Global Solid State Drive (SSD) Market is Expected to Reach USD 1,23,176.8 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Solid State Drive (SSD) Market by Product Type, by Connectivity, by Application, by Sales Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 35,369.6 Million in 2022 and is expected to grow at a moderate growth rate of 14.9%.

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As per Growth Market Reports industry analyst Divjot Singh, “Global Solid State Drive (SSD) Market is anticipated to witness significant growth during the forecast period 2023-2031.

A solid-state drive (SSD) is a new generation of computer storage device. It uses flash-based memory to store data, which is much faster than the standard hard drives which are going to be replaced. SSDs have no moving parts, and upgrading to one is an excellent way to speed up and protect your computer. The device's operating system will boot up faster, programs will load faster, and files will be saved faster with an SSD.

Key factors that are anticipated to fuel the demand for the global Solid State Drive (SSD) market during the forecast period is Growing demand for cloud computing to boost the market growth. Conversely, High cost and smaller life span of SSDs hamper the market growth of the Solid State Drive (SSD) market. Increasing Adoption of Solid-state drive in Consumer Electronics creates opportunities in the market.

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Solid State Drive (SSD) market involves raw material suppliers, manufacturers, distributors, and end-users. Raw materials such as NAND flash memory chips, printed circuit boards, controllers, DRAMs and others are sourced by manufacturers. Manufacturers use raw materials, such as NAND flash memory chips, printed circuit boards and others, to manufacture Solid State Drive (SSD).

Quality checks are performed throughout the production process by manufacturers to ensure the quality of the product. These products are then supplied to the distributors, who provide them to the end-users. End-users are the final step of the supply chain where consumption takes place. End-users of Solid State Drive (SSD) include individuals and enterprises.

The primary, as well as secondary research methodology, is used for keen observation and study about the Solid State Drive (SSD) market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments.

Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 has both positive and negative impact on the Solid State Drive (SSD) market in 2020. The positive impact of global solid-state drive market was the growth of e-commerce industry and streaming platforms which depends on storage and fast access. In this factor, SSDs played an important role to provide quick and reliable data access for these services. The negative impact on SSDs market was supply chain disruptions in the early months of the pandemic led to shortages and price increases. A decline in demand for Solid State Drive (SSD) was registered due to the logistics challenges, factories were shut down, and also shortages of labors.

Key Takeaways from the Study:

Based on product type, the Solid State Drive (SSD) market is SATA, SAS, PCIe3, PCIe4, USB3.1, USB3.2, USB3.2*2, and Thunderbolts. The SATA segment is expected to hold a significant market share during the forecast period due to the increasing demand for solid-state drives are using SATA interfaces and which are available at low prices.

In terms of Connectivity, the Solid State Drive (SSD) market bifurcated into Internal and External. Internal segment is expected to hold a significant market share during the forecast period due to its rapid speed performance and convenient use for consumers.

Based on the Application, the global Solid State Drive (SSD) market is segmented into Personal and Enterprise. The personal segment is expected to hold a significant market share during the forecast period due to the demand of SSD has been steadily increasing for personal use in laptops, gaming systems, and desktops due to their speed and reliability, replacing the traditional hard disk drives by solid state drives.

Based on sales channel, the Solid State Drive (SSD) market is segmented into online and offline. The online segment is expected to hold a significant market share and expand at a significant CAGR during the forecast period, due to the rising trend of online purchases and a convenient method for customers to buy products. The online segment is expected to grow in the near future, due to the growing population of young working customers with busy schedules. These consumers prefer online shopping to save time, which is expected to fuel the segment growth.

On the basis of region, the global Solid State Drive (SSD) market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold a significant market share and is projected to expand at a significant CAGR during the forecast period, due to the leading share of the global market during the past few years. The presence of a vast consumer base is one of the key drivers for growth of revenues in the regional market.

The rise in demand for mobile devices such as handheld smart gadgets has propelled the demand for advanced storage devices, which, in turn, has spurred the revenue prospects of the Asia Pacific solid state drive market. Furthermore, the Asia Pacific solid state drive market has been propelled by the presence of a large manufacturing base. Both small and large drive manufacturers are keenly unveiling technologically advanced storage & memory devices. In particular, several of them are developing new techniques to substantially augment the read and write performances of SSDs.

Scope of the Solid-State Drive (SSD) Market Report:

Target Audience:

• Supply-side: Manufacturers, raw material suppliers, and distributors

• Demand Side: Personal use and Enterprises.