📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

MRAM Market Trends

ID: MRFR//9176-CR | 99 Pages | Author: Shubham Munde| August 2021

Global Magneto Resistive RAM (MRAM) Market Overview:

Magneto Resistive RAM (MRAM) Market share was estimated at USD 0.47 billion in 2023. The Magneto Resistive RAM (MRAM) market industry is anticipated to grow from USD 0.55 Billion in 2024 to USD 1.85 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.18% during the projected period (2024 - 2032). 

Increased consumption of electronic devices and wearables among consumers, along with technological advancement of the Internet of Things (IoT), robots, and computing technologies, are the key market drivers enhancing the growth and expansion of the market.

MRAM Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Magneto Resistive RAM (MRAM) Market Trends

  • Increasing consumption of electronic devices is driving market growth

The increasing demand for electronic devices and wearables drives the market compound annual growth rate (CAGR) for Magneto Resistive RAM (MRAM). The market is also anticipated to be driven by rising demand for standalone and embedded memory across consumer electronics products, wearable devices, and smart devices. Without power consumption, MRAM can keep the data stored inside safely and securely. It is also more affordable and doesn't need a big energy-guzzling pulse. Since it is widely utilized in robotics, vehicles, consumer electronics, and business storage systems, the need for MRAM is expected to increase to cater to the rising demands for electronics.

Additionally, several product developments in electronic devices, like creating low-power MRAM variations for radiation-hardened microchips, are boosting market expansion. They can function in a variety of temperatures and are radiation-resistant and power-efficient. The market is also expanding due to the rising demand for Internet of Things (IoT)-enabled devices, Artificial intelligence (AI), machine learning, and the growing use of sophisticated sensors and intelligent robots. Other factors are anticipated to propel the market towards growth, such as the rising product utilization in prototyped and customized integrated circuits (ICs), as well as MRAM-embedded medical sensors for diagnostic testing of disorders is also increasing MRAM demand.

COVID-19 affected supply chains that turned manufacturers into Tier-1 suppliers to reduce risks. Due to a lack of manufacturing capacity to keep up with demand, raw materials prices increased, labor shortage, and poor manufacturing efficiency. This led to increased use of electronic components in modern manufacturing; However, there is a surplus of raw materials, and manufacturers are unable to produce the components rapidly enough to meet the rising demand because of a shortfall in fabrication. Therefore, market participants invested heavily in research and development to meet the demand for electronics, subsequently leading to MRAM production.

For instance, one of the promising technologies for developing the next-generation, low-power AI semiconductor devices is in-memory computing. Samsung's planning to create next-generation artificial intelligence (AI) semiconductors with MRAM demonstrates its leadership in-memory technology and its efforts to combine memory and system semiconductors for next-generation AI chips to enhance the performance of its services and to meet the increasing demand for MRAM. Thus, driving the Magneto Resistive RAM (MRAM) market revenue.

Magneto Resistive RAM (MRAM) Market Segment Insights:

Magneto Resistive RAM (MRAM) Product Insights

The Magneto Resistive RAM (MRAM) Market segmentation, based on the product, includes STT and Toggle. The STT category dominated the market, accounting for 65% of the market share (USD 0.3 billion) in 2022. STT MRAM provides integration of low energy consumption and high speed along with endurance suitable for gaming, wearables, and IoT.

Figure 1: Magneto Resistive RAM (MRAM) Market, by product, 2022 & 2032 (USD billion)

Magneto Resistive RAM (MRAM) Market, by product, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Magneto Resistive RAM (MRAM) Application Insights

The Magneto Resistive RAM (MRAM) Market segmentation, based on application, includes Aerospace & Defense, Automotive, Robotics, Consumer Electronics, and Enterprise Storage. The Aerospace and defense category dominated the market by attributing 40% of the market share in 2022. The MRAM market is expanding as a result of rising product demand from the aerospace and defense sectors for high-temperature data storage. Product innovations, such as low-power MRAM variations for radiation-hardened microchips, boost market expansion.

Magneto Resistive RAM (MRAM) Regional Insights

By Region, the research evaluates market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominates the Magneto Resistive RAM market accounting for 45.8% of the global market share in 2022. Additionally, major key participants of this Region that dominates AI, IoT, and machine learning are key contributors to the overall growth of the MRAM market.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Magneto Resistive RAM (MRAM) Market Share by Region 2022 (%)

Magneto Resistive RAM (MRAM) Market Share by Region 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Europe Magneto Resistive RAM (MRAM) market is the fastest-growing market, accounting for 19% of the market share in 2022. Further, the German Magneto Resistive RAM (MRAM) market held the highest market share, and the UK Magneto Resistive RAM (MRAM) market was the fastest-growing market in the European Region.

