Increasing Demand for Wearable and Flexible Electronics to Bring in New Opportunities in Global Magneto Resistive RAM (MRAM) Market
MRAM or Magneto-resistance random-access memory technology has been experiencing development from a very long time. It utilizes magnetic charges in order to store electric charges instead of data as in the case of static random access memory (SRAM) and dynamic random access memory (DRAM) technologies. MRAM helps in retaining data even in case when the power is turned off and requires meagre amount of electricity for storing data bits within it, unlike SRAM and DRAM technologies.
Transparency Market Research (TMR), a market intelligence company, throws light on the primary application areas and presents insights on the top region augmenting the development of the overall MRAM market.
Q. What factors are augmenting the development of the global MRAM market?
The global MRAM market was valued at US$41.2 mn in 2015 and is predicted to touch US$869.7 mn by 2024, expanding at a whopping 44.10% CAGR from 2016 to 20204. The increasing demand for wearable and flexible electronics is amongst the key factors poised to provide impetus to the development of the global MRAM market. In addition, the high demand for extremely low power, faster, and highly scalable non-volatile and consumable memories having lower cost per bit will also bode well for the development of the market for MRAM. The high speed writing and reading capabilities and infinite cycling endurance will also positively influence this market’s development. On the other hand, huge designing cost coupled with electromagnetic interference problem will impede the development of this market.
Q. Which is the top application area of MRAM technology?
MRAM technology finds its usage in aerospace and defense sectors, robotics, automotive, consumer electronics, and enterprise storage. Of these, the top application area of MRAM technology is in the enterprise storage sector. Within enterprise storage solutions, the utilization of MRAM enhances the data center fault recovery systems and the networking, reduces the overall operational cost, and lowers the overall system downtime to a great extent. This will further fuel the demand for MRAM technology in the coming years and will result in a high demand of MRAM technology within the enterprise storage sector.
Q. Which region will drive the growth of the global MRAM market?
Geographically, the Asia Pacific MRAM market has come up as the leader in the market. This is owing to the consistent advancement of the data infrastructure within this region because of the growing internet penetration and the rising employment of cloud computing. This region is poised to maintain its superiority all through the forecast horizon. North America trailed Asia Pacific and constituted the second position in the market in 2015. The reasons for the superiority of this region is the increasing R&D activities and increasing concentration of prime vendors. In addition, the soaring requirement to restrict data consumption coupled with the increasing count of computationally intensive applications will further provide impetus to the demand for highly scalable and fast memory solution within North America.
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Q. Which players will contribute toward the growth of the market and what steps have been taken by them to expedite the market’s development?
Avalanche Technology Inc., NVE Corp., Hewlett-Packard Enterprise, Spin Transfer Technologies, Everspin Technologies Inc., Honeywell International Inc., Intel Corp., Samsung Electronics Co. Ltd., and Toshiba, among others, are the top vendors operating in the global MRAM market. These players are targeting on new product development and are heavily making investments for introducing cutting-edge MRAM systems.