Increasing Demand in Low-Power IoT Modules to Fuel Embedded Non-Volatile Memory Market Growth During Forecast Period
Technological giants worldwide are highly focused on research and development of new technologies. IoT is positioned at the core of the next-gen software technologies in the embedded non-volatile memory market. Products in embedded non-volatile memory market have a wide range of applications in the IoT sector. They are used to collect and store data to help users perform future decision-making activities. An embedded non-volatile memory is capable of supporting low-power IoT modules. The growing shipment of IoT modules is fueling the embedded non-volatile memory market. For instance, in the first quarter of 2023, companies such as Telit Cinterion, Quectel, and Fibocom increased the shipment of low-power NB-IoT and LTE-M (Cat-M) modules. Products in embedded non-volatile memory market support IoT modules by saving additional space and cost by reducing the need for on- and off-chip to regulate the voltage of the modules. IoT modules are most commonly used in IoT edge or endpoint devices for solving challenges related to ultra-low power operation and shrinking size. IoT modules can connect to the cloud, exchange data packets, and download firmware in batches while operating independently. These modules require high energy and power to perform operations, which increases the demand for products in embedded non-volatile memory market among users.
Furthermore, the growing demand for ultra-low power consumption IoT modules encourages market players to develop new innovative products in the embedded non-volatile memory market that requires low power to perform operations. For instance, in June 2022, STMicroelectronics launched the Electrically Erasable Programmable Read-Only Memory (EEPROM) series. The EEPROM series is a new high-density, all-in-one embedded non-volatile memory family that supports embedded systems and tiny IoT modules to operate effectively in low-power energy. The EEPROM series offers several benefits to the user, including efficient data logging, fast upload/download, and ultra-low power for enhancing module efficiency while minimizing power dissipation.
The extensive adoption of IoT is fueling the market growth. For instance, according to the Cisco Visual Networking Index, in 2022, there were more than 28 billion network devices enabled with embedded systems and powered by IoT. The network devices help users improve connectivity and security and reduce additional operational costs for the business. The integration of embedded systems with IoT devices and platforms is enabling new applications and services in areas such as smart homes, smart cities, and industrial IoT. Also, the expansion of smart cities and smart home projects is anticipated to increase the demand for embedded non-volatile memory in IoT-based embedded systems, thereby providing opportunities for the market growth.
Embedded Non-Volatile Memory Market: Industry Overview
The Embedded Non-Volatile Memory market is categorized on the basis of product, application, and geography. Based on product, the embedded non-volatile memory market is segmented into eFlash, eE2PROM, FRAM, and others. By application, the embedded non-volatile memory market is segmented into consumer electronics, automotive, robotics, and others. The embedded non-volatile memory market, based on geography, is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The North America market is segmented into the US, Canada, and Mexico. As the adoption of consumer electronic devices is high, the consumer electronics industry is booming in the region. Smartphones, tablets, television sets, personal computers, washing machines, and other consumer electronics devices have found a wider consumer base in the region. Additionally, the rising adoption of 5G networks is creating a strong opportunity for the market players. According to Ericsson’s mobility report, North America has the second-largest penetration of 5G devices after Asia Pacific. Several network providers have already rolled out 5G services focusing on mobile broadband and fixed wireless access. Further, the number of 5G subscriptions is expected to increase faster than that of 4G in the coming years. By 2026, the region is projected to hold the largest share of 5G subscriptions globally, accounting for 360 million subscriptions.
Automobile ownership is a widespread trend in North America. According to the International Council on Clean Transportation Report 2021, the US recorded ~330,000 new sales of electric vehicles in 2020, making it the third-largest electric vehicle market. As per the data published by the International Energy Agency (IEA), the demand for battery electric vehicles (BEV) in the US grew from 231,000 units in 2020 to 466,000 units in 2021; also, the demand for plug-in hybrid electric vehicles (PHEV) increased from 64,000 units in 2020 to 165,000 units in 2021. Thus, such growth prospects in the EV industry are increasing the deployment of embedded non-volatile memory.
More than 2 million EVs have been registered in the US until date, and the count is anticipated to reach 18.7 million by 2030. Moreover, electric companies are investing ~US$ 3 billion in the deployment of charging infrastructure, thus boosting electrically powered transportation. The advent of connected and autonomous cars in North America is propelling the growth of the embedded non-volatile memory market by creating the demand for microchips. The increasing adoption of electric, autonomous, and connected vehicles has surged the demand for advanced electronic devices. Advanced driver-assistance systems (ADAS), AI support, 5G antennas, and advanced processors use microchips and components. Moreover, the integration of devices is done using advanced packaging technology, which is driving technology adoption in the automotive sector. The evolution of on-board diagnostic (OBD) platforms equipped with microelectronics is accelerating the market growth with increased demand for embedded non-volatile memory chips.
Embedded Non-Volatile Memory Market: Competitive Landscape and Key Developments
Taiwan Semiconductor Manufacturing Company Limited, Globalfoundries Inc., Hua Hong Semiconductor Limited, Microchip Technology Inc., SMIC, Texas Instruments Incorporated., Tower Semiconductor, United Microelectronics Corporation, and Synopsys Inc. are among the leading market players profiled in the embedded non-volatile Memory market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In March 2023, Infineon Technologies AG and United Microelectronics Corporation announced a long-term agreement to multiply capacity for the production of Infineon automotive microcontrollers in order to serve the rapidly expanding automotive market. The high-performance microcontroller product leverages Infineon’s proprietary eNVM technology and will be manufactured at UMC’s Singapore fab on its 40 nm process.
- In May 2023, NXP Semiconductors announced collaboration with TSMC to deliver the industry’s first automotive embedded magnetic random access memory (MRAM) in 16 nm FinFET technology. As automakers transition to software-defined vehicles (SDVs), they need to support multiple generations of software upgrades on a single hardware platform.