Impact of COVID-19 on the FRAM Market
FRAM stands for ferroelectric random-access memory. It is a low-power, high-performance non-volatile memory that uses ferroelectric film for data storage. FRAM combines the benefits of high-speed RAM (DRAM and SRAM) and conventional non-volatile memories (EEPROM and Flash). The primary factor driving the growth of the market is the increasing demand for FRAM in automotive and electronics applications. China is the key supplier of FRAM modules that are used in electronic devices. The spread of COVID-19 from China has drastically impacted both industries. The rapid spread of the pandemic across the globe has initiated lockdowns in various countries, which has led to the closing of manufacturing plants and has disrupted the supply chain activities. The slowdown caused in the production of new auto products, vehicles, and electronic devices have drastically impacted the growth of the industries and thus hampered market growth.
Besides, the increasing popularity of FRAM-based smart meters is also driving the growth of the market. The COVID-19 outbreak has not impacted the power sector negatively. However, the decreased consumption of electricity from the commercial and industrial sectors and cancellation or postponement of international events and concerts has significantly lowered the use of electricity, which in turn has negatively impacted the demand for smart meters, and thus, the FRAM market. The halt in the installation of smart meters owing to the COVID-19 pandemic has also slowed down the adoption of smart meters, which in turn, has impacted the growth of the FRAM market. Additionally, the temporary halt in the manufacturing of new FRAM chips is also hampering the growth of the FRAM market.
Global Non-Volatile Random-Access Memory (NRAM) Market Size (In USD Million)