Solid States Drives Market

Growing demand for cloud computing to boost the market growth

With the emergence of numerous cloud platforms, from the old corporate private and new public clouds to home-based personal clouds, the need for solid-state drives (SSD) has been rising quickly. Several significant players oversee their cloud infrastructures and respond to the expanding SSD demand from consumers. As an illustration, Google (US) employs permanent solid-state drive (SSD) storage in open beta for users of the compute engine, offering high input/output operations per second (IOPS) and enabling Google Cloud Platform customers to access the solid-state drive (SSD) more quickly on workloads.

Thus, the growing use of cloud computing has enhanced the solid-state drive (SSD) market CAGR globally in recent years.

The Global Solid State Drive (SSD) Market Industry is projected to experience substantial growth over the next decade. With a market value of 36.4 USD Billion in 2024, it is expected to reach 132.9 USD Billion by 2035, reflecting a robust demand for SSD technology. The anticipated CAGR of 12.49% from 2025 to 2035 indicates a strong upward trajectory, driven by factors such as technological advancements, increased adoption in consumer electronics, and the expansion of data centers. This growth underscores the critical role SSDs will play in the future of data storage.

Technological advancements in SSDs contribute to the evolution of the Global Solid State Drive (SSD) Market Industry. Innovations such as 3D NAND technology and PCIe interfaces enhance storage capacity and performance, making SSDs more appealing to consumers and enterprises alike. These advancements enable higher data transfer speeds and increased durability, which are essential for demanding applications. As a result, the market is poised for a compound annual growth rate (CAGR) of 12.49% from 2025 to 2035. This growth trajectory suggests that ongoing research and development will continue to drive the adoption of SSDs across various sectors.

The Global Solid State Drive (SSD) Market Industry is witnessing a rising adoption of SSDs in consumer electronics, particularly in laptops, desktops, and gaming consoles. As consumers seek faster boot times and improved performance, manufacturers are increasingly integrating SSDs into their products. This trend is supported by the growing popularity of gaming and high-performance computing, where speed is paramount. The market's expansion is evident, with projections indicating a significant increase in SSD adoption rates, further solidifying the position of SSDs as the preferred storage solution in consumer electronics.

Emerging markets are playing a pivotal role in the growth of the Global Solid State Drive (SSD) Market Industry. Countries in Asia-Pacific and Latin America are experiencing increased investment in technology infrastructure, leading to a heightened demand for SSDs. As these regions develop their digital economies, the need for efficient and reliable storage solutions becomes paramount. This trend is likely to drive the market forward, as businesses in these regions adopt SSD technology to enhance their operational capabilities and compete on a global scale.

The Global Solid State Drive (SSD) Market Industry is significantly influenced by the expansion of data centers and cloud services. As businesses increasingly migrate to cloud-based solutions, the demand for reliable and high-speed storage solutions escalates. SSDs are favored for their speed and durability, making them ideal for data center applications. The market is expected to grow substantially, with projections indicating a rise to 132.9 USD Billion by 2035. This growth is indicative of the critical role SSDs play in supporting the infrastructure of modern digital services, thus driving the overall market forward.

The Global Solid State Drive (SSD) Market Industry experiences a surge in demand for high-performance storage solutions, driven by the proliferation of data-intensive applications. Industries such as gaming, video editing, and cloud computing require faster data access and transfer rates, which SSDs provide. In 2024, the market is projected to reach 36.4 USD Billion, reflecting a growing preference for SSDs over traditional hard drives. This trend is likely to continue as organizations seek to enhance operational efficiency and user experience, indicating a robust growth trajectory for the SSD market.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North American Solid-State Drive (SSD) market accounted for USD 12.05 billion in 2021 and is expected to exhibit a significant CAGR of 43.2 percent growth during the study period. The development of 5G technology in the US and Canada is anticipated to substantially impact the market expansion.

The CTIA claims that this quick adoption of 5G will lay the framework for a 5G economy in the US, resulting in investments totaling USD 275 billion, creating 3 million new jobs, and increasing GDP by USD 500 billion.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GLOBAL SOLID STATE DRIVE (SSD) MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's solid-state drive (SSD) market accounts for the second-largest market share. The region's rapid adoption of smart devices, increased investments in IT infrastructure development, and the quick uptake of cloud computing are all contributing to an increase in demand for solid-state drives in European markets. HiDrive describes itself as "Germany's largest cloud computing platform," with over 3.8 million registered customers. Further, the German solid-state drive (SSD) market held the largest market share, and the UK solid-state drive (SSD) market was the fastest-growing market in the European region.

The Asia-Pacific Solid-State Drive (SSD) Market is expected to grow at the fastest CAGR from 2022 to 2030. New SSD solutions have been created due to the nation's adoption of blockchain technology and the Internet of Things. In China, 8.8 billion linked devices are anticipated to exist by 2021. To fulfill domestic and global demand and the escalating rivalry, several of the market's top vendors also focus on the mass production of solid-state drives (SSD).

Moreover, China’s solid-state drive (SSD) market held the largest market share, and the Indian solid-state drive (SSD) market was the fastest-growing market in the Asia-Pacific region.

The market will expand due to major market players investing heavily in R&D to broaden the range of products they provide. In addition to significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are taking part in several strategic initiatives to expand their reach internationally. To grow and thrive in the solid-state drive (SSD) industry, rival companies must provide their goods at reasonable costs.

Local production to cut operating costs is one of the main business methods manufacturers utilize in the global solid-state drive (SSD) industry to help clients and grow the market sector. Some of the most significant medical advancements have been facilitated by the solid-state drive (SSD) industry. The solid-state drive (SSD) market major players such as Kingston Technology (US), Western Digital (US), Micron Technology Inc. (US), Samsung (South Korea), and others are assisting R&D initiatives to increase market demand.

Micron Technology, Inc. is an American manufacturer of computer memory and data storage products such as dynamic random-access memory (DRAM), flash memory, and USB flash drives. Its headquarters are located in Boise, Idaho. The Crucial brand is used to sell its consumer products, notably the Ballistix series of memory modules. In June 2022, Micron released the 5400 SATA solid-state drive (SSD) Advanced Memory System for Critical Infrastructure. Using the 5400 SSD, the company provides 176-layer NAND innovation to its data center SATA SSD. The 5400 SSD from Micron is the 11th generation4 data center SATA solid-state drive (SSD).

Also, SK Hynix Inc. manufactures dynamic random-access memory (DRAM) and flash memory chips in South Korea. Hynix is the world's second-largest memory chip manufacturer (after Samsung Electronics) and the third-largest semiconductor firm. In February 2021, South Korean storage semiconductor manufacturer SK Hynix and its US NAND flash memory solutions subsidiary Solidigm introduced solid-state drives (SSD) for data centers. The P5530 will incorporate SK Hynix's 128-layer NAND flash innovation and Solidigm's SSD controllers and software capabilities.