Magneto Resistive RAM (MRAM) Market share was estimated at USD 0.47 billion in 2023. The Magneto Resistive RAM (MRAM) market industry is anticipated to grow from USD 0.55 Billion in 2024 to USD 1.85 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.18% during the projected period (2024 - 2032).
Increased consumption of electronic devices and wearables among consumers, along with technological advancement of the Internet of Things (IoT), robots, and computing technologies, are the key market drivers enhancing the growth and expansion of the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The increasing demand for electronic devices and wearables drives the market compound annual growth rate (CAGR) for Magneto Resistive RAM (MRAM). The market is also anticipated to be driven by rising demand for standalone and embedded memory across consumer electronics products, wearable devices, and smart devices. Without power consumption, MRAM can keep the data stored inside safely and securely. It is also more affordable and doesn't need a big energy-guzzling pulse. Since it is widely utilized in robotics, vehicles, consumer electronics, and business storage systems, the need for MRAM is expected to increase to cater to the rising demands for electronics.
Additionally, several product developments in electronic devices, like creating low-power MRAM variations for radiation-hardened microchips, are boosting market expansion. They can function in a variety of temperatures and are radiation-resistant and power-efficient. The market is also expanding due to the rising demand for Internet of Things (IoT)-enabled devices, Artificial intelligence (AI), machine learning, and the growing use of sophisticated sensors and intelligent robots. Other factors are anticipated to propel the market towards growth, such as the rising product utilization in prototyped and customized integrated circuits (ICs), as well as MRAM-embedded medical sensors for diagnostic testing of disorders is also increasing MRAM demand.
COVID-19 affected supply chains that turned manufacturers into Tier-1 suppliers to reduce risks. Due to a lack of manufacturing capacity to keep up with demand, raw materials prices increased, labor shortage, and poor manufacturing efficiency. This led to increased use of electronic components in modern manufacturing; However, there is a surplus of raw materials, and manufacturers are unable to produce the components rapidly enough to meet the rising demand because of a shortfall in fabrication. Therefore, market participants invested heavily in research and development to meet the demand for electronics, subsequently leading to MRAM production.
For instance, one of the promising technologies for developing the next-generation, low-power AI semiconductor devices is in-memory computing. Samsung's planning to create next-generation artificial intelligence (AI) semiconductors with MRAM demonstrates its leadership in-memory technology and its efforts to combine memory and system semiconductors for next-generation AI chips to enhance the performance of its services and to meet the increasing demand for MRAM. Thus, driving the Magneto Resistive RAM (MRAM) market revenue.
The Magneto Resistive RAM (MRAM) Market segmentation, based on the product, includes STT and Toggle. The STT category dominated the market, accounting for 65% of the market share (USD 0.3 billion) in 2022. STT MRAM provides integration of low energy consumption and high speed along with endurance suitable for gaming, wearables, and IoT.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Magneto Resistive RAM (MRAM) Market segmentation, based on application, includes Aerospace & Defense, Automotive, Robotics, Consumer Electronics, and Enterprise Storage. The Aerospace and defense category dominated the market by attributing 40% of the market share in 2022. The MRAM market is expanding as a result of rising product demand from the aerospace and defense sectors for high-temperature data storage. Product innovations, such as low-power MRAM variations for radiation-hardened microchips, boost market expansion.
By Region, the research evaluates market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the Magneto Resistive RAM market accounting for 45.8% of the global market share in 2022. Additionally, major key participants of this Region that dominates AI, IoT, and machine learning are key contributors to the overall growth of the MRAM market.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe Magneto Resistive RAM (MRAM) market is the fastest-growing market, accounting for 19% of the market share in 2022. Further, the German Magneto Resistive RAM (MRAM) market held the highest market share, and the UK Magneto Resistive RAM (MRAM) market was the fastest-growing market in the European Region.
The Asia-Pacific Magneto Resistive RAM (MRAM) Market accounts for the second largest market and is anticipated to expand at the highest CAGR from 2023 to 2032 significantly. This is due to supportive government policies to manufacture memory chips. Moreover, the Middle East Magneto Resistive RAM (MRAM) market and Africa Magneto Resistive RAM (MRAM) market are the fastest growing market that requires simultaneous research and development in electronic devices to cater to market demands.
For instance, in regions of the Middle East, the education sector is rapidly growing, especially online-paced learning, which requires computer functionality and other electronic devices that ultimately lead to the growing demand for MRAM.
Leading market players are investing heavily in innovations and improved quality of processes to attract consumers, which will help the Magneto Resistive RAM (MRAM) market to expand further. Market players are also undertaking strategic steps to strengthen their global footprint, with important market developments including a strategic alliance with other organizations, mergers and acquisitions of players established locally, and higher investments. To expand its presence in the hyper-competitive, Magneto Resistive RAM (MRAM) industry must offer cost-effective quality electronic devices.
