Solid State Drives Market Revenue to Cross US$ 143,557.0 million by 2029: The Insight Partners

According to the new research report published by The Insight Partners, titled "Solid State Drives Market Forecast to 2029 - COVID-19 Impact and Global Analysis - by Type, Technology, Storage, End User, and Geography," the market was valued at US$ 53,829.6 million in 2022 and is projected to reach US$ 143,557.0 million by 2029; it is expected to grow at a CAGR of 15.0% from 2022 to 2029.

The SSD market is broadly segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share of the global SSD market. Moreover, Europe is the fastest-growing region. G. SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP are among the key players operating in the SSD market.

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The rise in the utility of solid state drives worldwide and advancement in integration of next-generation technologies such as artificial intelligence in the industrial sector further drive the market. Single packaged SSDs decrease the size of IoT (Internet of Things) devices. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent. Among all the regions, the North American region is a quick adopter of all the latest technological advancements in the electronics & semiconductor industry.

Major countries in the North American region like the US, Canada, and Mexico find wide use of solid-state drives (SSD) across numerous domains such as networking, telecommunication, industrial, automotive, aerospace, defense, and consumer electronics. Most of the countries in Asia Pacific are still in developing states and are not as developed as the countries in the west. However, with growing disposable income, demand for vehicles and consumer electronics products is expected to rise substantially in various countries such as Bangladesh, India, Malaysia, China, and the Philippines. This drives the requirement for respective SSD needed in vehicles, personal computers, laptops, tablets, notebooks, smart wearables, etc.

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Growing Adoption in Data Center Application
SSDs are already nearly ubiquitous in desktop and laptop computers, but they have taken far longer to reach the same level of adoption in the data center. Because cloud and data center applications have different needs, three components of SSD technology-cost, reliability, and capacity-must mature before SSDs can be a viable alternative for hard discs. The technology has matured to the point where an SSD-only data center is not only a possibility but also the future of enterprise storage. Initially, server SSDs were best used as cache and hot storage in conjunction with SAS or SATA spinning discs, but with higher density NAND allowing for capacities of up to 3.84TB, fast NVMe-based AIC drives, and upcoming standards such as U.2, there is a shift toward All-Flash Arrays (AFA), which eliminate spinning discs. A single SSD can outperform many spinning discs while using less electricity. As a result, one can consolidate servers and minimize the overall physical footprint of a storage rack.

However, data center SSDs use a different set of measurements than consumer PCs. A data center must be able to meet this requirement and will encounter increased demand based on the application, unlike a conventional client PC, whose usage is unlikely ever to require continual 24/7 steady performance. Data center drives must be able to handle this challenge in terms of durability and daily performance for the duration of the warranty period. Endurance and constant IOPS performance are essential. Predictable low latency becomes a fundamental requirement for a new application, such as a popular streaming video service requiring a Content Display Network.

Solid State Drives Market: Competitive Landscape and Key Developments

G. SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP are among the key players profiled in the global solid-state drives market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.

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In 2021, FM:Systems acquired WizzPass, a fast-growing leader in the visitor management system and workplace management sectors. This purchase expands the company's visitor management capabilities, which are crucial for providing productive, safe, and rewarding working experiences.

In November 2021, Kingston announced the launch of Kingston FURY Renegade SSD, a next-generation PCIe 4.0 NVMe M.2 drive for enthusiasts, gamers, and high-power users.

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