14.4% CAGR for NOR Flash Market Worth USD 6,069.5 Million by 2028 - The Insight Partners

NOR flash memory is an electronic nonvolatile computer memory storage medium that can be electrically deleted and reprogrammed. The growing demand for NOR flash in applications where individual bytes of data need to be written and read, and random access and execute-in-place access are required is boosting the market growth. NOR flash solutions have capacities in megabits and low gigabits range, which is their major feature. Further, high reliability and data integrity features have led to an increased customer base for NOR flash memory over the years. Rising demand for consumer electronics and communication devices, and the increasing penetration of electronics in automotive and industrial applications boost the NOR flash market growth. Further, the increasing applications of NOR flash memory in automotive, industrial, and medical sectors as well as in technologies such as the Internet of things (IoT), active-matrix organic light-emitting diode (AMOLED), and liquid crystal display (LCD) would drive the market during the forecast period.

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Strategic Insights:

Players operating in the NOR Flash Market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by the key players are listed below:

- In 2021, Winbond Electronics Corporation, a major global supplier of semiconductor memory solutions, has announced the addition of a new single die monolithic 1.8V 512Mb SPI NOR flash that can handle up to 166 MHz standard/dual/quad SPI clocks to their comprehensive solution of SPI NOR flash.
- In 2020, Infineon Technologies AG expands its memory capabilities with the acquisition of Cypress Semiconductor Corporation. Semper Secure is now available for Infineon's award-winning Semper NOR Flash memory platform. Semper Secure NOR Flash is the first memory solution to combine security and functional safety in a single NOR flash device, delivering the security, safety, and reliability required for the most advanced connected automotive, industrial, and communications systems. It is based on Semper NOR Flash's field-proven and robust smart memory architecture.

Impact of COVID-19 Pandemic on NOR Flash Market

The COVID-19 pandemic hampered the economic growth of the manufacturing sector in most countries due to business shutdown and lockdown restrictions. Sales of products such as cars and electronics also declined for a few months in 2020. The shuttering of office premises, public places, schools, transportation, and other spaces also hampered the market growth. The semiconductors industry took a significant hit as dur to the lowering of demand for electronic components from the industrial sector. The revenue model for microelectronics has declined as no mass production was carried in the lockdown period. Post lockdown, the semiconductors industry started to regain the market share as production facilities resumed their operations, simultaneously ensuring compliance with all necessary measures. Besides, work from home and remote monitoring strategies also contributed to surge in the sale of advanced electronics products for better connectivity. The renewed importance of the IT and telecommunications sectors allowed them to evolve in accordance with new technologies such as IoT connectivity and high-speed, wi-fi-compatible packaging technologies. According to the Semiconductor Industry Association (SIA), the global semiconductor sales increased by 11% in the Q3 2020, which added to the demand for NOR flash memory.

The global NOR Flash Market has been segmented as follows:
By Type

- Serial NOR Flash
- Parallel NOR Flash

By Density

- Less than 250Mb
- 250Mb-1Gb
- More than 1Gb

By Application

- Industrial
- Telecommunication
- Networking
- Automotive
- Smart Grid Space
- Others

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