High manufacturing costs and labor shortages led companies to produce MRAM locally to minimize costs in the global MRAM industry to benefit consumers and capture market share. In recent years, the Magneto Resistive RAM (MRAM) industry has offered some of the most significant advantages to medicine.
Major players in the MRAM market, including Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan), are attempting to expand market demand by forming strategic alliances with the organization as well as spending on R&D to produce innovative devices.
Samsung, established in 1938, is one of the largest producers of electrical goods worldwide. System components, digital media players, semiconductors, and utilities are just a few of the consumer and business electronics that Samsung concentrates on developing. Samsung, being one of the most well-known profitable brands in technology today, Samsung accounts for close to one-fifth of all South Korean exports. In January 2022, the first MRAM-based in-memory computer system was displayed by Samsung Electronics. The investigation carried out by the Samsung Advanced Institute of Technology (SAIT), Samsung hopes to use this technological innovation to merge storage and system semiconductors for artificial intelligence (AI) processors while increasing its market share.
Everspin Technologies, Inc., headquarters in Chandler, Arizona, is a global innovator in designing, producing, and commercial shipping of discrete and integrated MRAM and STT-MRAM. Everspin has established the largest and most rapidly expanding base of MRAM users in the world, with over 120 million MRAM and STT-MRAM products deployed in the data center, cloud storage, e, and transportation applications. In May 2022, Everspin announced the EMxxLX xSPI MRAM, a non-volatile memory technology for industrial IoT and integrated devices. It aims to give customers an alternative to SPI NOR/NAND flash with concentrations ranging from 8MB to 64MB and noticeably faster R/W data speeds of up to 400MB/s.
NVE Corporation (US)
Everspin Technologies Inc. (US)
Avalanche Technology Inc. (US)
Spin Memory
Inc. (US)
Honeywell International Inc. (US)
Samsung Electronics Co. Ltd (South Korea)
Numem Inc. (US)
Taiwan Semiconductor Manufacturing Company Limited (Taiwan)
December 2022: Toshiba Electronic Devices and Storage Corporation will build a new back-end production facility for power semiconductors at its Himeji Operations - Semiconductor in Hyogo Prefecture, western Japan, by December 2022. This is expected to begin production in the spring of 2025 after starting construction in June 2024.
September 2022: Avalanche Technology collaborated with United Microelectronics Corporation (UMC) and made public P-SRAM memory devices by taking into account UMC’s 22nm process technology for high-reliability utilizations in September 2022. In accordance with Avalanche’s most recent STT-MRAM innovation, it gives more density, endurance and power efficiency than existing non-volatile technologies.
In 2022, Samsung Electronics made a major revelation, demonstrating the use of Magneto-resistive Random Access Memory (MRAM) for changing data processing paradigms. Samsung’s Advanced Institute of Technology conducted this project with collaborations from its Foundry Business and Semiconductor R&D Center as part of Samsung's strategy to integrate memory and system semiconductors to develop advanced AI chips that further enhance its market leadership position.
May 2022: Everspin released EMxxLX xSPI MRAM, an Industrial IoT and embedded systems non-volatile memory solution meant as alternative to SPI NOR/NAND flash with densities between 8MB and 64MB targeting up to 400MB/s R/W data rates by May 2022.
January 2022: Samsung Electronics, a global innovator in innovative semiconductor technology, exhibited the first in-memory computer system based on MRAM (Magneto-resistive Random Access Memory). In addition to the Samsung Electronics Foundry Business and Semiconductor R&D Center, the Samsung Advanced Institute of Technology (SAIT) conducted the study. Samsung plans to combine storage and system semiconductors for artificial intelligence (AI) chips with this technical advancement while bolstering its market share.
STT
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Aerospace & Defense
Automotive
Robotics
Consumer Electronics
Enterprise Storage
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.47 billion |
| Market Size 2024 | USD 0.55 billion |
| Market Size 2032 | USD 1.85 billion |
| Compound Annual Growth Rate (CAGR) | 16.18% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US) Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan) |
| Key Market Opportunities | Rising production cost and labor shortage in MRAM |
| Key Market Dynamics | Increased consumption of electronic devices and wearables. |
MRAM Market Highlights:
Frequently Asked Questions (FAQ) :
Magneto Resistive RAM (MRAM) market size was estimated at USD 0.47 Billion in 2023.
The global MRAM market is anticipated to expand at a CAGR of 16.18% during the projected 2024-2032.
North America dominates the largest share of the global Magneto resistive RAM market.
The key players in the market are Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan).
The STT (product segment category) dominated the market share in 2022.
Aerospace & defense had the largest share of the global market.
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Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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