Solid-State Drive (SSD) Market Size, Share & Analysis | 2031

Report Description

Solid-State Drive (SSD) Market Outlook 2031:

The Global Solid-State Drive (SSD) Market size was valued at USD 35.36 Billion in 2022 and is projected to reach USD 123.42 Billion by 2031, expanding at a CAGR of 14.9% during the forecast period 2023 - 2031. A solid-state drive (SSD) is a semiconductor-based storage device that stores persistent data using NAND flash memory.

The NAND flash memory chip is made up of an array of blocks, also known as a grid, and an array of memory cells, known as pages or sectors, within each block. The number of bits held in each cell can vary, and they are commonly classified as single-bit cells, Multi-Level Cells/MLC, and Triple-Level Cells or quad-bit cells.

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The demand for SSD has been steadily increasing, along with the wide range of cloud platforms, ranging from classic corporate private clouds to new public clouds and personal cloud usage. Serial ATA (SATA), PCI Express (PCIe), and Serial Attached SCSI (SAS) are the most common SSD interfaces. PCIe SSDs for cloud computing are becoming more popular due to enhanced capabilities such as high speed and quick data access.

Macro-Economic Factors

Economic growth:

Economic growth is one of the key macroeconomic factors that influence the Solid-State Drive (SSD) Market. The overall economic growth of countries and regions influences consumers and businesses to increase spending on storage devices including Solid-state drives.

Growing trend of faster read/write speeds, duarbility, and less power consumption increases the adoption of Solid-state drives which provide flexibility and scalability to businesses and organizations.

When the economy is growing, many organizations are more inclined to invest in IT infrastructure, such as data centers, servers, and storage solutions. As a result, there is a growing demand for enterprise SSDs to increase data processing and storage capabilities.

Technological Advancement

Technological advancements influence the Solid-State Drive (SSD) market. Technological improvement in solid state drives, such as speed and performance has impacted the market. SSDs are shock-resistant which helps to handle heat better than HDDs. SSDs produce less audible noise due to no moving or spinning parts.

The technological advancement has improved the storage capacitiy of SSDs ranging from gigabytes to multiple terabytes which are applicable in various applications. The advancement in NAND flash memory technology has improved performance by providing Triple-Level Cell (TLC) and Quad-Level Cell (QLC) NAND, which are relatively cost-effective for consumers.

For instance, Storage class memory (SCM) is a new type of memory that combines DRAM performance with NAND flash memory durability. The rapid advancement in technology and substantial investment in consumer electronics have augmented the Solid-State Drive (SSD) market in North America, Europe, and Asia-Pacific region.

Solid-State Drive (SSD) Market Dynamics

Market Driver- Growing demand for cloud computing to boost the market growth

The demand for SSDs from data storage centers has increased due to increased demand for data storage and increased penetration of high-end cloud computing. Huge volumes of data are generated every day and must be accessible for a variety of applications; hence, SSDs' high speed and low power consumption have given them an advantage for cutting-edge quick applications.

The growth of cloud computing platforms for personal use by organizations and consumers to back up their data is expected to drive the market. Major cloud computing companies are increasing their use of these drives for quick data access and high-speed work processes. Market players has increased product development to address rising demand for data centers.

For instance, In August 2022, Phison Electronics Corp. announced the release of its X1 controller solid-state drive (SSD) platform for enterprise applications. The X1 SSD system was designed in partnership with Seagate Technology Holdings PLC and built with Phison technology to meet the growing demand for faster and more intelligent data-center infrastructures around the world.

Market Restraint - High cost and smaller life span of SSDs

The cost of 1 GB of SSD is greater than that of an HDD. A 1 TB internal HDD, for example, costs about USD 0.07 per GB, whereas an SSD of the same size costs about USD 0.30 per GB. Even though the price of NAND flash memory has recently dropped significantly, SSDs still cost more than HDDs.

However, with the development of 3D NAND storage options, this trend may not continue in the future. 3D NAND has become a game changer for the storage industry because of the increasing SSD capacities and dropping SSD prices. 3D NAND would enable SSDs to compete with hard drives in terms of capacity.

Furthermore, SSD has a shorter lifespan than HDD; SSD has a limited write cycle since the flash memory in SSDs can only be used for a certain number of writes. This is also one of the parameters connected with the cost of SSD-based storage infrastructure.

Market Opportunity – Increasing Adoption of Solid-state drive in Consumer Electronics

SSDs are increasingly used in laptops, smartphones, and gaming consoles. As these devices become more prevalent, the consumer SSD market continues to grow. The growing customer demand for modern computing devices like smartphones, tablets, laptops, and PCs will increase the use of solid state SSDs.

As digital platforms for money transfer, online shopping, gaming, and other activities become more popular, the demand for mobile devices with long battery life and good performance grows. Market players are developing innovative technological solutions to meet the demands for increased power efficiency and endurance.

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

The report on the global Solid State Drive (SSD) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Solid-State Drive (SSD) Market Segmental Outlook

The global Solid State Drive (SSD) market is segmented on the basis of product type, connectivity, application, and sales channel.

On the basis of product type, the global Solid State Drive (SSD) market is segmented into SATA, SAS, PCIe3, PCIe4, USB3.1, USB3.2, USB3.2*2, and Thunderbolts. The SATA segment is expected to hold significant market share of the market due to low-cost interface design. SATA offers low cable size and cost, fast data transfer through high signaling rates, and efficient data transfer and queuing protocol to lower cable size and cost.

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In terms of Connectivity, the Solid State Drive (SSD) market bifurcated into Internal and External. The internal segment is expected to hold a significant market share during the forecast period. The internal solid state drives are faster, accurate and durable that helps to access data quickly, whether a person is working, streaming content or gaming.

Based on the Application, the global Solid State Drive (SSD) market is segmented into Personal and Enterprise. The enterprise segment is expected to hold a significant market share during the forecast period due to the demand of SSD has been steadily increasing, as has the range of cloud platforms, ranging from classic corporate private clouds to new public clouds to personal cloud usage.

Serial ATA (SATA), PCI Express (PCIe), and Serial Attached SCSI (SAS) are the most prevalent SSD product types. PCIe SSDs for cloud computing are becoming more popular due to enhanced capabilities such as high speed and quick data access.

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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.

Regional Outlook

On the basis of region, the global Solid State Drive (SSD) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a significant market share due to the presence of leading players in the region to various industries.

Enterprises and businesses in North America region are increasing and are spending on IT infrastructure to gain a competitive edge and increase their business productivity thus, fueling the demand for using SSDs to save time, speed data transfer, and achieve high performance level in organizations. Additionally, replacement of traditional hard disk drives with SSDs is high in the region.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Solid State Drive (SSD) Market

• Historical, Current, and Projected Market Size in terms of Value and Volume

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Solid State Drive (SSD) Market