Global Magneto Resistive RAM Market Size, Share, and COVID-19 Impact Analysis, By Material (Toggle MRAM and STT-MRAM), By Application (Automotive, Consumer Electronics, Robotics, Enterprise Storage, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Magneto Resistive RAM Market Insights Forecasts to 2033  

• The Global Magneto Resistive RAM Market Size was estimated at USD 3.13 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 34.89 % from 2023 to 2033
• The Worldwide Magneto Resistive RAM Market Size is Expected to Reach USD 62.40 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Magneto Resistive RAM market size was worth around USD 3.13 Billion in 2023 and is predicted to grow to around USD 62.40 Billion by 2033 with a compound annual growth rate (CAGR) of approximately 34.89% between 2023 and 2033. The increasing global adoption and use of electronic devices, developments in the robotics sector, and technological advancements to improve data processing and storage are major factors driving industry growth.

Market Overview

The market for magneto resistive RAM (MRAM) is an industry specializing in the manufacturing and development of non-volatile memory. MRAM is a form of memory that maintains data even when power is disconnected, providing a stable and efficient storage option. MRAM memories can be integrated directly into microcontroller units (MCUs) using CMOS technology, allowing chip manufacturers to reduce chip production costs significantly. Furthermore, the properties of non-volatility and reduced power consumption have rendered the application of MRAMs essential in MCUs where power consumption is an issue. In addition, as a result of the steady demand for small and flexible electronic devices, the memory chip market has seen technological improvements in wafer and chip production processes. Sustained innovation in the aerospace and defense sector as a result of rising investment by governments all over the world is expected to propel awareness and demand for revolutionary memory solutions. Aerospace applications extensively utilize MRAM because of its high tolerance towards radiation and durability in harsh space environments.

Report Coverage

This research report categorizes the global magneto resistive RAM market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global magneto resistive RAM market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global magneto resistive RAM market.

Driving Factors

Rising sales of wearables and flexible electronic products because of modernization and rising living standards are expected to support market growth. Expanding global usage and acceptance of electronic devices, advances in the robotics industry, and technological innovations to enhance data storage and processing are key drivers of industry growth. With an increasing demand for faster and more reliable, as well as more efficient memory solutions, the advent of MRAM technology is likely to revolutionize data storage and retrieval in the future.

Restraining Factors

The magneto resistive RAM industry is challenged by the expensive design costs of RAM devices, which may impede its growth path. One of the major reasons for these expensive design costs is the complexity of MRAM technology development, which demands specialized skills and resources.

Market Segmentation

The global magneto resistive RAM market share is classified into material and application.

• The STT-MRAM segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period.

In the terms of material, the global magneto resistive RAM market is divided into toggle MRAM and STT-MRAM. Among these, the STT-MRAM segment accounted for the largest share in 2023 and is projected to grow at a significant CAGR during the forecast period. The segment growth is fueled since it provides the benefit of high density, low power consumption, and improved cost-effectiveness compared to Toggle MRAM. It also provides fast write and read speeds that are typically similar to SRAM and is therefore suitable for high-performance applications.

• The enterprise storage segment accounted for the leading revenue share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

In the terms of application, the global magneto resistive RAM market is divided into automotive, consumer electronics, robotics, enterprise storage, aerospace & defense, and others. Among these, the enterprise storage segment accounted for the leading revenue share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The upsurge in the segment can be driven by continued growth in business activities across the world and the increasing necessity for storing and processing huge amounts of data has led to the wide application of MRAM technology in this segment.

Regional Segment Analysis of the Global Magneto Resistive RAM Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global magneto resistive RAM market over the predicted timeframe.

North America is anticipated to hold the largest share of the global magneto resistive RAM market over the predicted timeframe. The growth in the region is mainly attributed to the presence of top market players and the large-scale research and development activities carried out in the technology sector. The region has a strong innovation ecosystem and technological development, which supports the creation of MRAM solutions addressing the growing need for faster computation, enhanced scalability, and lower power consumption.

Asia Pacific is expected to grow at the fastest CAGR in the global magneto resistive RAM market during the forecast period. The growth in the region can be explained by several major drivers, such as improvements in data center infrastructure, the extensive deployment of cloud computing technologies, and the explosive growth in internet usage across industries. Moreover, the region's rapidly growing market for smartphones, smart wearables, and other cutting-edge electronic devices offers tremendous opportunities for MRAM solutions to grow.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global magneto resistive RAM market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• CROCUS NANO ELECTRONICS LLC
• Avalanche Technology
• Honeywell International Inc.
• Everspin Technologies Inc.
• Intel Corporation
• Infineon Technologies AG
• Numem Inc.
• NVE Corporation
• SAMSUNG
• Renesas Electronics Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In August 2024, Everspin Technologies and Frontgrade Technologies have entered into a strategic contract to develop and demonstrate a Strategic Radiation Hardened (SRH) high-reliability eMRAM macro using Everspin's PERSYST MRAM technology. This initiative aims to support both current and future Department of Defense (DoD) strategic and commercial space system requirements.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global magneto resistive RAM market based on the below-mentioned segments: 

Global Magneto Resistive RAM Market, By Material 

• Toggle MRAM
• STT-MRAM

Global Magneto Resistive RAM Market, By Application 

• Automotive
• Consumer Electronics
• Robotics
• Enterprise Storage
• Aerospace & Defense
• Others

Global Magneto Resistive RAM Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa