Solid State Drive (SSD) Market Size & Share, by Type (External, Internal), Form Factor (1.8/2.5, 3.5 Inch, M.2/mSATA, U.2 (SFF 8639), FHHL, HHHL), Interface (SATA, SAS, PCIe), Storage (Under 500 GB, 500 GB-1 TB, 1 TB - 2 TB, Above 2 TB), Technology (TLC 3D, TLC Planar, MLC 3D, MLC Planar, SLC), End User (Enterprise, Client, Industrial, Automotive) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5389
  • Published Date: Nov 22, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Solid State Drive Market size is expected to cross USD 800 Billion by the end of 2036, expanding around 19% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of solid state drive was over 53 Billion. Cloud computing is quickly gaining popularity among users as a data preservation tool, followed by the increasing use by a wide range of people and businesses. By 2027, more than 50% businesses all across the globe are going to take up cloud computing program for improved results. The demand for solid state drives has increased globally due to the availability of a wide range of cloud platforms, including new public clouds, conventional private clouds, and personal clouds at home.

The market for solid state drives is driven by the increasing need for data storage across a range of end applications. The need for data storage has grown significantly in recent years, and it is anticipated that this trend will continue in the near future, propelling the global SSD market expansion. Solid-state drives have surfaced as a more advanced substitute for hard disk drives. They are high in demand worldwide due to their outstanding read and write capabilities. SSDs are better than hard disk drives because of their fast data accessibility.


Solid State Drive Market
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Solid State Drive (SSD) Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~19%

Base Year Market Size (2023)

~USD 53 Billion

Forecast Year Market Size (2036)

~USD 800 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Solid State Drive Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Internet Presence of Users all Across the Globe - Increasing social media usage, e-commerce expansion, and media content growth will all play a key role in driving the solid state drive market throughout the projected period. Due to the widespread use of tablets and smartphones, which have enabled customers to create huge amounts of digital data, average household memory consumption is likely to increase in the coming years. As a result, the need for sufficiently large storage capacity is increasing. It has also been observed that the use of SSDs in data centers has increased due to various factors, including improved performance compared to conventional HDD storage, increasing demand for storage media increases and advances in the reliability and performance of enterprise-class SSDs. Businesses prefer SSDs because they require less power, which further allows for less dispersion, leading to reduced environmental impact.
  • High Demand in Data Sensitive Businesses - The rapid growth in the demand for solid state drives is driven by an increasing number of data sensitive enterprises, for e.g. medical sciences, finance services, and energy management. Their operations are highly sensitive to data, and the delays can lead to financial losses. Thus, the main feature which is expected to underpin the world solid state drive market over the coming years will be their speed and rapid access to data. 

Challenges

  • High in Cost – SSDs are significantly more expensive than traditional hard disk drives which can make them prohibitive for some consumers and businesses. As technology advances and manufacturing costs decrease, SSD prices are expected to come down, but they are still likely to remain higher than HDD for the foreseeable future.
  • Limited Capacity in SSD is Anticipated to Hamper the Market Growth in the Forecast Period
  • Security Concerns Associated are Estimated to Pose Limitation on the Solid State Drive Market Expansion in the Upcoming Period.  


Solid State Drive Segmentation

End User (Enterprise, Client, Industrial, Automotive)

Solid state drive market from the enterprise segment is estimated to grow at the highest by registering a revenue share of 40% by the end of 2036. Enterprise SSDs leads the way over client SSDs with power loss protection for data stored in DRAM, higher performance, stronger error correcting code (ECC), consistent and durable quality of service, and longer warranty. The first enterprise-class SSD to use single-level cell (SLC) NAND flash memory, which stores one bit per cell and provides the highest endurance and performance, with a typical life cycle of 100,000 writes per cell. Additionally, NAND-based flash storage solutions are in high demand among organizations due to their long durability, low cost, and faster storage with low error rates, which increases the demand for SSD solutions in businesses around the world. The growing use of SSDs in data centers is driven by many factors, including higher performance compared to conventional HDD storage, increasing demand for storage capacity, as well as advances in the durability and performance of enterprise SSDs.

