Solid state drives (SSDs) are gradually emerging as preferred digital storage devices over hard disk drives (HDDs). SSDs come with numerous advantages due to which they are gaining significant traction in the market. Due to the increasing implementation across various handheld devices, Transparency Market Research (TMR) projects the global solid state drive market to rise at a CAGR of 40.7% between 2015 and 2024.
Despite lucrative growth prospects, the high price of SSD is expected to limit their sales to an extent. Nevertheless, technological breakthroughs are expected to reduce the cost of SSDs in the near future. This will further help augment growth witnessed by the global solid state drive market. According to TMR, the global solid state drive market stood at US$15.4 bn in 2014. The market is expected to reach US$229.4 bn by the end of 2024.
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Presence of Several Leading Players Makes Asia Pacific a Key SSD Market
Currently, Asia Pacific leads the global solid state drive market. China, Taiwan, and Japan have been identified as the most lucrative markets for solid state drives in Asia Pacific. The region features the presence of several leading SSD vendors such as Micron Technology, SanDisk Corporation, Samsung Electronics Co., Ltd., Toshiba Corporation and others, which explains the strong potential of the region. Furthermore, demand for laptops and advanced mobile devices is surging rapidly in countries such as Japan, China, and South Korea.
Solid State Drive Market to Gain Significant Momentum Owing to Increasing Demand from Mobile Industry
The overall performance of mobile phones is also dependent on solid state drives and this also serves as a prime factor boosting the global solid state drive market in the coming years. The implementation of solid state drives by top mobile phone companies such as Apple Inc., and others is considered a strong driver.
Additionally, hand-held gadgets like ultraportable PCs and scratch pad where SSDs assumes a vital part in essential stockpiling has expanded enormous development opportunity for the solid state drive market. High performing highlights like trash remedy, mistake rectification, and encryption and less force utilization are a portion of the other observable elements driving the solid state drive market.
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The Middle East and Africa market is also likely to exhibit attractive opportunities for SSD vendors. The rising penetration of smartphones in the region is expected to boost demand for devices based on the flash memory technology. Since SSDs provide ideal storage solution for these devices, their demand for the Middle East and Africa is expected to rise considerably. Besides this, the SSD manufacturers will witness strong demand in Europe and North America.
Demand for Enterprise SSDs to Rise at Higher Pace as Enterprises Look towards Performance Improvement
By end user, the global solid state drive market is bifurcated into client SSD and enterprise SSD. Of these, the client SSD segment dominated the global SSD market in 2014. The term client SSD is used to differentiate between SSDs produced for enterprise use and those produced for consumers. This segment includes SSDs used in notebooks, consumer tablets, and desktops PC. The compact form factor of client SSDs renders them perfectly suitably for notebooks, which demand a thinner and lightweight body, high performance, and longer battery life.
Some of the leading companies operating in the market are Lite-on Technology Corporation, Kingston Technology Corporation, OCZ Storage Solutions, Intel Corporation, and Western Digital Corporation, Inc.
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