Report : North America Embedded Non-Volatile Memory Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (eFlash, eOTP, eE2PROM, eMTP, eMRAM, and others) and Industry (Consumer Products, Automotive, IT and Communications, and Others)
eFlash Segment to Dominate North America Embedded Non-Volatile Memory Market during 2021–2028
According to a new market research study on “North America Embedded Non-Volatile Memory Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Industry” is expected to reach US$ 651.62 million by 2028 from US$ 23.05 million in 2021. The market is estimated to grow at a CAGR of 61.2% from 2021 to 2028. The report provides trends prevailing in the North America embedded non-volatile memory market along with the drivers and restraints pertaining to the market growth. Development of consumer electronics market is the major factor driving the growth of the North America embedded non-volatile memory market. However, issues associated with the high design price and scalability issues hinder the growth of North America embedded non-volatile memory market.
The North America embedded non-volatile memory market is segmented into type, industry and country. Based on type, the North America embedded non-volatile memory market is segmented into eFlash, eOTP, eE2PROM, eMTP, eMRAM, and others. The eFlash segment dominated the market in 2020 and eMRAM segment is expected to be the fastest growing during the forecast period. Based on industry, the North America embedded non-volatile memory market is segmented into consumer products, automotive, IT and communications, and others. The IT and communications segment dominated the market in 2020 and automotive segment is expected to be the fastest growing during the forecast period. Based on country, North America embedded non-volatile memory market is classified into US, Canada, and Mexico.
North America is among the worst-hit regions by the COVID-19 pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. COVID-19 has negatively impacted manufacturing businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, research & development (R&D), and administration of various providers fell adversely, due to severe measures taken during the pandemic. Post lockdown, the market witnessed increasing demand for digital devices. North America is among the eminent regions in adopting smart or IoT-based devices due to favorable infrastructure that support high-speed internet services. The adoption of 5G network has driven the market growth post lockdown. The COVID-19 outbreak has a major impact on manufacturing facilities as production capacities were lowered. As the demand for electronics remained constant, it helped the market to resume the growth. For instance, in December 2020, Qualcomm Inc, a leading manufacturer of microprocessors, predicted that the shipments of 5G smartphones will double in 2022 owing to increasing 5G network deployment. Such increasing adoption of 5G smartphones is have some kind of positive impact after the lockdown period; while in lockdown, it certainly hampered the market growth in a negative manner.
Everspin Technologies, Inc.; GlobalFoundries; Hua Hong Semiconductor Limited; Microchip Technology Inc.; Samsung Electronics Co.,Ltd.; Taiwan Semiconductor Manufacturing Company, Limited; Texas Instruments Incorporated; Tower Semiconductor; United Microelectronics Corporation are among the leading companies in the North America embedded non-volatile memory market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Tower Semiconductor, the world's leading foundry for high-value analogue semiconductor solutions, and Quintessent, a pioneer in laser integration with silicon photonic integrated circuits, today announced a partnership to develop the world's first Silicon Photonics (SiPho) process with integrated quantum dot lasers, addressing optical connectivity in the AI/ML and disaggregated computing (datacenter) markets. According to market research firm Yole, the silicon photonics transceivers market for datacenters is predicted to increase at a 40 percent compound annual growth rate (CAGR) to $3.5 billion in 2025.
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