Interface (Serial ATA (SATA), Serial Attached SCSI (SAS), Peripheral Component Interconnect Express (PCIe))

In terms of interface, the SATA segment is predicted to dominate the global solid state drive market during the time period between 2024-2036. That's because the SATA interface is cost-effective to design, enabling it to be adopted by a wide variety of devices such as laptops, data centers, and personal computers. With the support of the SATA interface, data center operators can improve their existing systems' reliability and performance which are expected to provide opportunities over the coming years.

Our in-depth analysis of the global SSD market includes the following segments:

           Type

  • External
  • Internal

           Form Factor

  • 1.8”/2.5”
  •  3.5”
  • M.2/mSATA
  •  U.2 (SFF 8639)
  •  FHHL and HHHL

           Interface

  • Serial ATA (SATA)
  •  Serial Attached SCSI (SAS)
  •  Peripheral Component Interconnect Express (PCIe)

           Storage

  • Under 500 GB
  • 500 GB–1 TB
  • 1 TB – 2 TB
  • Above 2 TB

          Technology

  • TLC 3D
  • TLC Planar
  • MLC 3D
  • MLC Planar
  • SLC

           End User

  • Enterprise
  • Client
  • Industrial
  • Automotive

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Solid State Drive Industry - Regional Synopsis

North American Market Forecasts

The SSD market in the North America is estimated to hold the largest revenue share of 35% by the end of 2035. Because of the increasing uptake of cutting-edge technologies like cloud, IoT, big data, and high-end cloud computing, North America is anticipated to be a significant market. The region's market is growing because of the rising need for storage brought on by the widespread use of these technologies. Strong vendor presence in the area supports the expansion of the market.  In order to boost product penetration, boost revenues, and accelerate the demand for the item in the area, regional producers are also concentrating on invention and product differentiation.  For example, Micron released the 5400 SATA SSD Advanced Memory System for Critical Infrastructure in June 2022. With the 5400 SSD, the company provides 176-layer NAND innovation to its data center SATA SSD.

Europe Market Statistics

The solid state drive market in the Europe is expected to grow substantially by the end of forecast period. The demand for solid state drives in Europe is being fueled by the rapid adoption of smart devices, rising investment to develop IT infrastructures, and a rapidly expanding use of cloud computing. Moreover, in the Europe region, Germany is predicted to dominate the regional market during the projected time period.

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Solid State Drive Market Size
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Companies Dominating the Solid State Drive (SSD) Market

top-features-companies
    • SAMSUNG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Intel Corporation
    • Western Digital Corporation
    • Micron Technology, Inc.
    • KIOXIA Corporation
    • Seagate Technology LLC
    • LITE-ON Technology Corporation
    • SK HYNIX INC.
    • Viking Technology
    • Kingston Technology Europe Co LLP

In-the-news

In The News

  • Seagate introduced the FireCuda 120 SATA SSD. It has sequential read/write speeds of 560/540 MB/s. Capacity varies from 500 GB to 4 TB.  It is aimed at gamers and offers speed, durability, and large storage capacity.
  • Samsung introduced a new professional SSD with improved performance. They have produced high-performance industrial SSDs featuring the latest Serial ATA (SATA) interface. According to Samsung, the PM1653 is the industry's first 24G SAS SSD manufactured to use sixth-generation V-NAND memory devices, with storage capacities ranging from 800 GB to 30.72 TB for enterprise server systems. High-speed data transfer links such as SAS SSD are used in servers and mainframe storage devices.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5389
  • Published Date: Nov 22, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in cloud computing and growing presence of individual on social media are some of the major factors anticipated to drive the growth of the solid state drive market.

The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2024-2036.

The major players in the market are of KIOXIA Corporation, Seagate Technology LLC, LITE-ON Technology Corporation, SK HYNIX INC., Viking Technology, Kingston Technology Europe Co LLP., and others.

The enterprise segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Solid State Drive Market Report Scope
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