Global NOR Flash Market Status and Dynamics: Market Size Growing at A CAGR of 6.31% from 2024 to 2029

Global NOR Flash Market Overview

According to Global Market Monitor, the global nor flash market size will reach $4028.15 million in 2024 with a CAGR of 6.31% from 2024 to 2029.

NOR Flash Market News

April 2024: Micron Technology Inc. announced the launch of its latest innovation, the Micron Serial NOR Flash Memory. It is designed to improve the performance and reliability of various applications, e.g. Micron Serial NOR Flash Memory offers substantial reading and writing speed improvements, more information storage capacity, and improved endurance. This advancement allows it to be used for demanding applications in which data is stored and retrieved quickly and reliably.

February 2024: Giga Device Semiconductor signed an agreement with EKOM Elektronik to distribute its products. To meet the needs of market and contribute to healthy growth in the electronics sector, this partnership would extend Giga Device's product line into areas where it can make necessary breakthroughs.

NOR Flash Technology Trends

Compared with mainstream NAND Flash, NOR Flash has a small capacity density, slow writing speed, slow erasing speed, and high price. NOR Flash also has faster read speed, stronger reliability and longer service life. The existence of these factors also destined NOR Flash difficult to be eliminated by the market. With the expansion of downstream applications, NOR Flash size, speed, and density are key technical indicators. In terms of density, this trend will continue as electronic applications become more complex and begin to support GUI (graphical user interface), speech recognition, and advanced data processing functions. As density requirements increase, so do performance requirements.

Applications Analysis

At present, consumer electronics and automobiles are the main application areas. NOR flash memory is often deployed as an embedded device to execute code in many portable consumer products such as cameras, wearables, or mobile phones. As a result, the use of these products has grown significantly in recent years. In the automotive field, from on-board cameras to advanced driver assistance systems, there will be a certain demand for NOR flash memory, especially for the development of autonomous driving. From regular cars, semi-autonomous vehicles to fully autonomous vehicles, the number of on-board cameras has increased from four to six, and the use of NOR flash has also doubled, providing opportunities for market development.

According to The State Council, China's consumer electronics industry has seen steady growth over the past few years. In 2023, the production of mobile phones was 810 million units, including 593 million smartphones. China plans to increase the supply of high-end electronic devices to increase consumption and strengthen the economy, according to the Ministry of Industry and Information Technology and the Ministry of Finance. China will strive to ensure that 5G mobile phone shipments account for more than 85 percent of the domestic mobile phone market by 2024. These initiatives will encourage internal development of NOR flash manufacturers.

By Type	Serial NOR Flash
	Parallel NOR Flash
	Serial NOR Flash segment accounts for the largest share.
By Application	Telecommunication
	Automotive
	Industrial
	Computer
	Consumer Electronics
	Consumer electronics segment dominates the market.