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Semiconductor Memory Market to be Driven by Rising Demand for Enhanced Storage Memory In Consumer Electronics |Key Players are Microchip Technology, Cypress Semiconductor, Fujitsu, GLOBALFOUNDRIES, SK hynix, Intel, SMIC, TSMC, Toshiba, Western Digital

Semiconductor Memory Market

Semiconductor Memory Market

Semiconductor Memory Market is projected to grow at a CAGR of 28.5% by 2024. The rising demand for enhanced storage memory in consumer electronics for extensive data management is likely to drive semiconductor memory market growth in the years to come. Lately, the demand for advanced semiconductor memory has travelled beyond the realm of the traditional personal computer. The requirement of electronic systems including digital consumer electronics, mobile communications, networking, automotive electronics, and industrial/medical electronics has seemingly surged in recent years, subsequently increasing the need for semiconductors.

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As a matter of fact, all digital consumer electronic products incorporate highly advanced semiconductor memory devices to enable and enhance system storage and performance. Semiconductors are consequently growing in importance as they offer industries with new manufacturing opportunities to develop highly efficient products for customers. The need for high-speed interconnects continues to accelerate and is driving the architecture of next-gen memory technologies. As a result, memory devices and architectures are changing rapidly to satisfy the demand for higher performance electronics, further driving the semiconductor memory market growth.

Key Companies - Global Semiconductor Memory Market: -

• Microchip Technology Inc.
• Crocus Technology
• Cypress Semiconductor Corporation
• Everspin Technologies
• Fujitsu Global
• GLOBALFOUNDRIES
• SK hynix
• Intel Corporation
• Micron Technology
• NXP Semiconductors
• Renesas Electronics
• Samsung Electronics
• SMIC
• TSMC
• Texas Instruments
• Toshiba
• Western Digital

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The rapid growth in the automotive manufacturing sector in Europe is playing significant role in the growth of the semiconductor memory market. The automotive electronics manufacturers in Europe are the major customers of the semiconductor memory as they are deployed in the ADAS, lighting, and braking systems. These solutions provide a high efficiency to automobile systems due to the increased memory processing and connectivity features. European automotive industry players are benefited by the application-specific products offered memory manufacturers. For instance, Samsung develops reliable memory solutions for automotive applications, which include DRAM and Flash memory products.

Some of the key players in the semiconductor memory market include Samsung Electronics, Nvidia, On Semiconductor, Micron Technology, Inc., etc. Manufacturers are focused on product development by investing in R&D activities & engineering capabilities to cater to the needs of mobile industry customers. To stabilize the component pricing, companies are reportedly developing strategies to maintain the average prices of ROM and RAM products. Manufacturers in the semiconductor memory market are also likely to face challenges in the future owing to the emergence of replacements such as MRAM, ReRAM and phase change memory.

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As semiconductor memory technology rapidly evolves to meet the ever-growing needs of the electronics industry, it is likely to experience high demand from end-use industries including electronics and automotive. Increased demand and the rapid evolution of smartphones and PCs across the globe will continue to impact the product requirement, on the grounds of which manufacturers will constantly seek ways to expand their production facilities and know-how. This could considerably impact the remuneration portfolio of the overall semiconductor memory market, slated to cross a mammoth USD 730 billion by 2024.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology

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Corporate Sales, USA
Global Market Insights, Inc.
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