Global Magneto Resistive RAM (MRAM) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $807 Million by 2024 from $52 Million in 2016, growing at a CAGR of 40.9% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 42.0% and 41.6%, respectively, during the forecast period.
The global MRAM market is majorly driven by increasing demand for flexible & wearable electronics from emerging economies. Furthermore, characteristics of MRAM such as high endurance, high reading and writing capacity, high speed and less electricity consumption drive the demand of MRAM market.
The MRAM market has been categorized into product, application and geography. Product segment includes toggle magneto resistive RAM and second-generation magneto resistive RAM (STT MRAM). Second-generation magneto resistive RAM (STT MRAM) accounted for the highest market share in 2016. Moreover, Application segment is further bifurcated into automotive, enterprise storage, consumer electronics, robotics, aerospace & defense and other applications. Enterprise storage application accounted the majority of share followed by automotive application in the year 2016.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major geographical segments of the global MRAM market. Asia Pacific is the fastest growing region in the global MRAM market, owning to increasing demand for wearable electronics, high penetration of internet and usage of IoT. Asia Pacific is also accounted the largest share of the market followed by North America in the year 2016.
The key players of MRAM market are Nippon Electric Company Ltd., Avalanche Technologies, Everspin Technologies Inc., NVE Corporation, Honeywell International Inv., Toshiba, Intel Corp., Samsung Electronics Co. Ltd., Hewlett-Packard Enterprise, Infineon Technologies, and NXP Semiconductors, among others