The global Electrically Erasable Programmable Read Only Memory Market is estimated to be valued at US$780 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
EEPROM is a type of non-volatile memory that can be erased and reprogrammed electrically. EEPROMs allow in-circuit reprogramming which provides flexibility to update firmware and configurations. Additionally, EEPROMs continue to retain data even when power is switched off.
Market key trends:
One of the major trends in the EEPROM market is the development and adoption of miniaturized EEPROM. Continuous advancement in semiconductor technologies has enabled the development of smaller EEPROM chips with higher storage capacities. Miniaturization of EEPROM allows their integration into various miniature electronic devices. Growing popularity of wearable devices and Internet of Things (IoT) is propelling the demand for miniaturized EEPROM worldwide. Furthermore, rising application of EEPROM in automotive industry for engine timing controls and other embedded systems is augmenting the market growth.
Market key trends:
One of the key trends in the Electrically Erasable Programmable Read Only Memory (EEPROM) market is the rising adoption of Internet of Things (IoT) devices. As EEPROM allows continuous overwriting of data and retains memory even when power is turned off, it is ideally suited for IoT devices that need to store configuration settings and program code persistently. The growth in the number of connected devices requiring storage is expected to drive the demand for EEPROM.
SWOT Analysis
Strength: EEPROM provides non-volatility of data even when power is turned off, which makes it suitable for applications requiring data/program retention.
Weakness: EEPROM has higher cost per bit compared to other memory types and has a limited number of write/erase cycles.
Opportunity: Growing IoT market expanding the scope of applications for EEPROM in use cases like sensor data logging, medical device settings storage, etc.
Threats: Threat of substitutes from Flash memory and phase change memory expanding storage capabilities at competitive costs.
Key Takeaways
The global Electrically Erasable Programmable Read Only Memory market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing popularity of IoT devices that require persistent program and data storage. The market size for EEPROM in 2023 is estimated to reach US$780Mn.
Regional analysis: North America dominated the EEPROM market in 2022 owing to significant investments in cloud computing and IoT infrastructure in the region. Asia Pacific is expected to witness the highest growth during the forecast period supported by widespread adoption of consumer electronics in countries like China, India, etc.
Key players operating in the Electrically Erasable Programmable Read Only Memory are Atmel Corporation, Hitachi, Ltd., Infineon Technologies AG, Intersil, Linear Technology Corporation, Macronix International, Maxwell Technologies, Microchip Technology, Mitsubishi Electric Corporation, NXP Semiconductors N.V., ON Semiconductor, Renesas Electronics Corporation, ROHM Semiconductor, Samsung Electronics, Seiko Instruments Inc., STMicroelectronics, and Winbond Electronics Corporation.
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