Magnetoresistive RAM (MRAM) Market Expected to Touch USD 1396.7 Million at a CAGR of 18.58% by 2027
MRAM Market Analysis Report by Product, Application, Region
New York, U.S., April 26, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Magneto Resistive RAM Market“Information by Product, Application and Region – Forecast to 2027” to reach $1,396.7 million, growing at a compound annual growth rate of 18.58% by 2027.
The global magnetoresistive RAM market is expected to experience rapid revenue growth over the next few years. Wide adoption of MRAN generations focused on Spin Transfer Torque MRAM (STT-MRAM) solutions would drive the growth of the MRAM market.
Magnetoresistive RAM (MRAM) offers the most rugged, high-performance nonvolatile memory for mission-critical applications, including Industrial IoT (IIoT) and data centers. MRAM is used in particular for its low power consumption in microcontrollers and systems on chips. Various MRAM technologies are currently receiving the most attention.
Dominant Key Players in Magneto Resistive RAM Market Covered Are:
NVE Corporation (USA)
Everspin Technologies Inc. (USA)
Toshiba Corporation (Japan)
Spin Memory Inc. (USA)
Honeywell International Inc. (USA)
Avalanche Technology Inc. (USA)
Numem Inc. (USA)
Taiwan Semiconductor Manufacturing Company Limited (Taiwan)
Samsung Electronics Co. Ltd (South Korea)
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With the increasing availability of commercial MRAM solutions for large and diverse applications, MRAM stores data using magnetic loads and offers the most reliable storage solution. Magnetoresistive RAM (MRAM) products are poised to disrupt traditional memory markets. Additionally, the growing adoption of MRAM for reliable storage solutions is creating a significant demand in the MRAM market.
Magneto resistive RAM technology is widely used to develop low power electronic devices. In the future, MRAM devices will be used to frequently charge wireless electronic devices such as IoT devices, mobile phones, etc., to greatly reduce charging time. This would be useful especially for industrial applications where the sensors are installed in the most inaccessible places.
These low-power, high-density memory devices are also useful for reducing the overall power footprint and saving energy and can be used for additional computational tasks. Additionally, innovative MRAM technology is used in the main powertrain system of all-electric luxury vehicles. These memory devices simplify system design and reduce the power and size requirements of the system used in aircraft. By unifying the memory architecture, MRAM can improve overall system reliability and life.
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Market Segmentation Covered by Research:
The MRAM market is segmented into products, applications, and regions. Among these, the product segment includes STT, Toggle and others. The applications segment includes aerospace and defense, automotive, robotics, consumer electronics, enterprise storage and others. The regional segment includes Asia Pacific, Americas, Middle East & Africa, Europe and Rest of the World.
North America accounts for the largest magneto resistive RAM market share globally. The region is seeing rapid growth in research activities in the introduction of MRAM, which has already reached commercial scale production integrated into system semiconductor manufacturing. In addition, research in the field of in-memory computing to expand the frontier of next-generation low-power AI chip technologies is having a positive impact on the growth of the MRAM market.
The presence of several notable players delivering technical expertise and well-established technology development centers boosts the market shares of the region. Additionally, the increasing adoption of MRAM in consumer electronics and robotics, automotive, along with the growing demand for MRAM in various end-use applications to achieve scalability and improve memory capacity , promotes market revenue.
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The MRAM market appears highly competitive, with the presence of many prominent companies with international and regional presence. These companies are aggressively targeting increased participation through partnerships and collaborations to expand their operations and offerings to potential customers. Many industry players are increasingly working to find new application areas for MRAM.
For example, on January 12, 2022, Samsung Electronics, a world leader in advanced semiconductor technology, introduced the world’s first MRAM-based in-memory computer. In standard computer architectures, data is stored in memory chips and data computation is performed in separate processor chips.
In-memory computing is a new computing model that seeks to perform both data storage and data computation in a memory array. Since this scheme can process a large amount of data stored in the memory array itself without moving the data, the data processing in the memory array is performed in a highly parallel manner and the power consumption is greatly reduced.
Thus, in-memory computing has become one of the promising technologies for realizing next-generation low-power AI semiconductor chips. Samsung’s research on manufacturing next-generation AI semiconductors with MRAM shows its leadership in memory technology and its efforts to merge memory and system semiconductors for artificial intelligence chips ( next-generation AI).
Advances in computing and storage technology are shaping the dynamics of electronic data. This relatively new memory technology could change compute and storage and replace all current RAM technologies. MRAM can be used for AI processing and to make high-powered and efficient AI chips.
MRAM’s solid-state memory array can be used as a platform to mimic the brain by modeling brain synapse connectivity in the future. MRAM chips could eventually replace high-speed computer memory and flash memory in cell phones and digital cameras.
Moreover, factors such as the growing need for cloud computing due to the increase in data centers around the world are driving up the market value. Also, the increase in the production of new mobile computing devices is a major factor in increasing the use of data centers among various organizations. Moreover, the growing demand for wearable devices and more flexible electronic products is creating a vast demand in the market.
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