WW MRAM Market to Grow by $1.43 Billion from 2021 to 2026

According to Technavio, the global MRAM market size is estimated to grow by $1.43 billion from 2021 to 2026. It is estimated to grow at a CAGR of 37.39%.

Moreover, the growth momentum will accelerate. APAC will account for 37% of the growth of the market during the forecast period.

The global MRAM market is fragmented, and the 5 forces analysis covers: 
• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of Substitutes

Segment overview
The analyst form has segmented the market based on end-user (automotive and aerospace and defense, enterprise storage, consumer electronics, and robotics) and type (STT, MRAM, and T MRAM). The automotive and aerospace, and defense segment will account for a significant share of the market during the forecast period. This segment includes products such as aircraft and automotive powertrains. Air travel has increased significantly since 2018 owing to affordable air ticket pricing and the availability of more routes. Moreover, the demand for products such as aircraft is increasing due to uncertainties caused by tensions in the Middle East, Eastern Europe, North Korea, and the East and South China Seas, thereby increasing the defense budgets. These factors will drive the growth of the market during the forecast period.

Geography overview
The market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. APAC will account for 37% of the market’s growth during the forecast period. The US is a key country for the MRAM market in APAC. The growth of the market is attributed to factors such as the presence of leading players, and growing R&D. MRAM technology offers various advantages, such as low power consumption and faster write speed. Hence, it is used in various consumer electronic devices. This, in turn, will boost the demand for MRAM module technology in the region.

Key factor driving market growth
• Low-power consumption is driving the growth of the market.
• MRAM technologies are used in battery-powered wireless sensors, as they consume 50% less power than other flash memories, which increases the battery life.
• This also enables OEMs to integrate MRAM technology into the devices.
• The MRAM module has features such as faster access time and non-volatile data storage.
• These factors drive the demand for MRAM modules, which, in turn, will fuel the growth of the market during the forecast period.

Leading trends influencing the market 
• The integration of MRAM into the smartphone market is a key trend in the MRAM market.
• MRAM is a type of working memory in ultra-low power applications.
• Next-gen MRAM will support real-time vision processing and 3D mapping.
• The growth of smartphone devices is driven by factors such as the growth of technology and innovations.
• Moreover, several vendors have been conducting research on MRAM technology.
• These factors will support the growth of the market during the forecast period.

Major challenges hindering the market growth
• The memory density issue will challenge the MRAM market growth during the forecast period.
• Storage devices such as data servers and cloud-based devices need more than 1GB of storage.
• However, the density of the memory module is very low, which decreases the adoption and sales of MRAM modules.
• These factors will impede the growth of the market during the forecast period.