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  • Published In : Jun 2023
  • Code : CMI5778
  • Pages :170
  • Formats :
      Excel and PDF
  • Industry : Semiconductors

The global solid state drive (SSD) market size is valued at US$ 47.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 16% from 2022 to 2030. The market is mainly driven by the rising demand for faster & reliable data storage solutions, advancements in data center infrastructure, and increasing investment in R&D. The rising need for file back-up & archiving in various industries and the introduction of high-end cloud computing interfaces are also contributing to its growth. Furthermore, the growing prevalence of cyber-attacks & other data breaches are driving the demand for SSDs across various organizations.

Global Solid State Drive (SSD) Market: Regional Insights

North America among regions is expected to witness promising growth in the global solid state drive (SSD) market over the forecast period. The regions has biggest markets for PCs, Laptops, and tablets. The adoption of SSDs in notebooks is growing across the region due to decreasing cost of SSD per gigabyte. Moreover, the demand for high-capacity local storage has declined in the region, which is driving the adoption of SSDs. Furthermore, technological developments in HPC, enterprise, and data centers in Canada is also expected to drive growth of the global solid state drive (SSD) market in the coming future.

The global solid state drive (SSD) market is expected to witness robust growth in Asia Pacific region, this is owing to presence of countries in the region that are fastest-growing in terms of data production, such as, China. The adoption of novel technologies and increasing number internet users in the region is driving the development of data centers. Moreover, the region consists countries that are major supplier of chips used for various computing hardware, which also includes SSDs. Thus, these aforementioned factors are likely to drive growth of the market across Asia Pacific.

Figure 1: Global Solid State Drive (SSD) Market Share (%), By Region, 2022

SOLID STATE DRIVE (SSD) MARKET

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Global Solid State Drive (SSD) Market Drivers:

Increasing adoption in data center applications to fuel market growth

A single solid state drive is capable of outperforming multiple spinning disks and it consumes lesser power. Thus, using SSD allows consolidation of servers and reduction in overall physical footprint of a storage racks. SSD used in data center applications rely upon a different set of metrics that consumer PCs. The adoption of SSDs is increasing in these applications. Several data center players are focused on establishment of colocations and hyper-scale data centers to gain large capacities of storage and to manage bulk of business data. Thus, this factor is further expected to fuel growth of the global solid state drive (SSD) market over the forecast period.

Growing demand from the high-end cloud segment to boost market pace

With increasing amount of consumer data being stored in the cloud, the use of SSDs is now a desirable alternative to HDD storage. Due to this, the demand for PCI Express-based storage performance-sensitive applications as well as in in-memory workloads, which also includes machine learning and cloud. The lowest latency and fastest performance is now a popular option in data analytics and high-performance rendering, as PCI express-based SSDs are the go-to interface for such sections. Moreover, several businesses are shifting towards use of local cloud storage systems for accommodating multiple file-handling, archive, and backup strategies. Thus, demand for SSDs in high-end cloud segment is increasing, which in turn is expected to drive growth of the global solid state drive (SSD) market during the forecast period.

Global Solid State Drive (SSD) Market Opportunities:

Increase in adoption of enterprise SSDs is likely to generate growth opportunities in the global solid state drive (SSD) market during the forecast period. With increasing adoption of these SSDs, they will become more cost-effective in the coming years. Due to the rapid profits, companies are shifting to SSDs even though they are more expensive compared to HDDs on a dollar per gigabyte basis. Thus, the demand for enterprise SSDs is increasing across several industries, which in turn will benefit players in the global solid state drive (SSD) market.

Constantly growing investments by memory companies is anticipated to create lucrative environment for growth opportunities in the global solid state drive (SSD) market over the forecast period. Memory companies are continuously making investments to ensure economies of scale in support to the whole industry and a gradual decrease in cost in the future. This is further leading to cost reductions in enterprise SSDs. Thus, this factor is likely to bring in growth opportunities in the global market.

Solid State Drive (SSD) Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 47.6 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 16% 2030 Value Projection: US$ 155.9 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa
Segments covered:
  • By SSD Interface: SATA, SAS, PCIE, and Other SSD Interface
  • By Application: Enterprise, and Client
Companies covered:

Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC.

Growth Drivers:
  • Increasing adoption in data center applications
  • Growing demand from the high-end cloud segment
Restraints & Challenges:
  • Concerns regarding total lifespan of SSDs 
  • High cost of SSDs    

Global Solid State Drive (SSD) Market Trends:

Emerging new device categories and architectures is a major trend

The emergence of novel device categories as well as architectures such as computational storage in Ethernet SSDs is growing rapidly. This in turn is likely to overcome tailbacks in the system. For instance, computational storage in future will be able to offload post-processing and cut down data movement for enabling improvements in performance of application and efficiency of infrastructure. Thus, this trend is likely to grow in the global solid state drive (SSD) market over the forecast period.

