The global magneto resistive RAM (MRAM) market size was US$ 270.5 million in 2021. The global magneto resistive RAM (MRAM) market size is forecast to reach US$ 12,878.2 million by 2030, growing at a compound annual growth rate (CAGR) of 62.2% during the forecast period from 2022 to 2030. 

Magnetic RAM, also known as magneto resistive RAM, is a type of non-volatile RAM that stores data using magnetic charges. Magneto resistive RAM is the result of the merging of static and dynamic RAM preferences. The device helps to improve electronic things and assists electronic items in storing a large amount of data, ensuring quick access to information while using less battery power than conventional electronic memory.

Factors Influencing Market Growth

• The rising adoption of IoT to improve user experience due to advances in 5G and connect IT devices is forecast to fuel global market growth.
• A rise in investment and research to develop next-generation read access memory is forecast to offer lucrative opportunities for the global market growth during the forecast period.
• The rising demand for wearables and flexible electronic products drives the global market. These electronic products need flexible magnetic memories for processing and storing data.
• The high design cost with electromagnetic interface issues may slow down the overall market growth.

Impact Analysis of COVID-19

The COVID-19 pandemic has impacted most industries worldwide but has fueled the growth of robots, drones, and other automated machines to combat the disease. The COVID-19 outbreak has resulted in an increase in the number of assistive robots in hospitals and testing facilities, used to disinfect hospitals and residential areas, monitor temperature, and deliver food and medicine to COVID -19 patients, thereby relieving hospital medical staff of non-essential tasks and limiting the virus's spread. Thus, the COVID-19 pandemic had a minimal impact on the global market growth.

Regional Insights

North America held dominance in the market in 2021. As a result of the existence of major players and the growing research & development activities. In addition, the critical need to serve the rising demand for faster computation, better scalability, and lower power consumption is forecast to drive the market growth in the region.

The Asia Pacific region is forecast to have lucrative growth in the market during the forecast period. As a result of the modifications and advances in infrastructures of data centers, supported by the rising adoption of cloud computing and usage of the internet. In addition, rising sales of smartphones wearable electronics drive the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global magneto resistive RAM market are:

• Avalanche Technology Inc
• NVE Corporation
• Qualcomm Incorporated
• Crocus Nano Electronics LLC.
• Everspin Technologies Inc.
• HFC Semiconductor Corporation
• Tower Semiconductor
• Honeywell International Inc.
• Infineon Technologies AG
• Intel Corporation
• Samsung Electronics Co. Ltd
• Spin Transfer Technologies
• Numem Inc
• Other Prominent Players

Scope of the Report

The global magneto resistive RAM market segmentation focuses on Type, Offering, Application, and Region.

Segmentation based on Type

• Toggle MRAM
• Spin-transfer Torque MRAM

Segmentation based on Offering

• Stand-alone
• Embedded

Segmentation based on Application

• Consumer Electronics
• Robotics
• Enterprise Storage
• Automotive
• Aerospace and Defense
• Other Applications

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America