The Solid State Drive Market revenues were estimated at US$ 37.6 Bn in 2021 and is anticipated to grow at a CAGR of 10% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 113 Bn.
The increased usage of social media, expanding online commerce, and growth in media content have been playing a significant role in the SSD market throughout the projected period. Due to the high usage of tablets and smartphones, which have enabled customers to produce massive amounts of digital data, the average household’s storage consumption is likely to expand in the future years. As a result, there is an increasing demand for sufficient storage.
It is also observed that SSD usage in data centers has been increasing due to a variety of factors, including improved efficacy in contrast to conventional HDD storage, rising need for storage facilities, and breakthroughs in enterprise-level SSD reliability and performance. SSDs are preferred by businesses since they require less energy, which further enables less dispersion, resulting in a reduced environmental imprint.
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Key Takeaways from the Market Study
- Global SSD Market is estimated to reach a market size of US$ 43.4 Bn by 2022.
- In terms of Interface Type, revenue through SATA SSD is expected to account for the largest share.
- In terms of End-user, revenue through the Enterprise SSD segment is expected to account for more than 10%, during the forecast period.
- The market in China is projected to grow at the fastest CAGR of 11%, during 2022 – 2032.
Since the market’s entry barriers are high, it is difficult for new firms to enter. The market’s existing suppliers are substantially spending in the research and development to improve their existing portfolio. The top solid state drive manufacturers include Intel Corporation, Samsung Group, Micron Technology, Inc., Toshiba Corporation, Western Digital Corporation, Inc., ADATA Technology Co. Ltd., Transcend Information Inc., Kingston Technology Corporation, SK Hynix Inc., and Teclast Electronics Co., Limited.
Some of the recent developments in Solid State Drive Market are as follows:
- In February 2021, Seagate introduced the FireCuda 120 SATA SSDs. It has a sequential read/write speed of 560/540 MB/s. It has capacities ranging between 500GB to 4TB. It is intended for gamers and offers speed, durability and a large storage.
- In April 2021, Samsung introduced a new business SSD with improved performance. They produced a high-performance industrial solid-state drive that covers the most recent Serial ATA (SATA) interface. According to Samsung, the PM1653 is the industry’s first 24G SAS SSD manufactured that uses sixth-generation V-NAND memory devices, with storage capacities starting from 800 GB to 30.72 TB for corporate server systems. A high-speed data transfer link such as SAS SSD that is utilized in servers and large computer storage devices.
- In March 2021, Western Digital has announced the release of various new consumer-oriented compact SSDs with 4TB Storage under the WD, SanDisk, and WD Black brands. The latest 4TB SSDs are intended for gamers, multimedia makers, and creative workers that want more storage. The WD Black has read rates of up to 2000 MB/s and is compatible with PC, PlayStation, and Xbox One game collections.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the SSD Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in SSD Market by Type (External, Internal), Interface Type (SATA SSD, SAS SSD, PCI-E SSD), Form Factor (1.8”/2.5”, 3.5”, M.2, U.2, FHHL/ HHHL), Storage (Under 500 GB, 599 GB – 1 TB, 1 TB – 2 TB, Above 2 TB), Application (Enterprise SSDs, Client SSDs), across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).