Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America solid state drive market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 50 billion by 2026.
The market growth is because of rise in the installation of data centers in the region. The need for having large data storage capacity has increased among end-user industries like retail, IT and telecom, thereby fostering the demand for colocation and hyper-scale data centers. This will ultimately have a positive impact on the demand for SSD in the region.
SSD is a storage device that makes use of integrated circuit assemblies to continuously store different kinds of data. It acts as a secondary storage system in computers. It is quite resistant to physical shock and runs silently in the background. SSD has a quicker access time, which is the time required for the computer system to store and call data at the customer’s request and reduces the overall delay in this regard. SSDs are required to improve the data access capabilities of a data center and enhance their performance as well.
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Some of the key trends that will help this market growth are discussed below:
PCIe interface sees higher use in consumer electronics:
Based on interface, the Peripheral Component Interconnect expresses (PCIe) segment will record more than 14% CAGR through 2026 in North America. This is mainly because of the rise in demand for PCIe SSD in consumer electronics. This interface showcases high-quality performance in read and write operations and offers support to 32x lane to process data stored in gaming devices at high speed.
There are many laptop and PC manufacturers adopting PCIe to enable faster processing of data and reduce the power consumption in these devices. Organizations are also indulging in new product development activities to create innovative products for this interface. For example, Kingston Technology, in July 2020, introduced a new PCIe SSD range having 3500 MB/s and 2900 MB/s read and write speed for workstations, desktops and High-Performance Computing (HPC) applications.
Role of SSD in enterprises:
North America solid state drive market size from enterprise application will grow at a robust rate by recording 17% CAGR up to 2026. A major reason for this is rise in the number of enterprises that are planning to shift their business operations to cloud. SSDs used in enterprises provide strong and reliable performance as compared to companies that deploy hard disk drives (HDDs). SSD manufacturing companies aim to enhance the performance and power efficiency of their products to encourage more enterprises to use them in their systems.
U.S. SSD market expands with adoption of 5G technology:
U.S. solid state drive market will expand at a considerable rate and is predicted to register nearly 19% CAGR through 2026. An important reason for this progress is attributed to the incredible rise in adoption of 5G technology by many companies across the country. The demand for solid state drives has increased in 5G-backed devices like PCs, smartphones, laptops and many others. According to a report by global5g.org, the country is predicted to achieve nearly 60% 5G connections by 2025, thereby encouraging the demand for SSDs.
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Use of SSD in automobiles:
SSD will find high implementation in infotainment and safety systems installed in automobiles. This is because it showcases high speed and great performance while consuming power in an efficient manner. This feature will attract demand from Advanced Driver Assistance System (ADAS) providers. SSD provides flash storage services to In-Vehicle Infotainment (IVI) devices that are used for navigation, entertainment and 3D mapping purposes. In January 2020, Micron Technology Inc. and Valens Semiconductor came together to create a 1 TB automotive-grade PCIe NVMe SSD. It is quite useful in autonomous vehicles and IVI systems.
Companies like Bitmicro Networks Inc., Adata Technology Co. Ltd., Kingston Technology Company Inc. and Intel Corporation are engaged in manufacturing new and innovative SSD solutions to cater to the growing demand for advanced storage capacity among end-user industries.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
