Copyright © 2024 Research Nester. All Rights Reserved
Magneto Resistive RAM (MRAM) Market size was over USD 1.32 billion in 2023 and is anticipated to cross USD 682.03 billion by 2036, growing at more than 61.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of magneto resistive RAM is estimated at USD 1.97 billion.
Increasing adoption of digitalization and technological advancement such as Internet of Things (IoT) and cloud computing along with the increasing demand for electronic products are some of the significant factors boosting the market growth.
Growth Drivers
Potential to Replace Alternate Memory Products to Boost the Market Growth
Increase in research activities to develop innovative read access memory products such as embedded and discrete MRAMs fuels the growth of market. Additionally, the magneto resistive RAM (MRAM) holds the potential to replace flash memory and other electrically erasable progRAMmable read-only memory (EEPROM). This is anticipated to significantly expand the magneto resistive RAM (MRAM) market.
Growing Demand in Electronic Devices and Aerospace Industry to Drive the Market Growth
There is an increased demand for low-cost, small-size, power-efficient MRAMs in electronic, aerospace, defence and military systems owing to its favourable physical characteristics such as endurance to high radiation, operation in extreme temperature, tamper-resistant and faster computing. Additionally, its applications in enterprise storage solutions reduces the overall system downtime which further spurs the market growth. On the back of these, the global magneto resistive RAM (MRAM) market is predicted to grow over the forecast period.
Challenges
Despite the technological advancements, there is a high cost involved in designing and manufacturing which negatively affect the market growth. Further, the interface problems associated with memory is estimated to hinder the growth of market in the future.
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
61.7% |
|
Base Year Market Size (2023) |
USD 1.32 billion |
|
Forecast Year Market Size (2036) |
USD 682.03 billion |
|
Regional Scope |
|
The market is segmented by application into consumer electronics, aerospace and defence, robotics, enterprise storage, automotive and others. Among these segments, the segment for consumer electronics is anticipated to grow at the highest rate in the magneto resistive RAM (MRAM) market as a result of increasing adoption of smartphones, laptops, electronic wearables and digital cameras which utilize advanced memory devices to ensure low energy consumption and reduce the boot up time.
Our in-depth analysis of the global market includes the following segments:
By Technology |
|
By Product |
|
|
By Application |
|
On the basis of regional analysis, the magneto resistive RAM (MRAM) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for magneto resistive RAM (MRAM) in North America industry is predicted to dominate majority revenue share by 2036, as enterprises are shifting towards data centres in order to reduce the cost of technology infrastructure and to achieve faster computation, lesser power consumption and better scalability which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of advancements in infrastructure of data centres and information technology hubs. Additionally, the increased usage of internet and penetration of cloud computing along with the large number of memory manufacturers in the countries such as China and India owing to ample availability of raw material and cheap labour, further raise the demand for magneto resistive RAM (MRAM) market.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?