Magneto Resistive RAM Market

Magneto Resistive RAM Market Outlook (2023 to 2033)

The Global Magneto Resistive RAM (MRAM) Market size is estimated to reach a valuation of around US$ 7.1 billion by 2033. It is likely to witness a decent growth rate at a CAGR of 27.9% from 2023 to 2033. The market is set to top a value of about US$ 610.0 million by 2023.

Future market growth might be boosted by increasing adoption of digitalization and technological advancements in computing, as well as the internet of things (IoT). Ongoing global development of smart robots, as well as rising expenditure on electronic gadgets such as cell phones, televisions, smart wristbands, computers, and drones is also expected to drive demand.

Growing adoption of computers over the past ten years has increased the demand for economical, minuscule-size, energy-efficient random-access memory technology. It finds extensive usage in commercial, industrial, automobiles, and defense-related applications.

MRAMs are suitable for use in both industrial and military applications owing to their strong radiation resistance, ability to function in a wide range of temperatures, and tamper resistance. Rising spending on future-oriented read access memory research & development could lead to new product uses and stimulate market expansion.

Widespread use of smartphones has prompted manufacturers to create cutting-edge RAM that might speed up startup and deliver great performance. The number of significant market players has increased worldwide. They are nowadays concentrating on creating and manufacturing MRAM in large quantities in either standalone or embedded designs in order to take lead in the industry during the assessment period.

From 2020 to 2021, the world experienced a detrimental impact on the smartphone sector and it was anticipated to witness recovery despite the pandemic. But, it raised the need for servers and PC storage for stay-at-home activities. The memory market grew extraordinarily over the previous ten years, driven by significant megatrends, including cloud computing, artificial intelligence, and the internet of things.

Demand for Intel's memory and storage solutions in server rooms is being driven by rising need for standardized workstation equipment and virtualized storage solutions, claims Intel. Due to growing tendency of working from home and increased use of electronic assets, it became more important than ever to improve and enhance memory & storage characteristics for two applications.

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2018 to 2022 Magneto Resistive RAM Sales Outlook Compared to Demand Forecast from 2023 to 2033

As per Persistence Market Research (PMR), the Global Magneto Resistive RAM Industry is expected to witness a CAGR of 27.9% from 2023 to 2033. It exhibited astonishing growth at a CAGR of 43.0% in the historical period from 2018 to 2022.

The consumer electronics sector might see significant development in the next ten years with technical developments, adoption of IoT, and arrival of 4G & 5G innovations. It is also expected to be fueled by development in numerous gadgets to boost storage space and power efficiency. Due to expanding smart device adoption, photography devices, smart watches & bracelets, and smartphones are likely to become highly popular worldwide.

For instance, Samsung recently began mass producing its first embedded magnetic RAM (eMRAM) for commercial use. eMRAM is thousand times quicker than eFlash with less voltage. It also lacks the need for an erasing phase before transferring data, thereby offering an appealing chance for its incorporation in a forthcoming smartphone.

STT MRAM is one of the more promising established and upcoming embedded memory technologies. It combines determination, low consumption of power, rapid performance, and high resilience. Hence, it is considered to be ideal for low-power microcontrollers, wearables, gaming, and IoT devices.

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Top Magneto Resistive RAM Market Trends Listed by Persistence Market Research (PMR):

