Flash Memory Controller Market Report Overview
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The global flash memory controller market size is expected to be USD 2996.7 million in 2021 and is projected to touch USD 6464.46 million by 2031, at a CAGR of 8.0% during the forecast period.
The data saved on flash memory is managed by a flash memory controller, sometimes referred to as a flash controller, through communication with a computer. They can make use of CompactFlash cards, SD cards, and other low duty-cycle media found in mobile phones, PDAs, digital cameras, and other electronics. During the forecast period of 2022–2028, consumer electronics, automotive, IoT, industrial automation, and communications are emerging as important applications expanding the worldwide flash memory controller market share.
COVID-19 Impact: Shortage in Chip and Components Supply Hampered Market Prospects
The global COVID-19 pandemic has been unprecedented and staggering, with the flash memory controller market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic initially appeared in China, where tight lockdown regulations were subsequently enacted. One of the top producers of raw materials and electrical components is China. As a result, the supply chain for electronic goods was significantly impacted by the pandemic's rise in China. Global sales of electronic goods have been adversely affected by social estrangement and stay-at-home orders. The rise in the number of people working from home has raised demand for computer hardware and accessories. For instance, according to LG Electronics' data, the percentage share of tablets and notebooks as well as monitors in overall sales grew. The easing of lockdown regulations, the reopening of retail locations, and the ongoing trend of online sales will all contribute to the flash memory controller market growth in the forthcoming years.
LATEST TRENDS
"Increased Use of Smart Appliances Will Fuel Market Expansion"
Global use of smart appliances is being supported by the growing trend of linked homes. For instance, according to Grabyo's Value of Video Report 2020, 58% of streaming consumers and 53% of pay-TV subscribers, respectively, view videos on a Smart TV on a regular basis.
Due to their increased usage convenience, appliances with voice help, Bluetooth, and Wi-Fi connectivity are becoming more popular. In an effort to draw customers, players are working to add a variety of functions in their gadgets. For instance, Samsung introduced its Premium Soundbar Line-up in July 2020, which included two cordless rear up-firing speakers. They also have the SmartThings App and the Alexa speech service. Therefore, the development of the flash memory controller market is anticipated to be fueled by technical improvements and a preference for smart products.
Flash Memory Controller Market Segmentation
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- By Type Analysis
By type, market is segmented into USB controllers, SD & eMMC controllers, SATA controllers, CF controllers, NVMe controllers, and PCIe controllers. The SD & eMMC controllers will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is segmented into internet of things, consumer electronics, industrial automation, communication application, automotive, and others. The consumer electronics segment will lead the global share through 2028.
DRIVING FACTORS
"Internet of Things to Support Market Growth"
The number of linked gadgets is constantly growing. Despite being wireless, the majority of smart gadgets, including wearable technology and kitchen appliances, can communicate with consumers. There is constant contact and communication. Because of this, their importance is growing in industries outside of electronics. The Internet of Things (IoT) promotes greater safety while enhancing the performance and quality of products. All of these IoT (Internet of Things)-related factors are expected to help the market for consumer electronics continue to expand.
Leading companies including Samsung Electronics, Panasonic Corporation, Apple Inc., Sony Corporation, and others are concentrating heavily on accelerating innovation in connected electronics like wearables and home appliances. For instance, at the International Broadcasting Convention (IBC) 2019, which was held in Amsterdam, Netherlands, Panasonic Corporation displayed its most recent line of broadcast and ProAV equipment and solutions. Growing IoT deployment and connected devices will bring promising opportunities for flash memory controller market players.
"Improvement in R&D Activities to Push the Market Growth"
In order to promote advancements in existing electronic technologies and processes with the purpose of increasing efficiency and lowering cost, some of the top firms in the consumer electronics industry are spending extensively in research and development efforts. One such example is Apple, Inc., which has established itself as a leader in the sector through intensive R&D.
Other well-known businesses are concentrating on improving their research and development facilities. For instance, Sony Corporation operates more than 9 R&D facilities in locations such as North America, Europe, East Asia, and South Asia. The corporation has announced the founding of Sony Research India Private Ltd. in June 2020 with the goal of advancing research and innovation in India.
Rising R&D will work in favour of the flash memory controller market expansion over the next few years.
RESTRAINING FACTORS
"Growth to be Slowed by Lower Penetration in Least-Developed Countries"
It is anticipated that slower economic development and lower market penetration in some less developed nations would have an impact on the market's expansion. For instance, the International Energy Agency reports that in 2019, more than 70 million people lived in Nigeria, more than 80 million people lived in the Democratic Republic of the Congo, and 60 million people lived in Ethiopia. Furthermore, only a small segment of the population with high incomes adopts sophisticated, high-end items. This may limit the flash memory controller market growth of high-end consumer gadgets.
Flash Memory Controller Market Regional Insights
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"North America to Witness Exponential Growth Led by Robust Electronics Sector "
North America is anticipated to hold the major share of the flash memory controller market during 2022-2028, led by the U.S. The country is now the second-largest consumer electronics market in the world, and this position is expected to hold during the projected period. The use of linked smart technologies, such as wearable electronics, home appliances, and other electronics, has significantly contributed to the expansion of regional demand for consumer electronics goods.
Regional companies are actively planning trade exhibitions and expos because they see innovation as a crucial component of success. In order to promote and advance technological innovation and transform consumers' experiences with electronic products, the CTA (Consumer Technology Association), an organization that represents the U.S. consumer technology industry, annually organizes the CES (Consumer Electronics Show), a global annual trade show. Such initiatives and efforts will boost the flash memory controller market in the region.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Marvell (U.S.)
- Silicon Motion (China)
- Phison (China)
- Realtek (China)
- JMicron (China)
- Hyperstone (Germany)
- Greenliant (U.S.)
- InnoGrit (U.S.)
- Sage Microelectronics Corp (China)
- Maxio (China)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2996.7 Million in 2021 |
Market Size Value By |
US$ 6464.46 Million by 2031 |
Growth Rate |
CAGR of 8% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the flash memory controller market expected to touch by 2031?
Over the research period, the flash memory controller market is anticipated to reach USD 6464.46 million in 2031.
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What CAGR is the flash memory controller market expected to exhibit by 2031?
The flash memory controller market is expected to exhibit a CAGR of 8.0% by 2031.
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Which are the driving factors of the flash memory controller market?
Improvement in R&D work and internet of things to drive the flash memory controller market.
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Which are the top companies operating in the flash memory controller market?
Marvell, Silicon Motion, Phison, and Realtek are some of the top companies operating the flash memory controller market.