The global semiconductor memory market is poised to witness a remarkable growth curve in the upcoming years owing to the rapid increase in the implementation of IoT technologies across prominent industry verticals. Technical innovations pose huge demands for components like storage, microcontrollers, sensors, as well as connectivity solutions. This has resulted in the evolution of storage capabilities for addressing the high requirements of products based on IoT. Incorporation of IoT technology into communications, automotive, consumer, industrial and more, has largely contributed to the increased sales of semiconductor companies. As the scope of innovations and technological advancement depicts an upsurge, the semiconductor memory market will exhibit a popularity incline of mammoth proportions in the years to come.
The rapid increase in data center establishments across the globe due to high storage requirements in various application industries such as growth of telecom & IT sector is adding up to the consumption of storage devices. The several countries in Europe and North America are experiencing a high adoption of hyperscale data and colocation data centers owing to the increasing demand for mega facilities for storage, access, and management of the massive business data. These establishments have huge amounts of storage requirements, which is resulting in growing semiconductor memory market.
The evolution of industrial IoT technologies and Industry 4.0 strategies adopted in various industrial processes is further fueling the semiconductor memory market demand. These technologies include automated and smart systems that perform manufacturing, assembly, and management operations at high speeds as compared to humans. In order to maintain these output levels and provide cost benefits to industries, the system manufacturers deploy efficient components, which include high-quality chips. These factors coupled with other industrial innovations such as intelligent control is contributing towards the high demand of the semiconductor memory market in the industrial applications.
The industry suppliers and manufacturers based in North American and European countries incur high manufacturing & production costs as compared to their Asian counterparts. These companies face cost-based challenges due to high labor wages and employment costs in the U.S. and the EU. These factors along with the unavailability of human labor to perform the production & assembly operations manually is a major issue for the manufacturers across North America in the semiconductor memory market.
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The labor cost issues in the semiconductor memory market can be overcome by deploying efficient automated machines and facilities that reduce the human involvement and provide better operational results compared to the workers. These automated machines offer several benefits to the companies as they produce high-quality & faultless products, saving time and enhancing the production process.
The U.S. semiconductor memory market is witnessing a high popularity for SSDs due to a gradual increase in the consumption of electronic products in the country. A rise in the consumer disposable income and the utilization of digital technologies across all industry verticals are the major factors responsible for high storage solutions requirements. Declining chip prices in the Asian market are enforcing customers in North America to import such products from companies based in the Asian countries. Moreover, the growing need for high-capacity storage & memory devices and their deployment in mobile devices and huge data centers is supporting high requirements for NAND Flash memory solutions.
Some of the key players in the semiconductor memory market include Samsung Electronics, Nvidia, On Semiconductor, Micron Technology, Inc., etc. Manufacturers are focused on product development by investing in R&D activities & engineering capabilities to cater to the needs of mobile industry customers. To stabilize the component pricing, companies are reportedly developing strategies to maintain the average prices of ROM and RAM products. Manufacturers in the semiconductor memory market are also likely to face challenges in the future owing to the emergence of replacements such as MRAM, ReRAM and phase change memory.
As semiconductor memory technology rapidly evolves to meet the ever-growing needs of the electronics industry, it is likely to experience high demand from end-use industries including electronics and automotive. Increased demand and the rapid evolution of smartphones and PCs across the globe will continue to impact the product requirement, on the grounds of which manufacturers will constantly seek ways to expand their production facilities and know-how. This could considerably impact the remuneration portfolio of the overall semiconductor memory market, slated to cross a mammoth USD 730 billion by 2024.