Market Highlights —
The global MRAM market is projected to be valued at USD 1,396.7 million by the end of 2027, registering a CAGR of over 18.58% during the forecast period.
MRAM systems provide significant scope for growth and have high-speed writing and reading capabilities compared to SRAMs and DRAMs. Over the forecast period, the global MRAM market is projected to witness accelerated growth, as it has the potential to replace conventional flash memory drives and other Electrically Erasable Programmable Read-Only Memory (EEPROM).
Increasing Defense Expenditure to Boost Market Growth
Increasing defense expenditure will boost the MRAM market over the forecast period for the acceleration in defense spending and expenditure globally. The defense budget is used for the procurement and development of novel weapons with advanced and updated technology. The usage of MRAM in defense equipment is boosting marketing growth.
Increasing Adoption in Aviation Sector to offer Robust Opportunities
Increasing use of MRAM in the aviation sector will offer robust opportunities in the market over the forecast period. MRAM technology is gradually increasing its presence in the aerospace and aviation industry as it offers higher density non-volatile memory on a specific device. Besides, the black box in the airplane is used for storing memory and data and with a more durable and faster MRAM device, the market will have a substantial growth.
Restraints and Challenges
Increasing Manufacturing Cost to act as Market Restraint
Increasing manufacturing cost of MRAM coupled with complex structure may act as market restraint over the forecast period.
The severe impact of the global value chains owing to COVID-19 is developing challenges for the integration of the final manufactured products. The distribution challenges like staffing of warehouse, the need for direct distribution, and responsive and intelligent allocation of goods across different distribution channels are some of the key challenges faced by the stakeholders in the supply chain. Various manufacturers are focusing on Tier-1 suppliers for mitigating risks for the ability of serving the needs in the pandemic. The demand is surpassing the limited number of available supplies to cater to them as the manufacturing process fails in meeting the ever-increasing needs. Owing to shortage of supply and low fabrication efficiency, the raw material’s shelf life is increasing that is also boosting the cost of raw materials. High fluctuating raw material coupled with ineffective price management impact the revenue of the company. The additional use of electronic components in modern manufacturing impacts the consumer market owing to the shutdown of production units. Even there is ample availability of raw materials owing to shortage of fabrication, the manufacturers cannot manufacture the components quickly enough for keeping up with the ever-increasing need.
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The global MRAM market has been classified on the basis of product, application, and region.
On the basis of product, the global MRAM market has been segmented into STT and Toggle. The STT segment accounted for the larger market share in 2020 and is estimated to register a CAGR of 19.35% during the review period. STT-MRAM (Spin-Transfer Torque) is an advanced MRAM that provides high density, low power consumption, and more cost-efficiency than Toggle MRAM, which also turns out to be the significant advantage of STT MRAM over Toggle MRAM.
By application, the MRAM market has been divided into aerospace & defense, automotive, robotics, consumer electronics, and enterprise storage. The use of MRAM in aerospace and defense, especially STT MRAM, has been subjected to its ability to be used in harsh environments. MRAM is mainly used in automotive applications as it captures data instantly in case of power loss, without the help of batteries or capacitors, and has the high endurance required for frequent writes over the product lifespan.
North America to Head MRAM Market
North America will head the MRAM market over the forecast period. The presence of major key players, companies offering innovative memory and storage solutions, introduction of disruptive trends like IoT, machine learning, and autonomous vehicles, the presence of leading players, growing research and development activities, and awareness about the different advantages of MRAM such as faster data rewrite and low power consumption are adding to the global MRAM market growth in the region.
Key Findings of the Study:
The global MRAM market is projected to reach a value of USD 1396.7millionby 2027, with a CAGR of over18.58%during the forecast period from 2021 to 2027.
North America accounted for the largest market share in 2020.This is due to advantages such as low power consumption and faster data rewrite, due to which it is used for several applications.
Asia-Pacific is expected to be the second-fastest-growing regional market registering a CAGR of over 21.66%.
Europe has registered high demand for MRAMs for being integrated with consumer electronic devices that require fast, non-volatile memory for smartphones and PC/laptops applications. The increased ownership of smartphones in the region over the last few years has led to the growth of the MRAM market.
The introduction of new products and solutions for embedded and standalone memories and the use of MRAM in applications in the automotive and utilities industries create lucrative opportunities for the players in this market.
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Magneto resistive RAM (MRAM) Market Research Report: Information by Product (Toggle MRAM and STT MRAM), Application (Consumer Electronics, Robotics, Automotive, Enterprise Storage, and Aerospace & Defense), and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2027
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Name: Saurabh Sinha
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