The increasing competition in the global solid state drive market is expected to create a consolidated market structure, as observed by Transparency Market Research. In 2014, Micron Technology, Intel Corporation, and Samsung Electronics Co., Ltd held 51% of share in the global solid state drive market. In addition, the key manufacturers are investing in research and development activities that could drive the demand in this market. To improve the geographical reach companies are investing in merger and acquisitions and targeting key segments that could help in providing strategic solution to clients and enterprises. Tapping new market to strengthen their geographical reach is also a business strategy used by these companies.
According to the statistics provided by Transparency Market Research, the global solid state drive market is projected to rise at 40.7% CAGR during the forecast period from 2015 to 2022. Rising at this rate the market is expected to touch US$29.4 bn by the end of 2022 progressing from US$ 15.4 bn as estimated in 2014.
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Based on end user, in 2014, the client SSD segment led the global solid state drive market. As client SSDs are used in consumer tablets, notebooks, and desktops PC, they provide high performance, longer battery, and are light in weight their demand in increasing at a rapid pace. Based on geography, Asia Pacific is considered one of the key region due to the presence of leading players in the region. moreover, growing demand for mobile devices and laptops especially in countries like China, Japan, and South Korea has led to rise of this region.
Growing Use of Solid State Drive in Mobile Phones to Drive Market Growth
As solid state drive are widely used in mobile phones, thus, with bolstering demand in the mobile phone industry is likely to boost the demand for solid state drive. To reduce the application launch time and enhance the performance of mobile phones solid state drives are used. Leading mobile companies such as Apple has incorporated SSDs in mobile devices, which has further augmented the demand in this market. Moreover, hand-held devices such as ultraportable computers and notebooks where SSDs plays a crucial role in primary storage has increased large growth opportunity for the solid state drive market. High performing features such as garbage correction, error correction, and encryption and less power consumption are some of the other noticeable factors driving the solid state drive market.
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On the other hand, few challenges are hampering the growth in the solid state drive market. High cost of solid state drive is one of the key challenge hampering the growth of this market. High cost of raw materials, expensive manufacturing process, and relatively low market is impacting negatively on the market growth. In addition to that, inconsistency in low rate latency have also added in increasing the restraints faced in this market. However, high cost is expected only for short duration as with time solid state devices will eventually beat HDD prices in the forthcoming years. This may limit the possibility of adoption of lucrative opportunity in the low-cost mobile sector. On the other hand, technological advancements are likely to benefit the market’s growth and increase the capability of solid state drive overpowering the services offered by HDD.