At 20.7% CAGR, Europe Embedded Non-Volatile Memory Market is Projected to be Worth US$ 709.69 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe embedded non-volatile memory market was valued at US$ 157.69 million in 2022 and is expected to reach US$ 709.69 million by 2030, registering a CAGR of 20.7% from 2022 to 2030. Increasing demand in low-power IoT modules and increase in adoption of consumer electronics are among the critical factor attributed to the Europe embedded non-volatile memory market expansion.

Technological giants worldwide are highly focused on research and development of new technologies. IoT is positioned at the core of the next-gen software technologies in the embedded non-volatile memory market. Embedded non-volatile memory has a wide range of applications in the IoT sector. They are used to collect and store data to help users perform future decision-making activities. An embedded non-volatile memory is capable of supporting low-power IoT modules. The growing shipment of IoT modules is fueling the embedded non-volatile memory market. For instance, in the first quarter of 2023, companies such as Telit Cinterion, Quectel, and Fibocom increased the shipment of low-power NB-IoT and LTE-M (Cat-M) modules. Embedded non-volatile memory supports IoT modules by saving additional space and cost by reducing the need for on- and off-chip to regulate the voltage of the modules. IoT modules are most commonly used in IoT edge or endpoint devices for solving challenges related to ultra-low power operation and shrinking size. IoT modules can connect to the cloud, exchange data packets, and download firmware in batches while operating independently. These modules require high energy and power to perform operations, which increases the demand for embedded non-volatile memory among users. Furthermore, the growing demand for ultra-low power consumption IoT modules encourages market players to develop new innovative embedded non-volatile memory that requires low power to perform operations. For instance, in June 2022, STMicroelectronics launched the Electrically Erasable Programmable Read-Only Memory (EEPROM) series. The EEPROM series is a new high-density, all-in-one embedded non-volatile memory family that supports embedded systems and tiny IoT modules to operate effectively in low-power energy. The EEPROM series offers several benefits to the user, including efficient data logging, fast upload/download, and ultra-low power for enhancing module efficiency while minimizing power dissipation. The extensive adoption of IoT is fueling the market growth. For instance, according to the Cisco Visual Networking Index, in 2022, there were more than 28 billion network devices enabled with embedded systems and powered by IoT. The network devices help users improve connectivity and security and reduce additional operational costs for the business. The integration of embedded systems with IoT devices and platforms is enabling new applications and services in areas such as smart homes, smart cities, and industrial IoT. Also, the expansion of smart cities and smart home projects is anticipated to increase the demand for embedded non-volatile memory in IoT-based embedded systems, thereby providing opportunities for the market growth.

On the contrary, global shortage of semiconductor chips hurdles the growth of Europe embedded non-volatile memory market.

Based on product, the Europe embedded non-volatile memory market is categorized into eFlash, eE2PROM, FRAM, and others. The eFlash segment held 35.2% market share in 2022, amassing US$ 55.55 million. It is projected to garner US$ 226.34 million by 2030 to expand at 19.2% CAGR during 2022-2030.

In terms of application, the Europe embedded non-volatile memory market is segmented into consumer electronics, automotive, robotics, and others. The others segment held 35.1% share of Europe embedded non-volatile memory market in 2022, amassing US$ 55.29 million. It is projected to garner US$ 212.46 million by 2030 to expand at 18.3% CAGR during 2022-2030.

Based on country, the Europe embedded non-volatile memory market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 31.9% share of Europe embedded non-volatile memory market in 2022. It was assessed at US$ 50.23 million in 2022 and is likely to hit US$ 238.93 million by 2030, exhibiting a CAGR of 21.5% during 2022-2030.

Key players operating in the Europe embedded non-volatile memory market are Microchip Technology Inc, Tower Semiconductor, GlobalFoundries Inc, eMemory Technology Inc, Texas Instruments Inc, Hua Hong Semiconductor Ltd, Taiwan Semiconductor Manufacturing Co Ltd, United Microelectronics Corp, Semiconductor Manufacturing International Corp, and Synopsys Inc, among others.

• In November 2021, United Microelectronics Corporation ("UMC"), a leading global semiconductor foundry, and eMemory, the world's leading producer of intellectual property for nonvolatile memory, announced that eMemory's Resistive Random Access Memory (ReRAM) IP has been qualified on UMC's 40nm process.
  
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