Albany, NY -- (SBWIRE) -- 10/25/2016 -- The global solid state drive (SSD) market is currently witnessing a progressive increase in competition. As per a new report by Transparency Market Research (TMR), the rivalry prevailing among key players has played a role in the creation of a consolidated vendor landscape in the SSD market. Companies such as Intel Corporation, Micron Technology, and Samsung Electronics Co., Ltd have been identified as the leading players in the market. These companies together held a share of around 51% in the global SSD market in 2014.

Targeting lucrative segments, acquisitions and partnerships, and providing high-capacity solutions to clients and enterprises are among the most widely seen strategies adopted by the companies operating in the market. They are also focusing on product innovation and differentiation to strengthen both revenues and geographical reach. This will further help accelerate the demand for SSDs.

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Rising Incorporation of SSDs in Mobile Devices Emerges as Significant Market Driver

"The rising use of SSDs for manufacturing the latest models in mobile devices will emerge as a crucial driver for the global solid state drive market," said a lead TMR analyst. The mobile phone industry is incorporating SSDs to improve the performance of mobile devices and reduce the application launch time, thus boosting the speed of the devices. The intrinsic benefits of SSDs are encouraging leading players such as Apple, Inc. to incorporate SSDs in mobile devices manufactured by them. The use of SSDs as primary storage in hand-held devices such as notebooks and ultraportable computers and gadgets has therefore increased considerably.

"Currently hard disk drive (HDD) manufacturers enjoy a greater share of the demand; however, performance benefits offered by SSDs will soon influence the HDD market's trajectory," added the TMR analyst. Unlike SSDs, which store information in a microchip, HDDs have mechanically designed moving parts that make them vulnerable to damage. Moreover, SSDs consume lesser power and provide high-performing features such as error correction, garbage correction, read-write caching, and encryption. The compact form factor has worked well for SSDs enabling them to be fitted into smaller spaces. The growing knowledge regarding benefits offered by SSDs over HDDs will thus bolster demand for the former in the forthcoming years.

Besides this, TMR expects the use of SSDs to considerably increase among cloud providers aiming to scale up their operations and performance. TMR finds these factors extremely beneficial, creating positive growth opportunities for the global solid state drive market.

High Price of SSDs will Negatively Impact their Demand

SSDs come with a high price tag. This is a key factor threatening the market's growth to an extent. A combination of expensive manufacturing process, costly raw materials, and relatively low market negative is impacting the demand for SSDs. However, in the long term, the adverse impact of high price of SSDs is expected to reduce as SSDs will eventually beat HDD prices. This limits the possibility of their increased adoption in the highly lucrative low-cost mobile sector, states TMR.

Nevertheless, technological breakthroughs are creating novel opportunities for the sales of solid state drives. The latest technological advancements are likely to increase the capacities of SSDs well beyond what HDDs offer. This will provide SSD manufacturers with much scope for reducing the prices at which they make their products available in the market.

Spurred by the aforementioned factors, TMR projects the global SSD market to rise at an exponential 40.7% CAGR between 2015 and 2022. The market stood at US$15.1 bn in 2014 and is expected to reach US$229.4 bn by the end of 2022. By end user, enterprise SSD is likely to exhibit the highest CAGR of 76.3% between 2015 and 2022, in terms of revenue. Currently, Asia Pacific dominates the global solid state drive market. The presence of several key manufacturers will enable the APAC market rise at a CAGR of 42.5% in terms of revenue, from 2015 to 2022.

This review is based on information published by TMR in a report, titled "Solid State Drive Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022."

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Key Takeaways:

Decline in SSD prices in long term will enable the market to log a 40.7% CAGR from 2015 to 2022.

Market to gain impetus from narrowing price difference between HDDs and SSDs.

Exhibiting a CAGR of 42.5% between 2015 and 2022, Asia Pacific is expected to remain the largest regional market for SSDs.