Europe NOR Flash Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Serial NOR Flash and Parallel NOR Flash), Application (Industrial, Telecommunication, Networking, Automotive, Smart Grid Space, and Others), and Density (Less than 250Mb, 250Mb-1Gb, and More than 1Gb)

Market Introduction

NOR flash memory is a non-volatile electronic storage memory that can be electrically deleted and reprogrammed. The growing demand for NOR flash in applications where individual bytes of data need to be written and read and random access and execute-in-place access are required is anticipated to boost the growth of the market. NOR flash provides advantageous features such as capacities in the megabits and low gigabits range. High reliability and data integrity features provided by the NOR flash have led to an increased customer base for this type of flash memory over the years.

Market Overview and Dynamics

The Europe NOR flash market is expected to reach US$ 1,353.5 million by 2028 from US$ 568.0 million in 2021; it is likely to grow at a CAGR of 13.2% from 2021 to 2028. The market growth is attributed to factors such as the growing digitalization and emergence of data-centric applications and rising penetration of internet of things (IoT) to accelerate demand for NOR Flash across the region. However, the availability of substitutes for NOR flash hampers the growth of the market.

The rapidly increasing data-centric applications of NOR flash memories in numerous industry verticals worldwide, coupled with the burgeoning prominence of mobile devices and connected technology, is expected to offer an increase in demand for NOR flash memories. Furthermore, high-performance NOR flash technologies enable the simplification of the memory hierarchy, which can be used for incorporating non-volatility in logic circuits, resulting in a new application for NOR flash memories in hardware security and neuromorphic computing. In addition, non-volatile memories were also recently used for the development of 3D stackable memory architecture. The rising demand from the IT companies for making a computer's system further secured and enhancing its efficiency is expected to drive innovative applications of NOR flash memories. The trend is subsequently anticipated to encourage the NOR flash market growth during the forecast period. The vision for the Internet of things (IoT) industry-wide foresees the installation of an abundance of connected devices into the global network. Such unprecedented growth in the installation of connected devices has resulted in a critical memory challenge for the IoT, which is being addressed by innovative memory technologies. NOR flash memory delivers quick random readings and long-term dependability, making it suited for automotive, medical, and portable consumer devices as mobility and IoT grow. Besides, the demand for NOR flash memories in the IoT market will be escalated by the rising need for interoperability to support the multiple protocol stack for fulfilling the lack of worldwide adopted IoT connectivity standards. Moreover, the expectations placed on NOR flash are similar to those placed on other IoT devices – low cost, low power consumption, small size, high reliability, performance, and security. The W25Q SpiFlash Multi-I/O Memories from Winbond meet all of the above criteria, notably in terms of reliability and performance. The popular serial peripheral interface (SPI) is used in the W25Q family, with densities ranging from 512 Kb to 512 Mb, compact erasable sectors, and the best performance in the market.

Due to increased number of COVID-19 cases, Europe witnessed a sluggish growth in the NOR flash market in the first half of 2020. The semiconductor industry took a significant hit as the demand for electronic components was lowered from industrial sector and end users. Countries such as Russia, France, Spain, and the UK had a major count of COVID-19 cases. The semiconductor industry in Europe resumes growth at a slower rate compared to other markets, such as Asia and the US. The demand from industrial and automotive electronics has witnessed a substantial hit than consumer electronics due to the impact of COVID-19 pandemic. Post lockdown, the market has witnessed healthy growth rate owing to the increasing demand for advanced electronics devices to restart the facilities, operations, commercial places, and transportation.

Key Market Segments

Based on type, the Europe NOR flash market is bifurcated into serial NOR flash and parallel NOR flash. In 2021, the serial NOR flash segment led the market, and the same segment is expected to account a larger share of the market during 2021–2028.

Based on density, the Europe NOR flash market is segmented into less than 250Mb, 250Mb–1Gb, and more than 1Gb. In 2021, the less than 250mb segment held the largest share of the market. Also, the market for the same segment is expected to grow at the fastest rate during the coming years.

Based on application, the Europe NOR flash market is segmented into industrial, telecommunication, networking, automotive, smart grid space, and others. The industrial segment led the market in 2021, and the same segment is expected to account the largest share of the market during 2021–2028.

Major Sources and Companies Listed

A few of the primary and secondary sources referred to while preparing the report on the Europe NOR flash market are the European Semiconductor Industry Association (ESIA) and Cypress Semiconductor Corporation.

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EUROPE NOR FLASH MARKET SEGMENTATION

By Type

• Serial NOR Flash
• Parallel NOR Flash

By Density

• Less than 250Mb
• 250Mb-1Gb
• More than 1Gb

By Application

• Industrial
• Telecommunication
• Networking
• Automotive
• Smart Grid Space
• Others

By Country

• Germany
• Italy
• Spain
• France
• UK
• Rest of Europe

Company Profiles

• Cypress Semiconductor Corporation
• Integrated Silicon Solution Inc.
• Micron Technology, Inc
• WINBOND ELECTRONICS CORPORAITON
• Microchip Technologies, Inc.
• Macronix International Co., Ltd
• Dialog Semiconductor
• GigaDevice

1. Cypress Semiconductor Corporation
2. Integrated Silicon Solution Inc.
3. Micron Technology, Inc
4. WINBOND ELECTRONICS CORPORAITON
5. Microchip Technologies, Inc.
6. Macronix International Co., Ltd
7. Dialog Semiconductor
8. GigaDevice

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