The MRAM market will touch USD 1396.7 million at 18.58% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Increasing Defense Expenditure to Boost Market Growth
Increasing defense expenditure will boost the MRAM market over the forecast period for the acceleration in defense spending and expenditure globally. The defense budget is used for the procurement and development of novel weapons with advanced and updated technology. The usage of MRAM in defense equipment is boosting marketing growth.
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Increasing Adoption in Aviation Sector to offer Robust Opportunities
Increasing use of MRAM in the aviation sector will offer robust opportunities in the market over the forecast period. MRAM technology is gradually increasing its presence in the aerospace and aviation industry as it offers higher density non-volatile memory on a specific device. Besides, the black box in the airplane is used for storing memory and data and with a more durable and faster MRAM device, the market will have a substantial growth.
Restraints and Challenges
Increasing Manufacturing Cost to act as Market Restraint
Increasing manufacturing cost of MRAM coupled with complex structure may act as market restraint over the forecast period.
The severe impact of the global value chains owing to COVID-19 is developing challenges for the integration of the final manufactured products. The distribution challenges like staffing of warehouse, the need for direct distribution, and responsive and intelligent allocation of goods across different distribution channels are some of the key challenges faced by the stakeholders in the supply chain. Various manufacturers are focusing on Tier-1 suppliers for mitigating risks for the ability of serving the needs in the pandemic. The demand is surpassing the limited number of available supplies to cater to them as the manufacturing process fails in meeting the ever-increasing needs. Owing to shortage of supply and low fabrication efficiency, the raw material’s shelf life is increasing that is also boosting the cost of raw materials. High fluctuating raw material coupled with ineffective price management impact the revenue of the company. The additional use of electronic components in modern manufacturing impacts the consumer market owing to the shutdown of production units. Even there is ample availability of raw materials owing to shortage of fabrication, the manufacturers cannot manufacture the components quickly enough for keeping up with the ever-increasing need.
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The global MRAM market has been segmented based on product and application.
By product, the STT segment will lead the market over the forecast period and at a 19.35% CAGR as this is an advanced MRAM that offers high density, more cost-efficiency, and low power consumption than toggle MRAM.
By application, the aerospace and defense segment will dominate the market over the forecast period for its ability to be utilized in harsh environments. MRAM is mostly used in automotive applications as this captures data instantly in case of power loss without the help of capacitors or batteries and has the high endurance for frequent writes over the product lifespan.
Eminent players profiled in the global MRAM market report 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).
North America to Head MRAM Market
North America will head the MRAM market over the forecast period. The presence of major key players, companies offering innovative memory and storage solutions, introduction of disruptive trends like IoT, machine learning, and autonomous vehicles, the presence of leading players, growing research and development activities, and awareness about the different advantages of MRAM such as faster data rewrite and low power consumption are adding to the global MRAM market growth in the region.