• MRAM or magneto resistive random access memory is a type of non-volatile memory technology that uses magnetic properties to store data.
• MRAM is a type of random access memory, meaning that data can be accessed in any order and can be written to or read from at any time.
• MRAM offers high-speed read and write capabilities with low power consumption.
• It is an attractive option for applications such as IoT devices, wearable technology, and mobile devices.
• As these markets continue to expand, MRAM demand is also increasing.
• MRAM has various advantages such as fast read & write times, high endurance, and better reliability.
• MRAM can be used in IoT devices such as sensors, smart home appliances, wearables, and industrial equipment to store data & code for their operation.
• MRAM's low power consumption makes it ideal for IoT devices that run on battery power, while its high endurance ensures a longer lifespan for these devices.
• MRAM's ability to retain data even when power is turned off also makes it suitable for use in IoT devices that need to store critical data in the event of a power outage.
• There were around 8.6 billion IoT devices in operation in the world in 2019.
• It increased to around 13.1 billion devices in 2022.
• It is projected that by 2030, number of IoT devices in the world would increase to around 29.4 billion connected devices.
• MRAM is capable of handling various write cycles without experiencing wear and tear.
• This feature makes it more reliable than other non-volatile memory technologies, which further makes it suitable for IoT devices.
• With rising adoption of IoT in the world, demand for MRAM is also projected to increase.
• MRAM is being increasingly used in applications such as automotive, aerospace, and industrial automation.
• This is due to its high reliability, ruggedness, and tolerance to extreme temperature & radiation conditions.
• This has led to a significant increase in terms of demand for MRAM in these industries.
• More effective and dependable data storage solutions are becoming increasingly necessary as the volume of data collected and processed rises.
• There were around 33 zettabytes of data produced in the world in 2018, which is projected to reach around 181 zettabytes in the next ten years.
• MRAM has a higher writing and reading speed than its traditional alternatives.
• With rising amount of data produced around the world, demand for MRAM is projected to expand during the assessment period.

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Which Region is Set to Provide a Significant Opportunity to Magneto Resistive RAM Solution Providers?

North America magneto resistive RAM industry size was US$ 176.3 million in 2022. It is expected to reach a market valuation of US$ 251.9 million in 2023.

North America is predicted to cross a valuation of about US$ 2.9 billion by 2033. It is set to expand at a considerable CAGR of 41.3% in the forecast period.

The region is a significant market for IoT in the world. With rapid adoption of IoT devices in the region, demand for magneto resistive RAM is projected to increase.

MRAM has faster read and write times than other non-volatile memory technologies. It hence allows for quick data access and processing.

This is important for IoT devices that need to respond quickly to input or output data. With rising demand for IoT in the region, the market is projected to expand during the assessment period.

There were around 2.8 billion IoT devices in the region in 2020, which is projected to increase to around 5.4 billion by 2030. With surging adoption of IoT in North America, magneto resistive RAM demand is projected to increase during the assessment period.

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Country-wise Insights:

Why is Magneto Resistive RAM Demand Rising Astonishingly in the United States?

The United States magneto resistive RAM industry is expected to be worth US$ 2.3 billion by 2033. It is likely to create an absolute dollar growth of US$ 2.1 billion till 2033.

The United States exhibited steady growth at a CAGR of 41.1% from 2018 to 2022. It is expected to broaden at a CAGR of 26.5% from 2023 to 2033.

Magneto resistive random access memory (MRAM) is gaining immense popularity in the United States due to its unique combination of speed, non-volatility, and low power consumption. MRAM has several potential applications in the automotive, aerospace, and defense industries.

Its ruggedness and reliability make it a popular choice. MRAM's resistance to extreme temperatures, radiation, and magnetic fields further makes it ideal for use in harsh environments.

Demand for faster and more energy-efficient memory solutions is increasing in the United States as data centers and cloud computing become more prevalent. MRAM's ability to operate at high speeds and with low power consumption makes it an attractive option for these applications.

Would the United Kingdom be a Significant Hub for Magnetic RAM Companies?

The United Kingdom magneto resistive RAM industry is estimated to reach a valuation of about US$ 354.6 million by 2033. It is projected to create an absolute dollar growth opportunity of US$ 321.8 million till 2033.

The United Kingdom market experienced average growth at a CAGR of 41.5% from 2018 to 2022. It is expected to move forward at a CAGR of 26.9% from 2023 to 2033.

The United Kingdom had around 133 million IoT devices in 2020, which is projected to increase to around 189 million by 2025. MRAM's fast write times and low power consumption make it a suitable memory solution for IoT devices, which typically have limited power and processing capabilities. MRAM's non-volatile nature also makes it an attractive option for devices that need to retain data during power outages or other disruptions.

The automotive industry is also a significant driver of MRAM demand in the United Kingdom. Its high reliability makes it an ideal option for use in cars. It can be used for advanced driver assistance systems, infotainment systems, and other applications.

Would China-based Firms Exhibit High Sales of Magnetic Random Access Memory?

China magneto resistive RAM market is slated to top a valuation of about US$ 590.1 million by 2033. It is expected to create an incremental opportunity of US$ 544.0 million in the evaluation period.

