The form factor advantages & unparalleled costs of NAND flash memory have driven floppy disks and one-inch hard drives to extinction. The NAND flash memory is escalating its demand among the exclusive domain of Hard Disk Drives (HDDs) & DRAM in the form of solid-state drives (SSDs).
SSDs act as a storage device, i.e., non-volatile & can store persistent data on the SSD memory. These comprise an array of semiconductor memory organized as a disk drive and use integrated circuits instead of magnetic or optical storage media. An SSD, the newest solution to fast & high-capacity storage, is easier to install & carry and more efficient & durable. The mounting need for quick data access & data sharing and the proliferation of thin & light mobile devices are also encouraging the usage of SSDs in the computing infrastructure.
The Global Solid State Drive Market is anticipated to grow at a CAGR of around 14.9% during the forecast period, i.e., 2021-26. The burgeoning usage of Solid-State Drives (SSDs) in consumer electronic devices, including tablets, laptops, desktops, & smartphones, is driving the market. Besides, the rising application of SSDs in data centers & cloud computing applications is another crucial factor augmenting the global market growth.
Besides, owing to benefits like better efficiency, high speeds, higher enhanced performance, & improved cost-effectiveness, the adoption of SSDs in the computing landscape is significantly increasing. Moreover, the amount of data generated for storage is increasing dramatically worldwide. Hence, the Global Solid State Drive Market is incredibly expanding to meet the mounting need for massive data storage solutions.
Furthermore, increasing internet penetration, rapid digitalization, growing e-commerce industry, and snowballing amount of media transfer are projected to drive the market. Besides this, with each passing day, the demand for higher storage capacity is increasing, owing to the mounting usage of smartphones & tablets, which enable consumers to generate large volumes of digital data & content.
Moreover, the surging demand for high-resolution images & movies has further resulted in the burgeoning production of large volumes of digital data & content. It, in turn, has led to the increasing demand for SSSs that can offer sufficient capacity to store content, thereby driving the market.
SSDs offer significant improvements in application load, boot time, & copying files to their users. Also, unlike HDDs, SSDs do not consist of any moving parts. Hence, they can store data even if the device is dropped or knocked around while operating. They help retain data without any power, i.e., an average of 2-3 watts of power, whereas HDDs draw an average of 6-7 watts. Also, since SSDs can complete tasks with an excellent speed, these drives save energy by being into idle mode & also lead to battery life improvement.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France|
|Asia-Pacific: China, India, Taiwan|
|South America: Brazil|
|Middle East & Africa: Saudi Arabia, South Africa|
|Key Companies Profiled||Samsung Electronics Co., Ltd., Intel Corporation, Western Digital Corporation, Micron Technology, Inc., Toshiba Corporation, Seagate Technology PLC, Microsemi Corporation, SK Hynix, Kingston Technology Corporation, BiTMICRO Networks, Inc|
|Unit Denominations||USD Million/Billion|
The Impact of Covid-19 pandemic on the Global Solid State Drive Market
Triple-Level Cell Flash (TLC) 3D & Triple-Level Cell Flash (TLC) Planer are the majorly used technologies by clients, owing to their larger storage capacities. The price per GB of SSDs is reducing gradually with the shift from SLC (Single-Level Cell) to MLC (Multi-Level Cell) & vice versa. Hence, these reducing costs of SSDs based on TLC technology are also driving their demand in consumer applications like notebooks, tablets, etc.
However, small & medium-sized businesses use MLC-based SSDs due to their long life span. Also, TLC-based SSDs have lesser speeds than an SLC or MLC-based SSD. Moreover, for industrial practice and jobs that require heavy read/write cycles like servers, SLC-based SSDs have performed exceptionally well due to their longer life span, high accuracy, & better overall performance. Apart from this, MLC-based SSDs are being used widely by everyday users, enthusiasts, & gamers owing to their reliability & lower production costs, which are passed generally onto customers.
Serial Advanced Technology Attachment (SATA) is the most widely used SSD interface. It's a kind of a bus connection required by computers to attach different primary storage drives like SSDs to the motherboard. The burgeoning adoption of SATA is primarily due to the smaller cable size & reduced price. Besides, SATA is responsible for efficient data transfer via an I/O queuing system & faster data transfer through higher signaling rates. It is being used commonly in business laptops & mid-priced desktop computers.
Moreover, since the SATA interface uses a thinner wire, it is less complicated than other technologies. In this type of interface, there is a separate cable used for different drives. Hence, when there are multiple drives, connections are not shared & the speed does not get hampered. In addition, the SATA interface is more energy-efficient than other technologies, which makes it suitable for portable devices.
Key Trends in the Global Solid State Drive Market
Geographically, North America dominates the Global Solid State Drive market. It is due to the mounting adoption of advanced technologies, such as Cloud, IoT, Big Data, and High-end cloud computing in the region. The adoption of these technologies fuels the need for high storage capacity, which, in turn, fuels the adoption of SSDs.
Moreover, another factor driving the regional market is the extensive presence of leading market players across the region, i.e., leading to the surging adoption of innovative storage solutions among several verticals. Moreover, businesses in the US are increasingly investing in developing IT infrastructure to enhance their overall efficiency. With the rapid expansion of IT infrastructure across North America, there is an increasing demand for SSDs to improve the speed of data transfers, attain high performance, & save time.
Key Driver: Mounting Usage of High-End Cloud Computing
With the rapid expansion of businesses, the amount of data generated is astronomically growing. Hence, the adoption of cloud computing is becoming common among organizations to store, archive, & back up their data. With the increasing number of cloud platforms, the demand for SSDs is also increasing significantly among the traditional corporate private & public clouds to personal ones. For instance:
Nevertheless, features like quick data access & high speeds are fueling the adoption of SSDs among enterprises worldwide.
Possible Challenge: High Costs, Smaller Life Span, & Design Complexity of Solid State Drives
The cost of a 1GB SSD is way higher than that of an HDD in the same configuration. With time, the prices of SSDs are declining. However, even then, they are costlier than HDDs. Along with this, unlike HDDs, the lifespan of SSDs is shorter since they have limited write cycles owing to the flash memories that have a definite number of writes. With the rising popularity of SSDs, manufacturers are facing severe challenges in their design considerations. Hence, the improper design of SSDs may hinder their overall performance and, in turn, hamper the overall market growth in the coming years.
According to MarkNtel Advisors, the major leading players in the Global Solid Slate Drive Market are Samsung Electronics Co., Ltd., Intel Corporation, Western Digital Corporation, Micron Technology, Inc., Toshiba Corporation, Seagate Technology PLC, Microsemi Corporation, SK Hynix, Kingston Technology Corporation, and BiTMICRO Networks, Inc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Solid State Drive Market is forecast to grow at a CAGR of around 14.9% during 2021-26.
A. Serial Advanced Technology Attachment (SATA) holds the largest share in the Global Solid State Drive Market and shall create remunerative growth opportunities for the leading market players in the years to come.
A. Mounting internet penetration, rapid digitalization, expanding e-commerce industry, and snowballing amount of media transfer are the key factors projected to drive the Global Solid State Drive Market during 2026.
A. In the coming years, the Global Solid State Drive Market is expecting considerable growth, owing to the continued work-from-home policies and the mounting usage of the internet.