Serial NOR Flash Market - Size, Share, Industry Trends, and Forecasts (2023 - 2031)

By Type :

Based on the type, the market is bifurcated into 1 Mb, 4 Mb, 8 Mb, 32 Mb, 64 Mb, and others. The largest serial NOR flash market share for type segment is accounted to 32 Mb segment in year 2022. 32 Mb product type offers several features including SPI/DTR (Double Transfer Rate) read, programmable output driver strength, individual block/sector write protection, and others. The above benefits of 32 Mb product type is further increasing its utilization in automotive, medical devices, and other related applications.

For instance, in June 2021, Digilent introduced Pmod SF3 which is a 32 Mb serial NOR flash memory module. The memory module is designed to provide additional non-volatile storage capacity for microcontrollers and FPGA boards. Therefore, the rising innovations associated with 32 Mb product type is a prime factor proliferating the expansion of the segment.

The 64 Mb segment is anticipated to register fastest CAGR growth during the forecast period. The 64 Mb product type memory offers a range of features including SPI-compatible serial bus interface, increased throughput, program/erase suspend operations, erase capability, and enhanced performance among others. Analysis of market trends indicates that the 64 Mb NOR flash is primarily used in consumer devices, communication systems, military & defense systems, and other industrial applications.

For instance, Winbond is among few of the memory module manufacturers that offers a range of 64 Mb product type solutions for application in automotive, communication, and industrial applications. SPI NOR is optimized for utilization in wearable and industrial applications including health monitors, fitness trackers, GPS trackers, drones, and others. Thus, the increasing development of 64 Mb product type for utilization in automotive, communication, and industrial applications is a vital factor expected to drive the expansion of the market during the forecast period.

By Sales Channel :

Based on the sales channel, the market is segregated into online and offline. The largest serial NOR flash market share for sales channel segment is accounted to sales channel segment in year 2022. Online sales channel offers a method of distribution in which the manufacturers sell products through the company websites or any other third-party e-commerce websites that are available on the internet. Online distribution channels offer several benefits including easy access to the products, quicker comparison of multiple products and prices, faster buying process, and higher flexibility. The above benefits of online sales channels are key determinants for driving its utilization for the distribution of NOR flash memory.

For instance, Microchip Technology Inc. is among the few memory module manufacturers that provide a range of solutions for online purchase through the company website along with multiple e-commerce websites including Amazon, eBay, and others. Hence, the increasing availability of SPI NOR through online sales channels is a prime factor fostering the rise of the market.

Evaluation of market trends indicates that offline segment is expected to witness fastest CAGR growth during the forecast period. Offline sales channel involves the distribution of products from manufacturers to the end-users indirectly through offline distributors including specialty stores, regional distributors, and others. The expansion of the offline segment is attributed to several factors including the including a strong customer base, higher credibility, and ease of customization as per the target market among others.

For instance, Infineon Technologies AG, and Winbond are few of the manufacturers of memory module that offers a range of product solutions through various offline regional distributors including Mouser Electronics Inc., DigiKey, Arrow Electronics, and others. Hence, the increasing availability of product in offline sales channel is prominently driving the serial NOR flash market growth during the forecast period.

By End-User :

Based on the end-user, the market is segregated into consumer electronics, IT & telecommunication, automotive, medical, and others. The serial NOR flash market analysis suggested that the consumer electronics segment accounted for the largest revenue share of 36.29% in the year 2022. Factors including progressions in consumer electronics including growing demand of smartphones, computers, and other consumer devices, and rising popularity of smart wearable devices are driving the expansion of the consumer electronics segment.

According to GSM Association, the adoption of smartphones in Italy is projected to reach 81% by 2025, witnessing an increase from 77% in 2021. Additionally, according to Japan Electronics and Information Technology, the overall production by the Japanese electronics sector reached up to worth USD 95.2 billion in 2021, depicting an increase of 9.9% in contrast to 2020. Thus, the growing consumer electronics sector is increasing the utilization of NOR flash memory in smartphones, computers, wearables, and other consumer devices, in turn driving the rise of the market.

The serial NOR flash market analysis indicated that automotive segment is expected to witness the fastest CAGR growth during the forecast period. The proliferation of automotive segment is primarily driven by multiple factors including advancements in autonomous driving systems, growing need for enhanced automobile storage solutions, and rising production of automobiles among others.

For instance, Microchip Technology offers a broad product range of including 4 Mb, 8 Mb, 32 Mb, 64 Mb, and others in its product portfolio that are particularly designed for utilization in automotive applications. Additionally, Winbond offers W25H02JV_DTR model that is designed for deployment in automotive applications including ADAS, infotainment systems, instrument clusters, and others. Thus, the rising development of NOR flash memory or utilization in automotive applications is among the key factors significantly boosting the serial NOR flash market growth during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America is estimated to reach over USD 599.07 Million by 2031 from a value of USD 400.00 Million in 2022 and is projected to grow by USD 410.11 Million in 2023. The market expansion in the North American region is driven by the deployment of memory in automotive, medical, IT & telecommunication, and other sectors. Analysis of serial NOR flash market trends concludes that the, rising development of telecom data centers and increasing demand for high-capacity server and storage solutions in data centers are among the significant factors driving the market expansion in the region.

For instance, in January 2023, ManageEngine announced the launch of two new data centers in Montreal and Toronto cities in Canada, with the aim of offering Canadian customers the benefits of localized data centers with enhanced data security and functionality. The above factors are driving the integration of NOR flash memory for application in data center servers, storage, and networks for storing large volumes of data and electronic information, in turn driving rise of the market in North America. Furthermore, the increasing investments in electric vehicles and rising demand for medical devices are projected to drive the market proliferation in North America during the forecast period.

Asia-Pacific is expected to grow with the highest CAGR growth of 5.3% and is estimated to reach over USD 466.22 Million by 2031 from a value of USD 299.06 Million in 2022 and is projected to grow by USD 307.67 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 28.5% in the same year. The growing pace of industrialization and development is creating lucrative growth aspects for the market in the region. Evaluation of serial NOR flash market trends concludes that the factors including the development of various industries including consumer electronics, automotive, and others are driving the market expansion in the Asia-Pacific region.

For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall automotive production in Asia-Pacific reached 50,020,793 units in 2022, witnessing a rise of 7% from 46,768,800 units in 2021. SPI NOR are primarily used in the automotive sector for storage applications, particularly in ADAS, infotainment system, and other safety-critical systems. Therefore, the growing automotive sector in the Asia-Pacific region is thereby proliferating rise of the market in the region during the forecast period.