Magneto Resistive Ram (MRAM) Market Segmentation By Technology (Toggle and Spin-Transfer Torque); By Product (Discrete and Embedded) and By Application (Consumer Electronics, Aerospace and Defense, Robotics, Enterprise Storage, Automotive and Others) – Global Demand Analysis & Opportunity Outlook 2028
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
· September 2016: Spin Memory, Inc. (STT), announced that it has fabricated perpendicular MRAM magnetic tunnel junctions ([MTJs] is the primary component of an MRAM memory cell and core technology of an MRAM device) as small as 20nm which is among the smallest MTJs reported till date.
Magneto resistive ram (MRAM) is a process of storing data bits that uses electron spin to store information which is used by dynamic RAM. It is the result of an amalgamation of advantages of both dynamic RAM and static RAM. Magneto resistive ram (MRAM) has high performance compared to traditional memory devices and are much faster, consume lesser power, and are capable of preventing data loss. Magneto resistive ram (MRAM) technology is robust and reliable over extreme temperature ranges so they are used to assist electronic product to store huge amount of data while ensuring fast accessing speed and consume less battery power.
Increasing adoption of digitalization and technological advancement such as Internet of Things (IoT) and cloud computing along with the increasing demand for electronic products are some of the significant factors boosting the market growth. According to United States Census Bureau, in 2016, 76% of households had a smartphone and desktop or laptop computers were used by 77% of households.
The magneto resistive ram (MRAM) market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by application into consumer electronics, aerospace and defence, robotics, enterprise storage, automotive and others. Among these segments, the segment for consumer electronics is anticipated to grow at the highest rate in the magneto resistive ram (MRAM) market as a result of increasing adoption of smartphones, laptops, electronic wearables and digital cameras which utilize advanced memory devices to ensure low energy consumption and reduce the boot up time. CLICK TO DOWNLOAD SAMPLE REPORT
Increase in research activities to develop innovative read access memory products such as embedded and discrete MRAMs fuels the growth of market. Additionally, the magneto resistive ram (MRAM) holds the potential to replace flash memory and other electrically erasable programmable read-only memory (EEPROM). This is anticipated to significantly expand the magneto resistive ram (MRAM) market.
There is an increased demand for low-cost, small-size, power-efficient MRAMs in electronic, aerospace, defence and military systems owing to its favourable physical characteristics such as endurance to high radiation, operation in extreme temperature, tamper-resistant and faster computing. Additionally, its applications in enterprise storage solutions reduces the overall system downtime which further spurs the market growth. On the back of these, the global magneto resistive RAM (MRAM) market is predicted to grow over the forecast period.
Despite the technological advancements, there is a high cost involved in designing and manufacturing which negatively affect the market growth. Further, the interface problems associated with memory is estimated to hinder the growth of magneto resistive ram (MRAM) market in the future.
Our in-depth analysis of the magneto resistive ram (MRAM) market includes the following segments:
On the basis of regional analysis, the magneto resistive ram (MRAM) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for magneto resistive ram (MRAM) in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market magneto resistive ram (MRAM). Moreover, the enterprises are shifting towards data centres in order to reduce the cost of technology infrastructure and to achieve faster computation, lesser power consumption and better scalability which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of advancements in infrastructure of data centres and information technology hubs. Additionally, the increased usage of internet and penetration of cloud computing along with the large number of memory manufacturers in the countries such as China and India owing to ample availability of raw material and cheap labour, further raise the demand for magneto resistive ram (MRAM) market.
The magneto resistive ram (MRAM) market is further classified on the basis of region as follows:
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