Market Analysis
Market Research Future (MRFR) estimates the Magneto resistive RAM (MRAM) Market to reach USD 1396.7 million at a CAGR of 18.58% from 2020 to 2027 (forecast period).
Increasing Demand for Electronic Wearables and Flexible Electronic Products
Over the projected period, the Magneto Resistive RAM (MRAM) Market would be driven by rising demand for electronic wearables and flexible electronic products. Although wearable and flexible devices are slim and tiny, their circuitry is complicated and made up of thousands of transistors and integrated circuits. Fitting these complex components on a tiny circuit board is a difficult operation; therefore, firms invest heavily in research and development to use MRAM, personalize the integrated circuits, and lower the overall device size.
Key Players
Key players active in the MRAM market include Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan).
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The Global Market to Grow Amid COVID-19 Pandemic
The significant impact of COVID-19 on global value chains (including France and other nations throughout Europe) is posing obstacles to the integration of final manufactured products. Some of the primary problems faced by supply chain stakeholders include warehouse staffing, the demand for direct distribution, and intelligent and responsive allocation of commodities across different distribution routes. Manufacturers are concentrating on Tier-1 suppliers to mitigate risks owing to their ability to meet pandemic needs. As the manufacturing process lags to meet these ever-increasing needs, demand exceeds the restricted number of accessible supplies. The shelf life of raw materials is growing due to a supply deficit and low fabrication efficiency, which is raising raw material prices. The company's revenue is impacted by highly variable raw material costs and inefficient price control. Due to the shutdown of production units, the increased use of electronic components in modern manufacturing has an influence on the consumer market.
Market Segmentation
The global Magneto resistive RAM (MRAM) Market has been segmented on the basis of product and application.
By product, the global MRAM market has been segmented into STT and Toggle. The STT segment captured the larger market share in 2020 and is projected to register a CAGR of 19.35% during the review period.
Based on the application, the global MRAM market has been categorized into aerospace & defense, automotive, robotics, consumer electronics, and enterprise storage. The aerospace & defense segment is anticipated to reach a value of USD 249.7 million by the end of 2027.
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Regional Analysis
North America to Dominate the Global Market
In 2020, North America held the greatest market share of 27.83%. Due to the presence of major important players, the region is a substantial contributor to the growth of the global MRAM market. These firms are pioneers in the provision of novel memory and storage solutions, as well as the introduction of disruptive trends such as AI, machine learning, IoT, and autonomous vehicles.
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