Global Solid State Drives Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2027

According to the report titled “Global Solid-State Drive (SSD) Market Outlook, 2027”, published by Actual Market Research, the Solid-State Drive market was valued at more than USD 40 Billion in the year 2021. It is expected to expand at a compound annual growth rate (CAGR) of 17% from 2022 to 2027. The data storage industry is expected to witness an increase in consumption over the next few years. To fulfill this massive need, the two leading storage solutions, namely hard disk drives and solid-state drives, have emerged as the ones to use.

Unlike traditional storage mediums, a Solid-state drive (SSD) is a new generation of storage device used in computers. SSDs use flash-based memory far faster than a mechanical hard disk. Traditionally, data was stored primarily on mechanical hard drives, and these hard disk drives (HDDs) are mostly based on moving parts, like a read/write head that goes back and forth to gather data. The new SSD works entirely differently. They use a memory chip called NAND flash, which has no moving parts and near-instant access times. Rather than a magnetic platter, files are saved on a grid of NAND flash cells, and each grid called a block can store between 256 KB and 4MB. In SSD, data is stored in integrated circuits. This is different from HDDs and has a lot of implications, especially in size and performance. Without the need for a spinning disk, SSDs can reduce to the shape and size of a stick gum (known as the M.2 form factor) or even as small as a postage stamp. It has a capacity for how much data they can hold and makes them flexible for smaller devices, such as slim laptops, convertibles, or 2-in-1s. SSDs dramatically reduce access time since users don’t have to wait for magnetic platter rotation to start. Initially, SSDs are more expensive than HDDs per amount of storage (in gigabytes and terabytes), but the gap is closing as SSD prices decline at a faster pace than HDD prices year over year.

Region-wise, Asia Pacific Solid State Drive Market contributed the highest market share, approx. 40% shares of the global market. The Increasing popularity of cryptocurrencies such as Bitcoin has resulted in shortages of graphics cards as crypto miners buy them in bulk. The new cryptocurrency is called Chia, which is developing on peer-to-peer Bit Torrent protocol and uses a proof of space-time model rather than a proof of work model. It means Chia relies on storage instated of processing performance to mine, which means a lot less wasted electricity in the process and requires more storage capacity. Increasing online storage services and providing fast and cheaper solutions for storage require less need for high-capacity local storage. Therefore models with less storage capacity with SSD are gaining popularity in the market. In the global market, By Storage size, under the 500 GB dominating in 2021 and contributing more than 50%.

Factors driving the growth of the solid state drive market are increasing penetration of high-end cloud computing, rising adoption of SSDs in Data Centers, and growing demand from consumer electronics are the primary drivers.

One of the best options for enterprises and consumers is cloud computing to back up and archive their data. The need for SSDs has been rapidly growing with the emergence of cloud platforms—from the standard corporate private and new public clouds to personal clouds in homes. New PCIe SSDs deliver high performance with high frequency and reduced latency. A solid-state drive with these complex features is required in data-sensitive industries such as financial services, life sciences, and energy management, where each microsecond of latency causes a considerable revenue loss.

Many companies manage their cloud platforms and address the growing customers' demand for SSDs. Google uses continuous SSD storage in open beta for compute engine users, providing high-input/output operations per second (IOPS) and permitting google cloud platform users to access SSDs faster on workloads. These functions offer faster input/output (I/O) delivery and are less redundant than traditional magnetic media. Facebook Inc. (US) uses PCIe flash cards for its MySQL databases instead of HDD to take benefit of FusionIO's logging system, which saves data in case of power failure. This has helped decrease latency by 50% and throughput by 33% compared to the equivalent HDD storage. The use of SSDs helps in lowering infrastructure costs and enhancing response time. SSDs offer much more inputs and outputs (I/Os) for mega-clouds and virtualized servers.

Data centers have driven the demand for SSDs because of the growing demand for data storage and the increased penetration of high-end cloud computing. Vast amounts of data are generated daily and need to be accessed for various applications. Thus high speed and lower power consumption by SSDs have given them an advantage for modern-edge fast applications.

Changing lifestyles and increasing digitization is the main reason for the growing demand for consumer electronics. COVID-19 also has pushed users to go online for various purposes, such as homeschooling and remote working, and accelerated digitization in multiple fields. Therefore, the usage of SSDs is rising rapidly in consumer electronics applications. This demand will continue, owing to developing technology trends such as IoT, 5G, VR/AR, web solutions, and machine learning. Also, the growing demand for high-resolution photographs and videos contributes to the massive production of digital data. As a result, demand for large-capacity SSDs has increased, driving the market growth. Aside from that, the need for more storage space increases with each passing day, owing to the growing usage of smartphones and tablets, which enable customers to create large amounts of digital data and content.

High cost and smaller life span restrict the growth SSD market. The price of an SSD is much more than the price of an HDD. Furthermore, SSD's lifespan is less than HDD; SSD has a fixed write cycle as the flash memories in SSDs are used for a definite number of writes. This is also one of the parameters associated with the cost of storage infrastructure using SSDs.

Challenges to SSD design are associated with different parameters such as performance, reliability, endurance, security, and flexibility. Solid state drives are gaining popularity; simultaneously, the rising demand comes with high expectations for different features and functionalities. To meet the expectations, manufacturers in this solid-state storage industry face a challenge in design considerations. Managing temperature is another crucial criterion while controlling performance and write speed. Also, the controllers must be designed according to the different characteristics of flash memories used to manufacture SSDs. Every flash memory varies regarding page/block size, spare area, response time, and other factors.

Recent Developments

• In January 2022, the world’s leading semiconductor supplier, SK HYNIX INC., declared the closing of the transaction's first phase to acquire Intel’s SSD and NAND business.

• In April 2022, Samsung, a leading consumer electronics brand, announced the launch of a storage device, the T7 Shield Portable Solid State Drive, a daily drive that provides breakneck speeds.

• In Feb 2022, Seagate Technology LLC, a world leader in data storage infrastructure solutions, expanded its LyveTM Cloud, a premiere cloud storage-as-a-service in Singapore. This expansion will enable opportunities to expand the services in the Asia Pacific region.

Impact of Covid-19 on Solid-State Drive Market:

In 2020, a sudden outbreak of the COVID-19 pandemic disrupted the supply chain globally. In the same year, the market's growth was decreasing due to the imposition of lockdown in almost all the major countries and halted manufacturing activities resulting in delayed production.

Major Companies present in the market:
Samsung Electronics Co. Limited, Kingston Technology Corporation, Western Digital Corporation, Seagate Technology Holdings Public Limited, Intel Corporation, Adata Technology Co. Ltd, Kioxia Holdings Corporation, Micron Technology, Inc., SK Hynix Inc., Transcend Information Inc.

Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Solid-State Drive market with its value and forecast along with its segments
• Region & country-wise market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report
• North America – United States, Canada, Mexico
• Europe- Germany, United Kingdom, France, Italy, Spain, Russia
• Asia-Pacific – China, Japan, South Korea, India, Australia
• Latin America- Brazil, Argentina, Columbia
• Middle-East & Africa- UAE, Saudi Arabia, South Africa

By End User of Solid-State Drive in the report:
• Client SSD
• Enterprise SSD
• Others

By Interface in the report:
• SATA
• SAS
• PCIE

By Storage Size in the report:
• Under 500 GB
• 500 GB–1 TB
• 1 TB – 2 TB
• Above 2 TB

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry manufactures, consultants, Key vendors related to Digital Storage industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

What's Inside a Actual Market Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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