solid state drives (ssd) Market

The Solid State Drives (SSD) market is expected to reach US$ 143,557.0 million by 2029 from US$ 53,829.6 million in 2021; it is estimated to grow at a CAGR of 15.0% from 2022 to 2029.

The global Solid State Drives market  is divided into five regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America was the leading revenue contributor in the Solid State Drives market . Europe, however, is experiencing significant growth. Key players in the 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.

The increasing demand for SSDs worldwide and the integration of cutting-edge technologies like artificial intelligence in the industrial sector are driving market growth. The use of single packaged SSDs reduces the size of IoT devices. However, trade barriers resulting from varying regulations and policies across different countries may serve as a hindrance to market growth.

The North American region is particularly quick in adopting the latest technological advancements in the electronics and semiconductor industry. The widespread use of SSDs in various industries such as networking, telecommunications, automotive, aerospace, defense, and consumer electronics can be seen in the major North American countries like the US, Canada, and Mexico. On the other hand, the majority of countries in the Asia Pacific region are still developing or are not as advanced as the western countries. However, with the increasing disposable income, the demand for vehicles and consumer electronics products is expected to increase significantly in countries such as Bangladesh, India, Malaysia, China, and the Philippines. This, in turn, drives the demand for the required SSDs in vehicles, personal computers, laptops, tablets, notebooks, and smart wearables, among others.

The growth of the media & entertainment sector in Asia Pacific is having a significant impact on the market growth. Although the COVID-19 pandemic impacted production, the demand for SSDs for connected medical devices remained stable. The supply chain has begun to recover in the final quarter of 2020 and the Solid State Drives market  is expected to see substantial growth worldwide in the near future.

The Solid State Drives market  is divided into various categories such as type, technology, storage, and end-user. The type segment includes internal and external SSDs, while the technology segment is comprised of single level cell, multi-level cell, and triple level cell. The storage segment is further divided into four sub-categories: under 500 GB, 500 GB to 1 TB, 1 TB to 2 TB, and above 2 TB. Lastly, the end-user segment of the Solid State Drives market  is categorized into industrial, enterprise, and consumer segments.

Innovations in Critical SSD Components:

For a long time, hard disk drives (HDDs) have been the go-to storage technology for personal computers and servers. In recent years, however, solid-state drives (SSDs) have become increasingly popular due to their advantages over traditional storage methods. The innovation in the SSD industry shows no signs of slowing down.

Initially, SSDs were limited by the SATA protocol, but the introduction of the PCIe interface specifically designed for high-speed components like SSDs allowed them to reach their full potential. The latest trend in PCIe SSDs is Non-volatile Memory Express (NVMe), a high-speed storage communication standard that runs on top of PCIe and allows SSDs to be utilized to their fullest by hardware and new generations of compute-intensive applications. The ball grid array (BGA) SSD, which is nearly 100 times smaller than a 2.5" SSD and soldered directly to the motherboard, is an important development in the form factor of SSDs. Although BGA devices cannot be upgraded, their compact size makes them ideal for ultra-portable devices and gadgets where space is limited, and their fast data transfer rates make them attractive to consumers. The NVMe interface is expected to become the dominant storage interface in the near future. BGA NVMe SSDs are expected to offer larger storage space and expand their reach to more consumer gadgets, portable devices, and wearables.

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. are some of the top players operating in the global Solid State Drives market.