The Asia-Pacific Magneto Resistive RAM (MRAM) Market accounts for the second largest market and is anticipated to expand at the highest CAGR from 2023 to 2032 significantly. This is due to supportive government policies to manufacture memory chips. Moreover, the Middle East Magneto Resistive RAM (MRAM) market and Africa Magneto Resistive RAM (MRAM) market are the fastest growing market that requires simultaneous research and development in electronic devices to cater to market demands.

For instance, in regions of the Middle East, the education sector is rapidly growing, especially online-paced learning, which requires computer functionality and other electronic devices that ultimately lead to the growing demand for MRAM.

Magneto Resistive RAM (MRAM) Key Market Players & Competitive Insights

Leading market players are investing heavily in innovations and improved quality of processes to attract consumers, which will help the Magneto Resistive RAM (MRAM) market to expand further. Market players are also undertaking strategic steps to strengthen their global footprint, with important market developments including a strategic alliance with other organizations, mergers and acquisitions of players established locally, and higher investments. To expand its presence in the hyper-competitive, Magneto Resistive RAM (MRAM) industry must offer cost-effective quality electronic devices.

High manufacturing costs and labor shortages led companies to produce MRAM locally to minimize costs in the global MRAM industry to benefit consumers and capture market share. In recent years, the Magneto Resistive RAM (MRAM) industry has offered some of the most significant advantages to medicine. 

Major players in the MRAM market, including Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan), are attempting to expand market demand by forming strategic alliances with the organization as well as spending on R&D to produce innovative devices.

Samsung, established in 1938, is one of the largest producers of electrical goods worldwide. System components, digital media players, semiconductors, and utilities are just a few of the consumer and business electronics that Samsung concentrates on developing. Samsung, being one of the most well-known profitable brands in technology today, Samsung accounts for close to one-fifth of all South Korean exports. In January 2022, the first MRAM-based in-memory computer system was displayed by Samsung Electronics. The investigation carried out by the Samsung Advanced Institute of Technology (SAIT), Samsung hopes to use this technological innovation to merge storage and system semiconductors for artificial intelligence (AI) processors while increasing its market share.

Everspin Technologies, Inc., headquarters in Chandler, Arizona, is a global innovator in designing, producing, and commercial shipping of discrete and integrated MRAM and STT-MRAM. Everspin has established the largest and most rapidly expanding base of MRAM users in the world, with over 120 million MRAM and STT-MRAM products deployed in the data center, cloud storage, e, and transportation applications. In May 2022, Everspin announced the EMxxLX xSPI MRAM, a non-volatile memory technology for industrial IoT and integrated devices. It aims to give customers an alternative to SPI NOR/NAND flash with concentrations ranging from 8MB to 64MB and noticeably faster R/W data speeds of up to 400MB/s.

Key Companies in the Magneto Resistive RAM (MRAM) market include.

Magneto Resistive RAM (MRAM) Industry Developments

May 2022: The EMxxLX xSPI MRAM, a non-volatile memory technology, was introduced by Everspin for use in industrial IoT and integrated devices. With concentrations ranging from 8MB to 64MB and substantially quicker R/W data speeds of up to 400MB/s, it seeks to offer clients an option to SPI NOR/NAND flash.

January 2022: Samsung Electronics, a global innovator in innovative semiconductor technology, exhibited the first in-memory computer system based on MRAM (Magneto-resistive Random Access Memory). In addition to the Samsung Electronics Foundry Business and Semiconductor R&D Center, the Samsung Advanced Institute of Technology (SAIT) conducted the study. Samsung plans to combine storage and system semiconductors for artificial intelligence (AI) chips with this technical advancement while bolstering its market share.

April 2022: One of the most significant advancements in AI over the past ten years has been the popularity of huge language models like OpenAI's GPT-3, Microsoft's MT-NLG, and Google's BERT.

Magneto Resistive RAM (MRAM) Market Segmentation:

Magneto Resistive RAM (MRAM) Product Outlook

  • STT

  • Toggle

Magneto Resistive RAM (MRAM) Application Outlook

  • Aerospace & Defense

  • Automotive

  • Robotics

  • Consumer Electronics

  • Enterprise Storage

Magneto Resistive RAM (MRAM) Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.