Solid State Drive Market - Forecasts from 2023 to 2028

The solid-state drive (SSD) market is projected to grow at a CAGR of 12.62% over the forecast period to reach US$52.021 billion in 2028 from US$22.641 billion in 2021

A solid-state Drive (SSD) is a type of nonvolatile storage medium that is used for storing persistent data on solid-state flash memory. It is faster, quieter, with a larger capacity, and more affordable. The SSD storage device uses integrated circuit assemblies to store data persistently, typically using flash memory, and functioning as secondary storage in the hierarchy of computer storage. It is also called a solid-state disk. Demand for the SSD market is high in data centers owing to the need for faster, cheaper, and denser storage. A solid-state drive is required for various complex operations in data-sensitive industries such as financial services, life sciences, and energy management.

Key factors for the market’s growth are declining prices, performance improvement due to the formation of NVMe, and a surge in cloud customers. Solid State Drives also offer various advantages, such as reduced latency and boot time, less power and space consumption, and more resistance to physical shocks, among others. Increasing the development of high-capacity SSDs represents a lucrative growth potential for this market throughout the forecast period.

By Interface Type

The solid-state drive (SSD) market is segmented by interface type as SATA, SAS, fibre channel, and ATA/IDE. The SATA interface-based solid-state drive offers lower cable size and cost, faster data transfer through higher signalling rates, and more efficient transfer through an I/O queuing protocol. SATA will account for a significant market share of the global SSD market during the forecast period. The old desktop PCs support only the SATA interface for upgrading from HDDs to SSDs, thereby driving the growth of this market segment. Moreover, the lower price of SATA than other interfaces will also bolster the growth of this segment over the forecast period. SAS drives come in a variety of endurance options, depending on the manufacturer, to match a particular workload and write requirements.

By End-User Industry

By end-user industry, the solid-state drive (SSD) market is segmented into automotive, aerospace and defence, medical, consumer electronics, and others. The automotive segment holds a significant market share on account of the growing integration of technologies into vehicles. Consumer electronics also hold a significant market share owing to the miniaturization of electronics and electrical parts along with the increasing focus of industry players toward more reliable and efficient data storage solutions.   

North America is projected to capture the highest share while Asia Pacific will rise the fastest

Geographically, the market is classified into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The report also analyses major countries across these regions with a complete analysis and forecast, along with prevailing market trends and opportunities that each of these countries presents for the manufacturers. North America has a significant amount of market share in solid-state drives due to advanced storage solutions and an increase in spending by enterprises on information technology infrastructure to gain a competitive edge and increase their business productivity. APAC will witness the fastest regional market growth owing to booming IT infrastructure in emerging economies such as China and India. The growing consumer electronics industry, along with the presence of global players such as Toshiba Corporation, Micron Technology, and Samsung Electronics in the region, will also contribute to the market’s growth.   

Market Developments

• In April 2021, Samsung launched a new business SSD that produced a high-performance business solid-state drive that utilizes the most recent Serial ATA (SATA) interface. According to Samsung, the PM1653 is the industry's first 24G SAS SSD manufactured using sixth-generation V-NAND memory chips, with storage capacities varying from 800 gigabytes to 30.72 terabytes for corporate server systems. SAS is a fast data transmission link for servers and big computer storage devices.
• In January 2021, Western Digital announced the impending release of three new user portable SSDs with 4TB storage under the SanDisk, WD, and WD Black brands. The new 4TB SSDs are intended for gamers, multimedia makers, and creative professionals who want more storage capacity. The WD Black has read rates of up to 2000MB/s and is compatible with PC, PlayStation, and Xbox One game libraries. 
• In June 2023, Micron Technology, Inc., announced the plans for building new DRAM and NAND assemblies in the Gujarat region of India by investing approximately US$825 million over the 2 phases of the project. The new facility will focus on different product developments including solid-state drives.
• In April 2022, Seagate Technology and Phison Electronics formed a long-term alliance to broaden their solid-state drive range of next-generation elevated, large enterprise Non-Volatile Memory Express (NVMe) SSDs. The new SSDs are intended to help organizations reduce the total cost of ownership (TCO) by lowering power consumption, increasing storage density, and improving performance.

Segmentation:

By Interface Type

• SATA
• SAS
• Fibre Channel
• ATA/IDE

By End-User Industry

• Automotive
• Aerospace and Defense
• Medical
• Consumer Electronics
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan
• Others