The NOR Flash Market is projected to reach US$ 6,069.5 million by 2028 from US$ 2,361.9 million in 2021; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028.

The rapidly increasing data-centric applications of NOR flash memories in numerous industries, coupled with the burgeoning prominence of mobile devices and connected technology, is propelling the global demand for NOR flash memories. Furthermore, high-performance NOR flash technologies enable the simplification of the memory hierarchy, which can be used for incorporating non-volatility in logic circuits, resulting in a new application for NOR flash memories in hardware security and neuromorphic computing. In addition, non-volatile memories were also recently used for the development of 3D stackable memory architecture. The rising demand from the IT companies for building a computer's system further secured and enhancing its efficiency is expected to drive innovative applications of NOR flash memories. The trend is subsequently anticipated to encourage the NOR flash market growth during the forecast period.

Significant investments and new product launches from prominent industry players are contributing to the expansion of the NOR flash market. For instance, Winbond provides W25X and W25Q SpiFlash Multi-I/O Memories with the serial peripheral interface (SPI), densities from 512K-bit to 512M-bit, and small erasable sectors for higher performance capabilities. The SpiFlash devices offer the new quad peripheral interface (QPI) for and simpler controller circuitry. The company provides packages with ultra-small form factor for mobile and handheld applications. The demand for the embedded NOR and embedded chip in the automotive, industrial, medical, wireless, and other sectors is further anticipated to boost the market growth.

Impact of COVID-19 Pandemic on NOR Flash Market

The COVID-19 pandemic has significantly impacted the global NOR flash market, disrupting business activities, and incurred huge losses in terms of production, with a major impact witnessed by manufacturing, BFSI, and retail sectors. Many essential commodity companies are also unable to continue with production due to the lack of workforce amid the pandemic. There is a slight decline in the NOR flash market due to COVID-19 pandemic. Several projects around the world have been stalled during the pandemic, which, in turn, resulted in the decline in the demand for NOR flash devices. The temporary decline in the market is expected to recover starting from the first and second quarters of the year 2021, owing to the relaxation of lockdown restrictions and resumption of supply chains. Government initiatives and public-private partnerships are further anticipated to boost market growth.

The NOR Flash market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the NOR Flash market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the NOR Flash market. A few major players operating in the market are Cypress Semiconductor Corporation; Integrated Silicon Solution Inc.; Micron Technology, Inc.; Winbond Electronics Corporation; Microchip Technologies, Inc.; Macronix International Co., Ltd; JSC; Elite Semiconductor Microelectronics Technology Inc.; Dialog Semiconductor; and GigaDevice.