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The magneto resistive ram (MRAM) market size is forecast to increase by USD 1.62 billion at a CAGR of 32.16% between 2024 and 2028. The market expansion is influenced by various factors. Primarily, the need for energy efficiency in technology drives market growth. MRAM's low power consumption sets it apart from other memory technologies, making it an attractive option for manufacturers. Additionally, the trend towards miniaturization in technology further boosts the market. MRAM's small form factor aligns with this trend, enabling its integration into a wide range of devices. Furthermore, the healthcare sector stands to gain significantly from IoT devices, and MRAM's large-scale benefits make it an ideal choice for these applications due to its high endurance, fast read and write speeds, and non-volatility.
It also includes an in-depth analysis of market trends and analysis, market growth analysis, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is at the forefront of computing technologies, poised to revolutionize various sectors including the Internet of Things and smart robots. Offering advantages like low-power consumption and high-speed operation, MRAM encompasses variants like Toggle MRAM and Spin-transfer Torque MRAM, leveraging spin-transfer torque and magnetic tunnel junction technology. It competes with traditional memory solutions like Dynamic Random Access Memory (DRAM), targeting applications in automobiles, enterprise storage systems, and workstations. With its potential in defense industries and high-temperature data storage, MRAM bridges the gap between Flash and EEPROM technologies. Its versatility extends to 5G technologies in the commercial and industrial sectors, offering reliable data storage solutions for emerging applications. As demand grows for low-power MRAM variants, the market anticipates significant growth in NAND and other segments. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The low power consumption is notably driving the market growth. The technologies are mainly used in battery-powered wireless sensors, as they consume about 50% less power than other flash memories. This increases the battery life, which enables OEMs to integrate this technology into devices. Moreover, the module has advanced features such as faster access time and non-volatile data storage when compared to other technologies.
SRAM retains data bits in its memory as long as power is being supplied. It does not have to be periodically refreshed. STT MRAM has replaced SRAM, which is used as cache memory. For wireless and portable applications, especially IoT, energy budget is critical. Hence, engineers need to consider the rate of power consumption of devices. Technologies with fast-write and power-up-to-write times, reduce power consumption compared with EEPROM or flash. This, in turn, creates a demand for the modules. These factors attract device manufacturers and end-users. Therefore, low power consumption is expected to fuel the growth of the global market during the forecast period.
The integration of MRAM in smartphones is a key trend in the market. During the forecast period, the integration into smartphones will provide various advantages. For example, the technology retains data when the power is removed. It also offers a higher read-write speed when compared to other technologies such as Flash and EEPROM. This data does not degrade over time. In addition, it consumes low power.
In 2021, there were about two billion smartphone users across the world. The growth in the number of smartphone devices is directly proportional to several factors, such as technology and innovations. Vendors such as Avalanche Technology Inc., Everspin Technologies Inc., Renesas Electronics Corp., Honeywell International Inc., and Teledyne Technologies Inc. are conducting research on technology. This is expected to lead to the development of low-capacity memory chips for IoT sensors and mobile devices. Therefore, the integration in smartphones is expected to drive the growth of the global magneto-resistive RAM market during the forecast period.
Memory density issues may impede market growth. MRAM has a lower density than other memory technologies, including Dynamic random-access memory and Flash Memory. MRAM uses magnetic fields to store data and requires more space than electrical charges used in other memory technologies. This limits the amount of memory that can be stored in a given space, which makes it more expensive to manufacture when compared to other memory technologies.
The size of the memory cells is another factor that restricts their memory density. The cells are larger than DRAM and Flash memory cells, which indicates that fewer cells can be packed into a given space. This reduces the overall memory density. In addition, memory density is critical to the global memory market, and the lack of memory density can challenge its adoption. This is evident for applications that require high memory density, including servers, data centers, and other large-scale applications. These factors are expected to hinder the growth of the global magneto-resistive RAM market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
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Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avalanche Technology Inc. - The company offers MRAM such as Embedded Perpendicular MRAM and Tornado discrete MRAM.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the automotive and aerospace and defense segment will be significant during the forecast period. This segment mainly includes defense and military products such as aircraft and automotive powertrains.
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The automotive and aerospace and defense segment was valued at USD 78.90 million in 2018. The demand for defense and military products such as aircraft is increasing globally due to political tensions in the Middle East, Eastern Europe, North Korea, and the East and South China Seas. In the automotive industry, MRAM is used in advanced driver assistance systems (ADAS) and infotainment systems. It is also used in infotainment systems, as it can store large amounts of data, such as maps, music, and videos. In the aerospace industry, it is used in avionics systems, including flight control systems, navigation systems, and communication systems. Avionics systems need to operate in harsh environments such as high altitudes, extreme temperatures, and radiation. Hence, MRAM is an ideal solution for avionics systems owing to its non-volatile nature and high endurance. In the defense industry, it is used in various applications such as missile guidance systems, radar systems, and communication systems. This is because these systems require high reliability, speed, and endurance to operate in mission-critical situations. Such factors will drive the growth of the global market during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period.
North America is another region that will contribute significantly to the growth of the global magneto-resistive RAM market during the forecast period. The demand for this technology is expected to increase in the region owing to its advantages, such as low power consumption and faster write speed. This technology is used significantly by the automotive, aerospace, defense, and enterprise storage industries, which is expected to boost its demand in the region. Rapid technological advances and changes in consumer preferences are also expected to contribute to the growth of the market.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Resistive RAM Market: Resistive RAM Market by Memory Type and Geography - Forecast and Analysis
Dynamic Random Access Memory (DRAM) Market: Dynamic Random Access Memory (DRAM) Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, South Korea, Japan, Germany - Size and Forecast
SRAM and ROM Design IP Market: SRAM and ROM Design IP Market by Type and Geography - Forecast and Analysis
The market experiences robust demand driven by diverse applications across electronic devices such as televisions, smart wearables, and computers, including drones, industrial systems, and automotive systems. With capabilities to withstand high radiation and extreme temperature conditions, MRAM emerges as a tamper-resistant solution ideal for defense systems and military applications. Positioned as next-generation read access memory,
Furthermore, MRAM finds utility in smartphones industries, server and PC memory, and cloud computing, enhancing memory capacity and power efficiency. From laptops to digital cameras, MRAM enables mass producing of memory products with applications in the automotive sector, powering engine control units, advanced transmission control, and in-car data logs. Its integration in medical devices supports next-generation sensors for non-invasive diagnostic testing, while in hospitals it aids in automated technologies for tasks like temperature monitoring and medicine delivery. With its role in semiconductor technology and in-memory computing, MRAM shapes the future of artificial intelligence chips and industrial IoT, offering non-volatile memory solutions for embedded systems and Internet of Things enabled devices.
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Market Scope |
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Report Coverage |
Details |
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Page number |
178 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 32.16% |
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Market growth 2024-2028 |
USD 1.62 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
24.43 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Germany, Canada, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ARCO INC., Avalanche Technology Inc., Crocus Nano Electronic LLC, Everspin Technologies Inc., Fujitsu Ltd., Honeywell International Inc., IMEC Inc., KLA Corp., MEMTECH, Numem Inc., NVE Corp., NXP Semiconductors NV, Renesas Electronics Corp., Samsung Electronics Co. Ltd., SK hynix Co. Ltd., SPIN MEMORY INC., SRAM and MRAM Group, Taiwan Semiconductor Manufacturing Co. Ltd., Teledyne Technologies Inc., and Yole Developpement SA |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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