Solid State Drive Market

Global Solid State Drive Market Size (2024 To 2029)

The solid-state drive market was valued at USD 38.48 billion in 2024 and is expected to reach USD 78.07 billion by the end of 2029, registering a CAGR of 15.2% during the forecast period 2024-2029.

Focus on launching an innovative integration process to improve the overall energy efficiency of the server/application is likely to promote huge growth opportunities for the solid-state drive market. Rising investments by the top companies to extend the storage capacity to level up the research and development activities in the IT industry are surging the growth rate of the solid-state drive market. The design of flash-based storage devices by integrating with the non-volatile memory express is an efficient way of protocol to overcome all the limitations associated with traditional drives. Focus on delivering high-performing storage solutions along with high energy efficiency is ascribed to bolster the growth rate of the market in the coming years.

Global Solid State Drive Market Drivers: 

The trend toward the adoption of modern options to store the backup and archive data from the drive is majorly fuelling the growth rate of the solid-state drive (SSD) market. SSD performs the same basic functions as a hard drive with a significantly faster rate than traditional hard disk drives. Many companies are adopting SSD to expand their need for higher input/output in the real-time application. SSD is more effective than hard drive disks in handling both heavy read and random workloads with lower latency. Lower latency has a much greater advantage in enabling the flash SSD to read data directly from the stored data within very little time. Owing to its lower latency feature, the demand for SSD is increasing in finance services, life sciences, and energy management, where lower latency is highly needed to solve complex services. Therefore, the prevalence of SSD is growing in many industries, which is further anticipated to propel the market growth rate.

Today's world requires ultra-high speed to read/write data in the operating system. In real-time applications, the program running that has huge amounts of data, such as the operating system, needs SSD as it provides less boot time for the computer by transferring data at minimally less time with higher bandwidth. This attribute is also ascribed to boost the market value eventually.

Cloud computing has been preferred by many companies in recent times to store huge amounts of data and retrieve it when needed. The growing number of cloud platforms is solely to level up the need to adopt SSD as it overcomes the challenges with the traditional drives, which is elevating the market size. Key players focus on launching innovative products and aim to manage the applications in the cloud computing model, which addresses the growth rate of the market. For instance, Google gives high importance to adopting SSDs to allow their cloud platform users to avail the fastest operations on workloads with the help of persistent SSD storage. In addition, the rising demand for high data storage capacity in an effective way is also elevating the growth rate of the solid-state drive market.

Global Solid State Drive Market Restraints: 

The cost of SSDs is very high when compared with hard drive disks, which is a major drawback for the market's growth. The availability of alternate methods to store the data at a lower rate with high efficiency is certainly a factor that is limiting the market value. SSD's life span is very short and has a less limited write cycle, which acts as a barrier to the growth rate of the market. Also, long use of the SSD with heavy read/write cycles may damage the system, causing potential data loss in real-time applications. This attribute is hugely impacting the market growth rate.

Manufacturers are facing huge challenges in designing SSDs with various features according to the customer basis. The increasing popularity of SSDs is enhancing the demand for the launch of specifically designed SSDs with advanced features at minimal cost, which is a challenging factor for the market's key players. Growing privacy and security concerns with the rising number of cyber-attacks while adopting these features is a bit challenging for the manufacturers. The latest SSD comes with the most advanced technological developments in encryption, where the design is complex. Therefore, overcoming the complex design of the SSD is likely to degrade the growth rate of the market.

Impact of COVID-19 on the solid-state drive market: 

The solid-state drive market size has a growth rate due to the impact of the COVID-19 pandemic in 2020. As all the educational institutes, offices, and others were completely closed due to lockdown restrictions, the trend towards online education and work-from-home options rose across the world. Therefore, the need to promote high-speed networking connections amplified the demand for the adoption of SSDs in every industry, which prompted the growth rate of the market during the COVID-19 pandemic. Also, the market growth rate is influenced by the growing applications in healthcare centers. The increased number of people affected by COVID-19 evaluated the need to launch new applications in favor of patient health data storage. This feature automatically increased the market share. The trend for the SSD is expected to continue with the highest growth opportunities post-COVID. 

