Solid State Drives (SSD) Market Analysis to 2028: Industry Size, Growth, Share, Development, Revenue, Business Prospects and Forecast with Prominent Regions

The solid state drives market is expected to grow from US$ 53,829.6 million in 2021 to US$ 143,557.0 million by 2029; it is estimated to grow at a CAGR of 15.0% during 2022 to 2029.

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Cloud computing is rapidly becoming one of the most popular methods for businesses and individuals to back up and preserve their data. With the growing variety of cloud platforms-from classic corporate private and new public clouds to personal clouds in homes—the need for SSDs has constantly been expanding. SSDs featuring new interfaces such as PCIe, NVMe, and others have emerged due to technological improvements in solid state storage. PCIe SSDs for cloud computing are becoming more popular due to improved capabilities such as high speed and quick data access. New PCIe SSDs provide excellent performance with low latency and high frequency. A Solid state drive with these capabilities is necessary for various sophisticated activities in data-sensitive businesses like financial services, medical sciences, and energy management, where each microsecond of latency results in a significant revenue loss. Solid state drives, or SSDs as they are more frequently known, are storage devices that rely on memory. Traditional hard disc drives differ from SSDs because they lack magnetic storage and, more significantly, moving parts.

Several big firms manage their cloud platforms and respond to their clients’ increased demand for SSDs. For example, Google employs permanent SSD storage for compute engine users in open beta, delivering high-input/output operations per second (IOPS) and allowing Google cloud platform customers to use SSDs faster on workloads. Compared to standard magnetic media, these activities allow faster delivery of input/output (I/O) and are less redundant. Facebook Inc. employs PCIe flashcards instead of hard drives for its MySQL databases to take advantage of FusionIO’s logging system, which preserves data in the event of a power outage. Compared to HDD storage, this has resulted in a 50% reduction in latency and a 33% increase in throughput. SSDs aid in the reduction of infrastructure costs and the improvement of response times. For mega-clouds and virtualized servers, SSDs provide significantly more inputs and outputs (I/Os).

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The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities, along with production volume across several manufacturers, especially the small & medium enterprise owners. The semiconductor industry took a significant hit as the demand for electronic components lowered from the industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried during the lockdown period. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies also helped increase the sale of advanced electronics products for better connectivity. The IT and telecommunication industry’s importance has been highlighted for the communicational purpose, which allowed the industry to evolve with new technologies such as IoT connectivity and high-speed wi-fi compatible packaging technology. COVID-19 significantly impacted the semiconductor industry in the first half of 2020. According to The Semiconductor Industry Association (SIA), worldwide sales increased by around 11% in the third quarter. The increasing demand for small form factor-based electronics devices specifically for health monitoring and smartphones augmented the market growth.

The List of Companies – Solid State Drives (SSD) Market

  • Kingston Technology Europe Co LLP
  • SK Hynix Inc.
  • Micron Technology, Inc.
  • Microsemi Corporation
  • Samsung Group
  • KIOXIA Corporation
  • SKILL International Enterprise Co., Ltd.
  • Silicon Power Computer & Communications Inc.
  • Hangzhou Hikstorage Technology Co., Limited
  • Western Digital Corporation
  • Seagate Technology LLC


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