According to a new market report made public by Transparent Market Research , Solid State Drive Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022($4,795), the global SSD market was valued at $15.1 billion in 2014 and is expected to reach $229.5 billion by 2022, expanding at a CAGR of 40.7% from 2015 to 2022.
The higher performance requirement in enterprise applications and consumer mobile devices is fueling the demand for SSDs. Features such as lower power consumption, cooler computing, low form factor, and reduced latency are cementing the demand for SSDs. The SSD market has witnessed rising demand for client SSDs, owing to their use in devices such as notebooks, tablets, and mobiles.
Competition in the market is paving way for the development of novel technologies in the SSD market.
Furthermore, benefits offered by SSDs over HDDs, and the resulting replacement demand, are expected to drive the growth of SSD market during the forecast period.
The expected rise in the adoption of SSDs across all regions would help increase the growth exponentially in the long term of the forecast period. AsiaPac is estimated to dominate the SSD market in terms of revenue, volume, and growth rate throughout the forecast period. Consolidation within the storage industry is one of the key trends observed in the market. Likewise, vendors in the SSD market are partnering with competitors to develop technologically advanced products and gain competitive advantage. Development of higher-capacity SSDs is the key trend in the market.
In 2014, client SSD was the largest segment, contributing 88.1% of the revenue and 68.7% of the market volume. SSDs with capacities of 80GB and below dominated the global SSD market in 2014, accounting for approximately 36.3% of the global SSD market revenue.
Furthermore, in terms of interface type, SATA SSDs have been able to see swifter adoption than other interfaces due to the former’s lower prices. However, with higher performance requirements in enterprises, the SAS and PCIe SSD segments are expected to overtake the SATA SSD segment over the forecast period. PCIe SSD is expected to be the fastest-growing segment, recording a CAGR of 61.2% over the forecast period from 2015 to 2022.