REPORT COVERAGE:

This research report on the global solid-state drive market has been segmented and sub-segmented based on interface, form factor, technology, storage, End User, and region.

Global Solid State Drive Market - By Interface

• SANTA
• SAS       
• PCIe

The SATA interface segment is leading with the dominant share of the market. SATA interface-based SSD has many favorable features for small-scale industries. This interface has the potential to deliver an effective signaling rate with a smaller cable size. The PCIe segment is inclined to show huge growth opportunities during the forecast period.

Global Solid State Drive Market - By Form Factor

• 1.8"/2.5"
• 3.5"
• M.2
• U.2 (SFF 8639)
• FHHL and HL

The height half-length and half-height half-length segments are dominating the revenue share of the market, whereas the 1.8"/2.5" segment is ascribed to have a faster growth rate during the forecast period.

Global Solid State Drive Market - By Technology

• SLC
• MLC Planar
• MLC 3D
• TLC Planar
• TLC 3D

The TLC planar segment held the highest share of the solid-state drive market. Triple-level cell (TLC) produces excellent products that allow manufacturers to rule out the bugs associated with the products in a specific time. The TLC 3D segment is anticipated to showcase the highest growth rate in the coming years.

Global Solid State Drive Market - By Storage: 

• Under 500 GB
• 500 GB–1 TB
• 1 TB – 2 TB
• Above 2 TB

The 500GB-1TB segment is accounted for as leading the highest market share in terms of revenue. The growing number of applications and the launch of innovative technological solutions in favor of the public are greatly influencing the growth rate of this segment.

Global Solid State Drive Market - By End-User: 

• Enterprise
• Client
• Industrial
• Automotive

The automotive segment is growing at a faster rate in the solid-state drive market. The automotive industry is stepping into the development of the most advanced technologies that are bringing the next generation of connected cars into the era. SSD plays an important role in connected car applications as it requires the fastest communication and high-performance graphics, which is leveling the growth rate of this segment.

Global Solid State Drive Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America's solid-state drive market size is ruling with the dominant share of the market. Increasing disposable income and rising Internet of Things are likely to propel the growth rate of the market. Government spending on the IT industry to launch new applications and growing prominence for the extensions of the storage capacity are prompting the demand for SSDs. The US is contributing the highest share of the market with the rising number of smartphones, tablets, and other electronic devices. E-commerce and media content platforms enable huge consumption of data that is eventually increasing the need for high storage capacity.

Asia Pacific is expected to hit the highest CAGR by the end of 2029, with an increasing focus on enhancing the overall performance of the operational systems. Smart SSDs have the capability to minimize the consumption of energy as they can incorporate database queries in minimal time when compared to traditional disk drives. In addition, the rapidly growing IT industries in emerging countries like China, India, Japan, and others are enhancing the need for cloud deployment infrastructure, which is greatly prompting the market value in the Asia Pacific. The rising per capita income and rapid urbanization in developed countries like the UK, Germany, and Italy are boosting the growth rate of Europe's solid state-driven market.

KEY MARKET PLAYERS: 

Companies playing a significant role in the global solid state driving market are Samsung (South Korea), Intel (US), Western Digital (US), Micron (US), Toshiba (Japan), Kingston (US), Lite-On (Taiwan), Seagate (Ireland), SK hynix (South Korea), Microsemi (US)

RECENT HAPPENINGS IN THE MARKET: 

• In 2023, Micron introduced the first ever 232-layer mainstream SSDs using NAND technology. This is introduced at an affordable price when compared with the products launched earlier with high-end counterparts.
• In January 2024, Samsung, one of the largest consumer electronics brands, unveiled the SSD 990 EVO, which enhances performance by providing efficient internal storage merely for gaming, business, and creative workflows without any interruptions. SSD 990 EVO is fully equipped with a read/write speed of 5,000 MB/s so as to deliver high performance that enhances the everyday computing experience for the user.