Emerging Memory Market at $44 Billion by 2032 with Manufacturing Equipment Revenue at $1.5 Billion

Emerging memories have started a growth surge and should climb to become about a $44 billion market by 2032. That’s the finding of a report by Objective Analysis and Coughlin Associates: Emerging Memories Enter the Next Phase ($7,500, 241 pages).

“This is the semiconductor market to watch over the next decade,” said Dr. Thomas Coughlin, president, Coughlin Associates. “Those who play a part in this market can plan for significant growth.”

Memory makers and foundries aren’t the only companies who need to consider their participation, if they don’t want to be left behind by this transition. Designers and users of SoCs are already incorporating these new nonvolatile memories into designs to achieve much more competitive power consumption and system responsiveness. Those who embrace this approach will enjoy a profound market advantage.

The emerging memory market will grow to this $44 billion level initially by displacing current technologies including NOR flash, SRAM, and DRAM. New memories will replace both standalone memory chips and embedded memories within microcontrollers, ASICs, and even compute processors, after which they will grow to create new markets of their own.

“Designers of all types of systems are finding that emerging memories provide new advantages that were previously unavailable,” said Jim Handy, general director, Objective Analysis. “The IoT will be revolutionized as new embedded memory types slash power consumption. Larger systems are already changing their architectures to adopt persistent memories to improve latency and data integrity.”

The report explains how standalone MRAM and STT-RAM revenue will grow to about $1.4 billion, or over 30x 2021’s standalone MRAM revenues. Meanwhile, embedded ReRAM and MRAM will compete to replace the bulk of embedded NOR and SRAM in SoCs, fueling even greater revenue growth.

“Many of these emerging memory types require new tooling to support different materials and processes, and this will provide a growth boost for the capital equipment market,” added Coughlin, pointing out that the industry’s migration to emerging memory technologies will launch a solid increase in capital equipment spending. “Total MRAM manufacturing equipment revenue will grow to over 41x its 2021 total to reach about $1.5 billion in 2032.”