NOR Flash Memory Market Size (2024 - 2029)

NOR Flash Memory Market Analysis

The NOR Flash Memory Market size is estimated at USD 3.27 billion in 2024, and is expected to reach USD 4.23 billion by 2029, growing at a CAGR of 5.30% during the forecast period (2024-2029).

• NOR flash memory remains useful for code storage and low-end embedded applications but is not a serious contender for high-capacity storage applications. In the automotive space, NOR products are used in infotainment systems, advanced driver assistance systems (ADAS), and dashboard instrument clusters. Some leading automotive ADAS manufacturers have already been using NOR flash. For Example, Bosch uses the automotive-grade Serial NOR Flash memories from Cypress Semiconductor Corporation, which Infenion now acquires to manufacture its video-based Advanced Driver Assistance Systems (ADAS). The usage is expected to boost the storage of system boot code and algorithms at temperatures up to +125°C.
• Additionally, the growing digitalization is driving demand for data logging requirements, artificial intelligence, and over-the-air updates, which are mainly incorporated by wearables. This demand for technology in wearables is also creating opportunities in the global NOR flash memory market. For instance, according to the Consumer Technology Association (CTA), the sales revenue of wearables in the United States is anticipated to reach USD 13.8 billion in 2023.
• The expanding telecommunication sector is also anticipated to support the studied market's growth. For instance, following 4G, 5G is the next generation of wireless communication technology for digital cellular networks. 5G technology, with its fast speed, huge bandwidth (up to 10Gb/s), and ultra-low latency, could enable new applications that were previously unimaginable. NOR Flash is widely employed in wireless base stations because it meets the modern world's high reliability and availability demand. NOR Flash, unlike NAND Flash, allows SoCs (system-on-chip devices) and FPGAs (field-programmable gate arrays) to boot from it directly and consistently; hence, it is frequently used to store firmware images. It is also clear how the rapidly expanding 5G infrastructure would increase demand for NOR Flash.
• Furthermore, the current semiconductor shortages and undersupply of other memory products, such as NAND and DRAM, have increased demand and the average selling price of NOR Flash products since the pandemic. However, over the coming years, the ASP of NOR Flash is expected to decline due to growing stockpiles, which will impact the growth of the studied market.
• Research and development costs are also a costly affair in the NOR flash memory market, which is expected to increase with the growing end-user requirements. Vendors like Micron have recently announced investments worth billions to construct new fabrication & R&D facilities for memory manufacturing to cater to the growing demand across industries like automotive, data centers, and memory applications in artificial intelligence and 5G. This indicates the costly setup for research and development and the fabrication process, which continues to remain among the challenging factors for the growth of the studied market.

NOR Flash Memory Industry Segmentation

NOR Flash is a memory and one of the types of non-volatile storage technologies. It is used for applications where individual bytes of data need to be written and read. The products are built to offer lower memory densities compared to NAND and enhance the power consumption in end-user devices.

The NOR flash memory market is segmented by type (serial NOR flash and parallel NOR flash), end-user application (communication, consumer electronics, automotive, industrial), density (2 MEGABIT and LESS NOR, 4 MEGABIT and LESS (>2MB) NOR, 8 MEGABIT and LESS (>4MB) NOR, 16 MEGABIT and LESS (>8MB) NOR, 32 MEGABIT and LESS (>16MB) NOR, 64 MEGABIT and LESS (>32MB) NOR), and geography (Americas, Europe, Japan, China, and the Rest of the World). The report offers market forecasts and size in volume (shipment units) and value (USD) for all the segments.