The global solid state drive market size is expected to reach USD 55.1 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 16.5% from 2024 to 2030. The market is majorly driven by increasing penetration of high-end cloud computing, growing adoption of SSDs in data centers, and numerous advantages of SSDs over hard disk drives (HDDs).

Intensive use of social media, booming online commerce, and surge in media content will play a critical role in driving the SSD market over the forecast period. The average household’s storage capacity is expected to increase over the coming years due to the popularity of smartphones and tablets, which has allowed consumers to generate large volumes of digital data and content. This has led to the growing demand for sufficient capacity to store content.

Rising adoption of SSDs in data centers is a result of various factors such as its greater efficiency compared to traditional HDD storage, increased demand for storage infrastructure, and advancements in enterprise-level SSD in terms of reliability and performance. Enterprises prefer SSDs because they consume less energy, allow for reduction in sprawl, and result in a smaller environmental footprint.

Gather more insights about the market drivers, restrains and growth of the Solid State Drive Market

 

The North American region led the market in terms of revenue in 2016. The exchange rate of hard disk drives (HDDs) with SSDs is higher in North America as compared to other regions. Similarly, manufacturers are focusing on product differentiation and innovation to increase geographical reach as well as revenue. This will further help accelerate demand for SSDs.

Solid State Drive Market Report Highlights

  • The internal SSD segment accounted for the highest market revenue share of 70.6% in 2023. Internal SSDs are the preferred storage solution for various consumer electronics products, including laptops, desktops, and tablets.
  • 120 GB-320 GB storage held the highest market revenue share of 21.8% in 2023. This is owing to an optimal balance between performance and affordability offered by this segment.
  • North America held the highest market share, 42.2%, in 2023. The region has a highly developed IT infrastructure and a large base of early adopters of advanced technologies.
  • Asia Pacific is expected to register the fastest growth rate of 17.0% over the forecast period. The presence of key semiconductor manufacturers and component suppliers in the region has contributed to a mature and efficient supply chain for SSD production.

List of Key Players in the Solid State Drive Market

  • ADATA Technology Co., Ltd.
  • Intel Corporation
  • Kingston Technology Corporation
  • Micron Technology, Inc.
  • Microsemi (Microchip Technology Inc.)
  • SAMSUNG
  • Seagate Technology LLC
  • SK HYNIX INC.
  • Western Digital Corporation
  • Toshiba Corporation

Order a free sample PDF of the Solid State Drive Market Intelligence Study, published by Grand View Research.