NOR Flash Market size to outstrip US$ 6,069.5 Mn by 2028 growth projections at 14.4% CAGR during 2021 to 2028 COVID Impact and Global Analysis

NOR Flash Market: Key Insights

According to our latest market study on “NOR Flash Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Density,” the market is projected to reach US$ 6,069.5 million by 2028 from US$ 2,361.9 million in 2021; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.

NOR Flash Market: Competitive Landscape and Key Developments

Cypress Semiconductor Corporation; Dialog Semiconductor PLC; Gigadevice; Integrated Silicon Solution Inc.; JSC; Kioxia Corporation; Macronix International Co., Ltd; Micron Technology, Inc.; and Winbond Electronics Corporation are among the key companies operating in the NOR flash market. Several other market players have been analyzed to understand the market. Further, industry associations for NOR flash memory include the Association for Computing Machinery and Personal Computer Memory Card International Association (PCMCIA).

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In 2021, Winbond Electronics Corporation, a major global supplier of semiconductor memory solutions, has announced the addition of a new single die monolithic 1.8V 512Mb SPI NOR flash that can handle up to 166 MHz standard/dual/quad SPI clocks to their comprehensive solution of SPI NOR flash.

In 2020, Infineon Technologies AG expands its memory capabilities with the acquisition of Cypress Semiconductor Corporation. Semper Secure is now available for Infineon’s award-winning Semper NOR Flash memory platform. Semper Secure NOR Flash is the first memory solution to combine security and functional safety in a single NOR flash device, delivering the security, safety, and reliability required for the most advanced connected automotive, industrial, and communications systems. It is based on Semper NOR Flash’s field-proven and robust smart memory architecture.

The rapidly expanding technological developments, coupled with the humongous production of data, have critically increased the demand for flash memory solutions that are capable of handling large data efficiently. The NOR flash memory fits into almost every expectation of end-user, as they deliver a better-read performance and operate faster than already existing memory technologies. NOR flash memory is one of two types of nonvolatile storage technologies. It is mostly used in applications that require individual bytes of data to be written and read, and it is also used in random access and execute-in-place access techniques. The consumer electronics industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features of modern devices. As a result, smartphones, tablets, PCs, TVs, washing machines, refrigerators, and music players have become an integral part of people’s lives. These devices are becoming smarter with the ongoing technological advancements and integration of the Internet of things (IoT) and artificial intelligence (AI) with them.

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Impact of COVID-19 Pandemic on NOR Flash Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. The pandemic had an adverse effect on the semiconductors industry in the first half of 2020. However, according to the Semiconductor Industry Association (SIA), global semiconductor sales increased by ~11% in Q3 2020. Thus, an immediate resurgence of the industry to catch up with new planned and ongoing initiatives led to a rise in the demand for NOR flash memory in the latter half of 2020.

The NOR flash market is segmented based on type, application, density, and geography. Based on type, the market is further segmented into serial NOR flash and parallel NOR flash. The serial NOR flash segment held a larger market share in 2020. Based on application, the NOR flash market is sub-segmented into telecommunication, networking, industrial, automotive, smart grid space, and others. The industrial segment held the largest market share in 2020. Based on density, the market is segmented into less than 250 MB, 250 MB – 1 GB, and more than 1 GB. The less than 250 MB segment held the largest market share in 2020. In terms of geography, the NOR flash market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).  APAC accounted for a significant market share in 2020.

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