by The global Resistive Random Access Memory Market is estimated to be valued at US$711.5 Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Resistive random-access memory (ReRAM or RRAM) is a type of non-volatile memory technology which uses a resistor to store information. It operates on the principle of changing the resistance across a dielectric solid-state material to write and store data. ReRAM utilizes oxide-based solid electrolytes or transition metal oxides as the storage medium which allows electrons to modify the resistance of the material. Key advantages of ReRAM include non-volatility, high scalability, low power consumption, high density, and fast switching times. Rapidly growing demand for AI technologies is driving the need for non-volatile memory solutions with high density and fast read/write capabilities, thus propelling the ReRAM market.
Market key trends:
One of the major trends in the Resistive Random Access Memory market is its increasing adoption in AI and machine learning applications. As AI systems require massive amounts of data storage and processing power, ReRAM provides an optimal solution due to its ability to perform analog computations and provide high density data storage. Additionally, ReRAM’s speed, low power consumption and non-volatility make it suitable for edge computing and IoT devices. Device miniaturization is another major trend, with manufacturers focusing on developing 3D cross-point architecture ReRAM chips with ultrahigh density to enable new generation of intelligent systems. Increasing R&D investments by key players to commercialize ReRAM is also expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the market needs high initial investments for R&D and production facilities. High switching costs make it difficult for new players to enter.
Bargaining power of buyers: The bargaining power is moderate as resistive random access memory is still an emerging technology and buyers have limited suppliers to choose from.
Bargaining power of suppliers: The bargaining power is high for few memory manufacturers who control the technology and production. Suppliers can influence pricing through their technological capabilities.
Threat of new substitutes: The threat is low as resistive random access memory offers better performance compared to alternatives like flash memories. It has potential to replace flash memories in storage-class memory applications.
Competitive rivalry: Intense as major players are investing heavily in R&D to develop next-gen solutions and gain market share.
Key Takeaways
The global resistive random access memory market is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing demand for non-volatile memory solutions with high performance, scalability, and low power consumption.
The Asia Pacific region is expected to dominate the market owing to large presence of memory manufacturers and growing electronics industry in countries like China, Taiwan and South Korea. China is anticipated to exhibit highest CAGR during the forecast period.
Key players operating in the resistive random access memory market are Crocus Nano Electronics LLC, Toshiba Corporation, Spin Transfer Technologies, Everspin Technologies Inc., and Avalanche Technology Inc. Toshiba is a forerunner in the market and offers a wide range of ReRAM products. Crocus Nano focuses on developing spin-transfer torque MRAM technology.
The resistive random access memory market size for 2023 is estimated to be US$711.5Mn. Persistent technological advancements and increasing integration of ReRAM in IoT applications are projected to drive the market growth over the coming years.
