in high-end cloud services are imparting a substantial influence on the higher usage of SSD solutions for data center applications.

NAND-based flash memory solutions are witnessing substantial demand from organizations due to their long durability, low cost, and quicker storage with a low error rate. This drives the need for SSD solutions in enterprises globally.

The market of enterprise SSD is predicted to develop significantly during the forecast period, due to the rising introduction of high-tech cloud computing in organizations. Furthermore, the significant rise in the utility of SSD over Hard Disc Drive (HDD) in the key business verticals is projected to drive market expansion.

However, the expensive cost of implementing SSD solutions is a significant market barrier. On the contrary, an increase in unstructured data combined with real-time analysis is likely to create a significant potential for the demand of the enterprise SS.

Competitive Analysis

Since the market's entry barriers are high, it is difficult for new firms to enter. The market's existing suppliers are substantially spending on research and development to improve their existing portfolio. The top solid-state drive manufacturers include Intel Corporation, Samsung Group, Micron Technology, Inc., Toshiba Corporation, Western Digital Corporation, Inc., ADATA Technology Co. Ltd., Transcend Information Inc., Kingston Technology Corporation, SK Hynix Inc., and Teclast Electronics Co., Limited.

Some of the recent developments in Solid State Drive Market are as follows:

• In February 2021, Seagate introduced the FireCuda 120 SATA SSDs. It has a sequential read/write speed of 560/540 MB/s. It has capacities ranging between 500GB to 4TB. It is intended for gamers and offers speed, durability, and large storage.
• In April 2021, Samsung introduced a new business SSD with improved performance. They produced a high-performance industrial solid-state drive that covers the most recent Serial ATA (SATA) interface. According to Samsung, the PM1653 is the industry's first 24G SAS SSD manufactured that uses sixth-generation V-NAND memory devices, with storage capacities starting from 800 GB to 30.72 TB for corporate server systems. A high-speed data transfer link such as SAS SSD is utilized in servers and large computer storage devices.
• In March 2021, Western Digital has announced the release of various new consumer-oriented compact SSDs with 4TB Storage under the WD, SanDisk, and WD Black brands. The latest 4TB SSDs are intended for gamers, multimedia makers, and creative workers that want more storage. The WD Black has read rates of up to 2000 MB/s and is compatible with PC, PlayStation, and Xbox One game collections.

Similarly, recent developments related to solid-state drive companies have been tracked by the team at Future Market Insights, which are available in the full report.

Market Segments Covered in SSD Market Analysis

By Type:

• External
• Internal

By Interface Type:

• SATA SSD
• SAS SSD
• PCI-E SSD

By Form Factor:

• 1.8”/2.5”
• 3.5”
• M.2
• U.2
• FHHL/ HHHL

By Storage:

• Under 500 GB SSD
• 599 GB - 1 TB SSD
• 1 TB - 2 TB SSD
• Above 2 TB SSD

By Application:

• Enterprise SSDs
• Client SSDs

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Frequently Asked Questions

How much is the current worth of the SSD Market?

The global SSD Market is worth more than USD 37.6 Billion at present.

What is the sales forecast for SSD Market?

The value of the SSD Market is projected to increase at a CAGR of around 10% from 2022 to 2032.

What was the last 5 year’s market CAGR?

The value of the SSD Market increased at a CAGR of around 15.7% from 2017 to 2021.

What is a key trend shaping the growth of SSD Market?

New product development, technological advancements, rising need for memory devices, faster user interface, strong government support, and foreign investments are the trends shaping the market growth.

At what percentage is sales of SSD Market going to register growth in US?

The market for SSD Market in the US is projected to expand at a CAGR of around 9.1% from 2022 to 2032.