China witnessed decent growth at a CAGR of 45.0% from 2018 to 2022. It is projected to expand at a CAGR of 29.0% from 2023 to 2033.

China is a predominant country in terms of the adoption of IoT in the world, with around 3.3 billion IoT devices in 2020. It is projected to increase to around 8.5 billion by 2030.

One of the main market drivers is China's push to become a global leader in advanced technology and semiconductor manufacturing. MRAM is seen as a promising next-generation memory technology that can replace existing memory technologies such as SRAM, DRAM, and NAND flash.

Increasing use of smart devices and the internet of things (IoT) in China would also propel sales. MRAM's low power consumption and non-volatile nature would make it an ideal memory solution for these devices. Its fast write times are also expected to make it highly suitable for applications that require real-time data processing.

Category-wise Insights

Which is the Most Preferred Type of Magnetic Memory Globally?

The toggle MRAM category by product type is projected to witness significant growth through 2033. It exhibited astonishing growth at a CAGR of 42.5% from 2018 to 2022. It is expected to escalate at a CAGR of 27.8% from 2023 to 2033.

Toggle MRAM, also known as Spin-Transfer Torque MRAM (STT-MRAM), is a type of MRAM technology. It uses spin-polarized current to switch the magnetic state of memory cells.

Toggle MRAM offers several advantages over other MRAM technologies. A few of them include faster write times, higher endurance, and lower power consumption. It is also capable of achieving very high storage densities, making it a promising technology for a wide range of applications, including IoT devices, data storage, and computing.

What is the Most Lucrative Application of Magnetic Random Access Memory?

Based on application, the consumer electronics segment is projected to witness prominent growth during the forecast period. It witnessed steady growth at a CAGR of 42.0% from 2018 to 2022. It is anticipated to expand at a CAGR of 27.7% from 2023 to 2033.

Magneto resistive RAM (MRAM) is used in various consumer electronics products due to numerous advantages. It can offer fast, reliable, and low-power non-volatile memory storage. These features make it well-suited for a wide range of applications, including smartphones, wearables, automotive, and gaming.

MRAM can be used in smartphones and tablets to provide fast and reliable non-volatile memory storage for applications, data, and media files. It can provide faster access times and lower power consumption than other non-volatile memory technologies. It can lead to longer battery life and improved performance.

MRAM can also be used in wearable devices such as smartwatches and fitness trackers, to provide low-power, high-speed storage for user data & sensor readings. It is capable of improving the reliability and longevity of these devices.

These are often designed to operate on battery power for extended periods. With increasing adoption of smart wearables and smart phones, MRAM sales in consumer electronics are projected to increase in the next ten years.

Competitive Landscape

MRAM companies are forming strategic partnerships and collaborations with other firms in the semiconductor and electronics industries. They are aiming to expand their product portfolios, enhance technological capabilities, and increase their market presence. Such collaborations would help these companies to leverage the strengths of each partner to develop innovative products and solutions.

A few other firms are investing heavily in research & development to improve the performance and capabilities of their products. They are focusing on developing new MRAM technologies such as spin-transfer torque MRAM (STT-MRAM), which offer higher speeds, lower power consumption, and greater durability than traditional memory technologies.

A few recent developments in the magneto resistive RAM market are:

• In November 2022, Everspin Technologies Inc. announced the launch of EMxxLX xSPI MRAM. It is a non-volatile memory solution for industrial IoT and embedded systems. The company intends to offer its customers an alternative to SPI NOR/NAND flash, as well as densities ranging from 8MB to 64MB.
• In September 2022, Avalanche Technology and United Microelectronics Corporation (UMC) announced the launch of their new high-reliability Persistent SRAM (P-SRAM) memory devices using UMC's 22nm process technology. The new memory device would be based on Avalanche Technology's most recent generation of spin transfer torque magneto-resistive RAM (STT-MRAM) technology. It would provide customers with significant density, reliability, endurance, and power advantages over existing non-volatile solutions.

Scope of the Report

Magneto Resistive RAM Market Outlook by Category

By Type:

• Toggle MRAM
• Spin-transfer Torque MRAM

By Offering:

• Stand-alone
• Embedded

By Application:

• Consumer Electronics
• Robotics
• Enterprise Storage
• Automotive
• Aerospace & Defense
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa