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Solid state drives (SSDs) are gaining popularity as storage solutions due to their numerous advantages over traditional hard disk drives (HDDs). SSDs have no moving parts, are more durable, offer faster read/write speeds and lower power consumption. They are increasingly being used in data centers, desktops, laptops, game consoles and smartphones to provide a better user experience. Key factors driving the adoption of SSDs include the rising demand for high performance storage from enterprises and consumers. SSDs help improve the responsiveness of systems and load/transfer large files and applications much quicker than HDDs.
The global Solid State Drive (SSD) Market is estimated to be valued at US$ 47.6 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the solid state drive market is the increasing use of 3D NAND technology. 3D NAND SSDs offer more storage capacity in a small form factor and enable manufacturers to lower costs as the technology scales. SSDs with 3D NAND are supplanting traditional 2D planar NAND and allowing businesses to deploy high density flash storage solutions. 3D NAND technology plays a major role in driving down the cost per gigabyte of SSDs, making them an attractive alternative to HDDs for diverse applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Solid State Drive (SSD) market is moderate. Significant capital investments are required to establish manufacturing facilities to produce SSDs. However, technological expertise is easily available.
Bargaining power of buyers: The bargaining power of buyers in the SSD market is high. Buyers have numerous options available from established players. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Significant in-house production of components such as NAND flash memory chips provides control over supplies. However, a few memory chip makers hold large market shares.
Threat of new substitutes: The threat of new substitutes is low. No potential alternative currently offers the performance capabilities of SSDs in terms of speed and durability. Traditional hard disk drives still offer better value.
Competitive rivalry: Competitive rivalry is high due to numerous global players. Intense competition exists on the basis of product pricing, reliability, product innovation and additional services. Market leaders spend heavily on R&D and advertisement.
Key players
Key players operating in the Solid State Drive (SSD) market include Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC. These players are focusing on new product launches and strategic expansions to gain higher shares.
Key Takeaways
The global Solid State Drive (SSD) Market is expected to witness high growth. The global Solid State Drive (SSD) Market is estimated to be valued at US$ 47.6 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
North America dominates the market currently due to high technology adoption. The region is expected to maintain its leading position during the forecast period driven by high industrial growth. Asia Pacific is projected to be the fastest growing region in the SSD market during the forecast period. Expanding cloud services and growing data centers in countries such as China, India and Japan are driving tremendous demand. In addition, growing electronics industries and spreading technology penetration will propel the regional market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
