Owing to benefits such as high speed, low power consumption, and wide temperature range, static random access memory (SRAM) is gaining popularity across different industries. The global static random access memory market is expected to grow at a significant CAGR during the forecast period from 2021 to 2031.
The need for internet-of-things (IoT) technology in various sectors such as healthcare, automotive, and consumer electronics has led to an increased demand for static random access memories. Moreover increasing adoption of artificial intelligence (AI) technology in robotics and automation processes is driving the demand for this market. These factors have further propelled the demand for static random access memory thus, increasing the dependence on this market.
Rapid applications across networking, aerospace, medical, automotive electronics, consumer electronics, and other applications due to their high performance and reliability, faster read/write speeds, and availability in different types are encouraging impressive growth in the worldwide static random access memory (SRAM) market. The market consistently undergoes a series of developments in order to provide better services.
SRAM offers several advantages over other types of memory, such as DRAM and flash memory. SRAM is faster than DRAM and does not require refreshing. SRAM consumes less power than DRAM and is more resistant to radiation. SRAM is also non-volatile, meaning it does not lose its contents when power is removed. Another key advantage is its speed. SRAM can access data much faster than DRAM because it does not need to be refreshed.
Considering these factors, it is reasonable to say that the global SRAM market is growing at an appreciable compound annual growth rate (CAGR) of 7.5%. It is expected that the market might acquire a size of USD 16.08 billion during the period of forecast, that is, 2021-31.
Static Random Access Memory (SRAM) is a type of random access memory that uses bistable latching circuitry to store each bit. SRAM is typically used as cache memory in digital systems in order to speed up processor performance. The global static random access memory market is anticipated to register an impressive CAGR during the forecast period, owing to its wide range of applications in the electronics, automotive, and industrial sectors.
A significant rise in the demand for higher data processing speed and enhanced battery life in electronic devices has led to the adoption of SRAM technology. In addition, the growing demand for security solutions for connected devices is further driving the growth of the SRAM market.
Moreover, rising military expenditure worldwide is spurring the adoption of advanced SRAM technologies in defense applications such as avionics and radar systems. The development of artificial intelligence (AI) based products and applications will also create tremendous opportunities for vendors operating in this market over the coming years.
However, drawbacks such as incompatibility with other components and the high cost of static random access memories are restraining the market growth. SRAMs have limited memory capacity and cannot store large amounts of data like DRAM and Flash Memory can. This makes them unsuitable for use in applications that require large amounts of data storage or processing power. In spite of these limitations, the market is registering a considerable rate of growth because of the advancements that have been taking place accompanied by an increased level of knowledge about this field. In today’s competitive market environment, highly reliable but low power-consuming static random access memories have become an integral part of any system design.
The key players in the Static Random Access Memory (SRAM) market are Texas Instruments Incorporated, Micron Technology Inc., Macronix International Co. Ltd., Samsung Electronics Co. Ltd., SK Hynix Inc., Winbond Electronics Corporation America, Nanya Technology Corporation, ISSI (Integrated Silicon Solution Inc.), Cypress Semiconductor Corporation and Toshiba Corporation among others. These players compete with each other in the market and each of them aims to earn higher profits and acquire a position above that of their competitors in the market.
NVSRAM Type to Remain the Most Lucrative Segment
On the basis of type, the global static random access memory (SRAM) market is segmented into NVSRAM, asynchronous SRAM, synchronous SRAM, and low-power SRAM. Among these, NVSRAM is expected to grow at the highest CAGR in the forecast period due to its fast read and write speed, low power consumption, and non-volatile nature. NVSRAM stands for Non-Volatile Static Random Access Memory, which is a type of non-volatile memory that retains data even when there is no power supplied to it.
Automotive Electronics to Ensure Maximum Revenue
Based on application, the global SRAM market is segmented into networking, aerospace, medical, automotive electronics, consumer electronics, and others. Among these, automotive electronics is expected to grow rapidly in the coming years due to rising demand for advanced technologies such as autonomous driving and advanced driver assistance systems. In automotive electronics and consumer electronics applications, SRAMs are used for storing temporary information during the operation of various devices like cameras and music players.
North America is Expected to Yield Ample Investment Avenues
North America holds a dominant position in the global SRAM market due to factors such as technological advancements in communication infrastructure and increasing adoption of artificial intelligence (AI) systems in this region.
Covid-19 Impact and Market Status
The crisis of the novel coronavirus was received by different industries in varying manners. The production process got adversely affected and the flow of raw materials was disturbed. The demand and supply chain was impacted negatively. The covid crisis impacted the SRAM market in several ways. The slowdown of the economy has caused a decrease in demand for SRAM components, due to decreased production and consumption of electronic devices in 2020. This has led to an overall decrease in revenue for the SRAM market as well as a drop in prices due to increased supply from manufacturers. Additionally, the pandemic has shifted demand away from non-essential electronics such as game consoles and mobile phones towards essential electronics such as medical devices and laptops. This shift has also affected the SRAM market, as these essential devices often require less memory than their non-essential counterparts, leading to a decrease in demand for higher-capacity SRAMs. As the pandemic continues, companies are expected to continue adapting and finding new ways to reduce costs, which could further impact the SRAM market's performance.
Latest Innovations in the Global Static Random Access Memory (SRAM) Market: a Snapshot
• In June 2020, Samsung announced it would invest around $151 billion into various businesses such as semiconductors and display technology over the next three years with an aim to become a top player in the global semiconductor industry by 2030.
• Similarly, to meet the rising demand for memory devices, SK Hynix has announced plans to invest over $100 million in its NAND wafer fabrication facility in China. Such developments are expected to help these key players gain a stronghold in the market.
Static Random Access Memory Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 16.08 billion|
|Growth Rate||CAGR of 7.5 % during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Micron Technology Inc., Macronix International Co. Ltd., Samsung Electronics Co. Ltd., SK Hynix Inc., Winbond Electronics Corporation America, Nanya Technology Corporation, ISSI (Integrated Silicon Solution Inc.), Cypress Semiconductor Corporation and Toshiba Corporation among others.|
Key Segments of the Static Random Acces Memory Market
By Type Overview, 2021-2031 (USD Billion)
• Asynchronous SRAM
• Synchronous SRAM
• Low Power SRAM
By Application Overview, 2021-2031 (USD Billion)
• Automotive Electronics,
• Consumer Electronics
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa