Global Magneto Resistive RAM (MRAM) Market to Reach US$5.4 Billion by the Year 2026

Magneto-Resistive Random Access Memory (MRAM), also termed Magnetic RAM, is a device used to store data bits with the use of magnetic charges instead of an electrical charge. MRAM involves storage of data bits that are stored using magnetic states instead of electrical charges, which are used in dynamic random access memory (DRAM). MRAM is anticipated to witness increased growth over the coming years driven by a variety of factors. Industries are becoming more and more digital owing to technological advancements of computing technologies. Rapid penetration of IoT, smart robots and smart drones and increasing number of electronic devices like smartphones, smart televisions, smart wearables etc. are creating a strong demand growth scenario for MRAM. MRAM is able to resist high levels of radiation efficiently and also operate in very high and low temperature conditions. The technology is also tamper resistant, which makes it suitable for rugged applications in the military and industrial sectors. Significant growth in penetration of smart consumer electronics, increased IoT penetration and 4G & 5G emergence would drive the need for increased power efficiency and memory capacity, which would in turn result in high demand for MRAM. While the MRAM market is at the development stage, the industry is witnessing increasing focus on research and development initiatives, innovations, and strategic partnerships.

Amid the COVID-19 crisis, the global market for Magneto Resistive RAM (MRAM) estimated at US$989.1 Million in the year 2020, is projected to reach a revised size of US$5.4 Billion by 2026, growing at a CAGR of 32.7% over the analysis period. Enterprise Storage, one of the segments analyzed in the report, is projected to grow at a 36.8% CAGR to reach US$2.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Consumer Electronics segment is readjusted to a revised 32.9% CAGR for the next 7-year period. This segment currently accounts for a 23.7% share of the global Magneto Resistive RAM (MRAM) market. A key driver behind the steady growth in use of MRAM for enterprise storage applications is the increasing number of data centers, where enterprise storage functions as mass storage. Enterprise storage application is also poised to benefit from the use of less power by MRAM compared to flash, resulting in improved operational efficiency, which is critical in enterprise storage applications.

The U.S. Market is Estimated at $451.2 Million in 2021, While China is Forecast to Reach $1.6 Billion by 2026

The Magneto Resistive RAM (MRAM) market in the U.S. is estimated at US$451.2 Million in the year 2021. The country currently accounts for a 36.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 42.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 25.3% and 28% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 32.1% CAGR while Rest of European market (as defined in the study) will reach US$2.2 Billion by the end of the analysis period. North America is expected to continue leading the global market led by increased focus on research and development activities, rising demand from several end-user industries for memory solutions with advanced technologies, and the presence of major players in the region. The segment of medical devices is also witnessing rapid IoT adoption. Strong automotive sales are anticipated in the US over the coming years, providing major growth opportunity for MRAMs which are used in engine control units, in-car data log, multimedia systems and advanced transmission control among others. RFID devices are being integrated with MRAM for withstanding gamma radiation. Asia-Pacific and China are poised to make strong gains in the coming years, driven by the increasing adoption of cloud computing applications, extended Internet penetration, expanding data center infrastructure, and rapid developments in the semiconductor industry, which is resulting in higher demand for advanced memory technology for the semiconductor industry.

Robotics Segment to Reach $625 Million by 2026

In the global Robotics segment, USA, Canada, Japan, China and Europe will drive the 24.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$151.2 Million in the year 2020 will reach a projected size of US$702.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$47.2 Million by the year 2026.