The global MRAM market is majorly driven by increasing demand for flexible & wearable electronics from emerging economies. Furthermore, characteristics of MRAM such as high endurance, high reading and writing capacity, high speed and less electricity consumption drive the demand of MRAM market.
Global Magneto Resistive RAM (MRAM) Market is expected to reach $807 Million by 2024 from $52 Million in 2016, growing at a CAGR of 40.9% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 42.0% and 41.6%, respectively, during the forecast period.
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Some of the major driving factors of the global MRAM market are growing demand for flexible & wearable electronics from emerging economies, characteristics of MRAM such as high endurance, high reading and writing capacity, high speed and less electricity consumption.
The MRAM market has been bifurcated one the basis of product, application and geography.Product segment comprises toggle magneto resistive RAM and second-generation magneto resistive RAM (STT MRAM).
STT MRAM held for the highest market share in 2016. Additionally, Application segment includes automotive, consumer electronics, enterprise storage, robotics, aerospace & defense and other applications.
Enterprise storage application held for the highest market share in the year 2016.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major geographical segments of the global MRAM market. Asia Pacific is expected to grow at a fastest CAGR from 2016 to 2024.
The growth is attributed to increasing demand for wearable electronics, high penetration of internet and usage of IoT. Asia Pacific is also held the highest market share in the year 2016.
The major players operating in the MRAM market are Nippon Electric Company Ltd., Everspin Technologies Inc., Avalanche Technologies, NVE Corporation, Honeywell International Inc., Toshiba, Intel Corp., Hewlett-Packard Enterprise, Samsung Electronics Co. Ltd., Infineon Technologies, and NXP Semiconductors, among others
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Scope of Magneto Resistive RAM (MRAM) Market
- Toggle Magneto Resistive RAM
- Second-Generation Magneto Resistive RAM (STT MRAM)
- Enterprise Storage
- Consumer Electronics
- Aerospace & Defense
- North America
- United Kingdom
- South America
- Middle East
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