Solid State Drives (SSD) Market Share, Size and Growth Analysis By 2029

The Solid State Drives (SSD) market is projected to grow significantly, reaching a value of US$ 143,557.0 million by 2029, up from US$ 53,829.6 million in 2021. This growth represents a compound annual growth rate (CAGR) of 15.0% from 2022 to 2029.

The global Solid State Drives market is segmented into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America emerged as the leading region in terms of revenue generation within the SSD market. Meanwhile, Europe is witnessing notable growth trends. Prominent players in this sector include G.SKILL International Enterprise Co., Ltd., Silicon Power Computer & Communications Inc., Hangzhou Hikstorage Technology Co., Limited, Western Digital Corporation, and Kingston Technology Europe Co LLP.

The surge in global demand for SSDs, coupled with the incorporation of advanced technologies such as artificial intelligence in various industries, is propelling market expansion. The adoption of single packaged SSDs is also contributing to the miniaturization of IoT devices. However, the presence of trade barriers due to differing regulations and policies across nations may pose challenges to market progression.

North America is particularly adept at embracing the latest technological innovations in the electronics and semiconductor sectors. The extensive application of SSDs across diverse industries, including networking, telecommunications, automotive, aerospace, defense, and consumer electronics, is evident in major North American countries such as the US, Canada, and Mexico. Conversely, many nations in the Asia Pacific region are still in the developmental phase and lag behind their Western counterparts. Nevertheless, with rising disposable incomes, there is an anticipated increase in demand for vehicles and consumer electronics in countries like Bangladesh, India, Malaysia, China, and the Philippines. This trend is expected to drive the need for SSDs in various applications, including vehicles, personal computers, laptops, tablets, notebooks, and smart wearables.

The expansion of the media and entertainment industry in the Asia Pacific region is significantly influencing market growth. Despite the disruptions caused by the COVID-19 pandemic, the demand for SSDs in connected medical devices remained stable. The supply chain began to recover in the latter part of 2020, and the Solid State Drives market is poised for considerable growth globally in the near future.

The Solid State Drives market is categorized into several segments, including type, technology, storage capacity, and end-user. The type segment encompasses internal and external SSDs, while the technology segment includes single-level cell, multi-level cell, and triple-level cell SSDs. The storage capacity segment is further divided into four categories: under 500 GB, 500 GB to 1 TB, 1 TB to 2 TB, and above 2 TB. Finally, the end-user segment is classified into industrial, enterprise, and consumer categories.

Innovations in Key SSD Components:

For many years, hard disk drives (HDDs) have been the primary storage solution for personal computers and servers. However, solid-state drives (SSDs) have gained popularity in recent times due to their numerous advantages over traditional storage technologies. The pace of innovation within the SSD sector continues to accelerate.

Initially, SSDs were constrained by the SATA protocol, but the advent of the PCIe interface, designed specifically for high-speed components like SSDs, has enabled them to achieve their full potential. A notable trend in PCIe SSDs is the emergence of Non-volatile Memory Express (NVMe), a high-speed storage communication standard that operates on top of PCIe, allowing SSDs to be fully utilized by hardware and the latest compute-intensive applications. The ball grid array (BGA) SSD, which is nearly 100 times smaller than a traditional 2.5" SSD and is soldered directly onto the motherboard, represents a significant advancement in SSD form factors. Although BGA devices are not upgradeable, their compact design makes them ideal for ultra-portable devices and gadgets with limited space, and their rapid data transfer rates appeal to consumers. The NVMe interface is anticipated to become the predominant storage interface in the near future, with BGA NVMe SSDs expected to provide larger storage capacities and extend their applicability to a wider range of consumer gadgets, portable devices, and wearables.

Leading companies in the global Solid State Drives market include G.SKILL International Enterprise Co., Ltd., Silicon Power Computer & Communications Inc., Hangzhou Hikstorage Technology Co., Limited, Western Digital Corporation, and Kingston Technology Europe Co LLP.