NAND flash (global market)

Chronicle

2024: Market growth 4% to $74.93 billion

In 2024, the global NAND flash memory market reached $74.93 billion. This is 4% more compared to 2023, when sales of products of this type were estimated at $71.79 billion. Such data are given in the Market Research Future study, the results of which were published at the end of February 2025.

Demand for the NAND chips that underlie solid-state drives (SSDs) is growing around the world due to the increasing need for high-performance drives for various industries. Such devices, in particular, are in demand in the segment of data centers (data centers ) and cloud platforms. As digital transformation continues and workloads move to the cloud, data center operators and hyperscalers are investing heavily in All-Flash storage arrays. These systems provide faster access speeds and lower power consumption than traditional hard drive solutions. With the rapid development of artificial intelligence and machine learning, the volume of information generated is growing rapidly, which also stimulates SSD sales.

Another analyst driver is the consumer electronics segment. NAND chips are in demand in a variety of products - from smartphones, tablets and laptops to Internet of Things (IoT) devices, wearable electronics and smart home technology . Flash-based drives are also widely used in the automotive sector. At the same time, high-reliability SSDs that are resistant to external influences and temperature changes are used in many critical areas, including the aerospace and defense industries.

Technological advances play an important role in the development of the market. The transition to more advanced memory architectures, the development of next-generation controllers, and the introduction of advanced interfaces enable high-capacity solid-state drives with high read/write speeds. Overall, the global NAND flash memory market is focused on sustainable growth driven by innovation and changing consumer needs.

The authors of the study identify five key industry segments: consumer electronics, data centers, automotive equipment, industrial solutions and mobile devices. In 2024, the first of these areas provided revenues of about $28 billion. Drives for data centers brought $20 billion, for automotive systems - $10 billion. The industrial sector accounted for approximately $8 billion, mobile devices - $8.93 billion. Significant players in the global market are:

• Intel;
• SanDisk;
• Western Digital;
• Samsung;
• Crucial;
• Kioxia;
• Adata Technology;
• Winbond Electronics;
• Micron Technology;
• SK Hynix;
• Transcend Information;
• Toshiba;
• Nanya Technology;
• Kingston Technology.

Geographically, in 2024, North America brought the largest revenue - $27 billion -: many large IT companies and data centers of leading cloud providers such as Amazon Web Services (AWS), Microsoft Azure and Google Cloud are located here. In second place is the Asia-Pacific region with costs of about $25 billion, and Europe closes the top three with $15 billion. This is followed by South America with $4 billion, as well as the Middle East and Africa with $3.93 billion.

Market Research Future analysts believe that in the future, the CAGR in the market under consideration will be about 4.37%. As a result, by 2035, costs on a global scale could increase to $120 billion.^[1]

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