Vertical stacking of storage cells is a recent trend

Several companies are adopting vertical stacking of storage cells, such as Samsung. The company has adopted this module in its 850 series, as it leveraged the ground-breaking advancement for expanding the offerings of high-capacity SSD of the company. This has established 3D V-NAND, as the standard for consumer SSDs of Samsung. Thus, this trend is likely to boost demand for solid state drive (SSD) market in the forecast future.

Global Solid State Drive (SSD) Market Restraints:

Concerns regarding total lifespan of SSDs to hinder the market pace

The popularity of solid state drives has increased in recent years, as they have become sleeker with an efficient drive using flash memory in the place of platters and other moving parts. Due to the speed and reliability of SSDs, it is widely being preferred by businesses, consumers, and institutions. However, the lifespan of an SSD is a concern, as it comes down to the age of the drive, number of TB written, and drive writes per day. Sometimes, this number may come out to several hundreds of years, however, the age limit for an SSD written to is nearly ten years, which can be a short span for some. This factor thus, is expected to hinder growth of the global solid state drive (SSD) market during the forecast period.

High cost of SSDs to obstruct the market pace

The cost of 1 GB SSD is higher compared to that of an HDD. 1 TB internal HDD can cost around US$ 0.07 per GB, while an SSD with the same capacity can cost US$ 0.30 per GB. Thus, implementation of SSDs can be an expensive expenditure for some businesses, and this factor is likely to hinder growth of the global solid state drive (SDD) market during the forecast period. However, market players are launching novel solutions with increased capacity and reduced price, which is expected to support the market growth.     

Figure 2: Global Solid State Drive (SSD) Market Share (%), By Type, 2022

SOLID STATE DRIVE (SSD) MARKET

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Global Solid State Drive (SSD) Market Segmentation:

The global solid state drive (SSD) market report is segmented into SSD Interface and Application.

Based on SSD Interface, the market is segmented into SATA, SAS, PCIE, and Other SSD Interface. Out of which, SATA is expected to dominate the global market over the forecast period and this is attributed to the increasing need on higher reliability standards leading to demand for SATA SSD products. The need for SATA SSD products is growing to comply with different international standards in order to ease deployment in federal and government agencies, financial institution, and healthcare, as the need for securing huge amount of data is growing across these sectors. Thus, the segment is likely to show strong growth in the coming future.

SAS segment is also expected to witness significant growth in the near future and this is owing to the growing adoption of serial-attached small SSD. It is widely utilized in servers and processing-heavy computer workstations having higher write/read speeds. Market players are increasingly launching new SAS interface-based SSDs in the market. For instance, in June 2020, Kioxia Corporation introduced a new generation of SAS SSD devices in its PM6 Series. The new SSD is developed on the 24G SAS technology, which is enabled through the PCIE 4.0 ecosystem.

Based on Application, the market is segmented into Enterprise and Client. Out of which, Enterprise is expected to dominate the global market over the forecast period and this is attributed to the rise in need for enterprise class SSDs in data centers. To cater this growing need, several market players are boosting their production capacity. For instance, in February 2021, Samsung started mass production of the PM9A3 E1.S, a complaint to Open Compute Project NVMe Cloud SSD Specification for enterprise workload.

Client segment is also expected to witness significant growth in the near future and this is owing to the rapidly growing adoption of client SSD. This is leading to launch of new products lines by major market players. For instance, in May 2020, Micron launched Client SSD, which is based on the NVMe technology for computing applications.

Global Solid State Drive (SSD) Market: Key Developments

In March 2021, Intel Corporation introduced Intel SSD 670p, with a capacity of up to 2terabytes in one drive. The new SSD is thus, a suitable choice for daily computing and popular gaming, as it provides enhanced performance over older Intel QLC 3D NAND SSD.

In March 2021, Samsung Electronics Co. Ltd. launched its first consumer SSD without DRAM. The novel 980 NVMe SSD offers the top performance in DRAM-less SSDS, as per the company. The new consumer SSD will be available in 250GB, 500GB, and 1TB models.

In April 2020, Micron Technology Inc. introduced novel Micron 5210 ION enterprises SATA SSD capacity and features. The company became the first one to create QLC NAND technology for the data center.

In March 2021, Western Digital Corporation launched various new portable SSDs having capacity of 4 terabytes. These new consumer-oriented portable SSDs are new offerings from the WD, WD Black, and SanDisk brands.

Global Solid State Drive (SSD) Market: Key Companies Insights

The global solid state drive (SSD) market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global solid state drive (SSD) market are Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC.

*Definition: An SSD is a form of flash memory that offers faster data transfer rates and better performance than traditional hard disk drives. It is used in laptops, PCs and other devices for faster access to data.

Frequently Asked Questions

The global solid state drive (SSD) market size is estimated to be valued at US$ 47.6 Million in 2022 and is expected to exhibit a CAGR of 16% between 2023 and 2030.

Increasing adoption in data center applications and growing demand from the high-end cloud segment are fuelling the market.

The PCIe segment is the leading component segment in the market.

Concerns regarding total lifespan of SSDs and high cost of SSDs are the major factors restraining growth of the market.

Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC

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