PUNE, India, June 21, 2019 (GLOBE NEWSWIRE) -- The global Magneto Resistive RAM (MRRAM) Industry size was valued at USD 307.5 million in 2016 and is presumed to gain traction over the forecast period. The increasing demand for wearables and flexible electronic products is expected to drive the growth for this sector. These electronic products require flexible magnetic memories for processing and storing of data.
MRRAM exceed performance, when compared to traditional NAND, and are much faster, consume lesser power, and are capable of retaining data, even in the absence of power. These memories provide immense scope for growth and have rapid reading and writing capabilities, as compared to DRAMs and SRAMs.
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The enterprise storage application is expected to gain traction in the near future. The Industry is projected to reach a value of USD 1,227.0 million by 2025. This application segment is estimated to grow as MRAM uses less power than flash. Lower power consumption enables operational efficiency for enterprise storage applications.
The Magneto resistive random access memory technology for the aerospace & defense industry is estimated to grow at the highest CAGR of 37.6%, over the forecast period. This can be attributed to the high-temperature endurance of this technology, making it the most favorable option. Also, the technology, owing to its faster reading and writing capabilities, is best suited for consumer electronics applications but the high costs affiliated with designing such devices limit its growth in consumer electronics applications.
The North American region dominated the Industry with more than 36% revenue share in 2015. This dominance can be attributed to the presence of major players coupled with the increasing research & development activities in this region.
Moreover, the imperative need to serve the growing demand, for faster computation, better scalability, and lesser power consumption, is expected to promote the growth of Magneto resistive random access memory devices.
Major Market Players in this industry are Intel Corporation, Avalanche Technology, Inc., Honeywell International, Inc., Everspin Technologies Inc., NVE Corporation, Qualcomm, Inc., Samsung Electronics Co. Ltd., Spin Transfer Technologies, Toshiba Corporation, and Crocus Nano Electronics LLC, among others.
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