Home Semiconductor & Electronics Global MRAM Market Size, Growth and Forecast to 2031

MRAM Market

MRAM Market Size, Share & Trends Analysis Report By Product (Toggle MRAM, STT MRAM), By Applications (Aerospace and Defense, Automotive, Robotics, Consumer Electronics, Enterprise Storage) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRSE54447DR
Study Period 2019-2031 CAGR 18.68%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 595.7 Million
Forecast Year 2031 Forecast Year Market Size USD 2782.43 Million
Largest Market Asia Pacific Fastest Growing Market North America
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Market Overview

The global MRAM market size was valued at USD 595.7 million in 2022. It is expected to reach USD 2,782.43 million by 2031, growing at a CAGR of 18.68% during the forecast period (2023–2031).

Magneto-resistive RAM (MRAM) is a non-volatile method of storing data bits in random-access memory using magnetic states instead of electrical charges, unlike dynamic random-access memory (DRAM) and static random-access memory (SRAM), which only retain data until power is applied. Large amounts of data can be stored in magnetic domains using magneto-resistive random-access memory (MRAM), a type of non-volatile random-access memory. Magneto resistive RAM was created in the 1980s. Its proponents have predicted that it will eventually outpace rival technologies in consumer adoption to become the most popular or even the only type of memory. The market for memory technologies currently uses flash RAM and DRAM, which have practical advantages that have slowed the growth of the MRAM market.


  • The STT MRAM segment is the highest contributor to the market by product.
  • The automotive segment is the highest contributor to the market by application. 
  • Asia-Pacific is the most significant revenue contributor by region.

Market Dynamics

Market Drivers

Higher Demand for Wearables and Flexible Electronic Products

The adoption of electronic devices has been accelerated by rapid urbanization and technological developments in the semiconductor sector, leading to an expansion of the consumer electronics market. Small, portable electronics that can be carried around easily include wearables, portable electronics, and flexible devices. They have a stable memory. The most common wearable electronics that we use daily are smartphones and smartwatches. Other wearables and portable electronics, including laptops, gaming consoles, media players, and navigation systems, frequently use MRAM memory. As a result, the market demand for MRAM is driven by the rising demand for consumer electronics because these gadgets need memory, a crucial component, in their circuits.

Reduction of Less Efficient Memory Technologies

The use of data center facilities for storage has increased due to the data produced by various websites, social networking sites, and connected devices. Serial memory devices were used in the past. Due to the increased consumption of semiconductor components by these devices in data centers, serial memory-based equipment is likely to become more complex for end users worldwide. Furthermore, the flash memory segment players now have several opportunities thanks to the growing demand for IoT devices. One factor anticipated to increase the demand for MRAM is the development and growing use of memory devices in small electronic devices, such as IoT devices. This is because MRAM has a high efficiency and straightforward design.

Market Restraints

High MRAM Costs

Semiconductors and electronics are billion-dollar industries. Top manufacturers have an advantage in using MRAM. A USD 1 billion MRAM fab produces ICs from raw silicon wafers. Each machine, chip, and module traverses multiple corporations. During fabrication, MRAM circuits are plated on silicon wafers using masks. This intricate procedure requires numerous pieces of equipment. Investing in lithography equipment and technology to reduce line width increases fabrication costs. Each country has varying wages, taxes, and policies in specific labor-intensive electronic and semiconductor industries. Most semiconductor foundries and contractors outsource their operations to IC and chip manufacturers. In addition, a new and automated chip factory with an ROI of five years costs more than USD 1 billion.

Shipping and labor expenses will increase if the factory is located in a different country than the consumers. MRAM is more expensive due to high setup and installation expenses and rising semiconductor extraction, purification, and foundry production expenses. Smartphones and Internet of Things applications have increased demand for memory chips. Due to scarcity, MRAM prices have increased. Smartphones and tablets are likely to become more expensive. Memory IP may be affected by rising costs and component shortages. The rising cost of MRAM production will challenge global MRAM market participants.

Market Opportunities

Release of New Products for Embedded and Standalone Memories

Over the years, the manufacturing of wafers and chips has seen several technological advancements that have benefited the memory chip industry. The demand for flexible and miniature electronic components has encouraged the development of these components. Using CMOS technology, MRAM memories can be integrated into MCUs. The procedure is simpler and less expensive, which helps manufacturing facilities significantly lower the cost of producing chips. Furthermore, MRAM is used in MCUs where power consumption is crucial because it is a non-volatile memory and uses less power. Therefore, vendors active in the global MRAM market should benefit from several opportunities brought on by the demand for CMOS-based MRAM designs.

Regional Analysis

The global MRAM market is segmented by region into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 21.76% during the forecast period. During the forecast period, the global MRAM market is anticipated to grow fastest in Asia-Pacific. The regional market is expanding quickly due to increased government funding for memory chip research and production. The area is home to essential market participants like SK Hynix Inc. and Samsung Electronics Co., Ltd. To keep their competitive edge in the market, these players make sizable investments in RandD. The area is an important center for the semiconductor and electronic manufacturing industries, further supporting the regional economy's expansion. The region's market growth is fueled by the rising use of smartphones, laptops, and personal computers due to rising per capita disposable income and the adoption of IoT technologies to improve connectivity. However, the research and development of technology and products call for a high level of technical expertise.

North America is expected to grow at a CAGR of 15.31% during the forecast period. Due to the presence of significant key players, North America significantly contributes to the growth of the MRAM market. These businesses have pioneered disruptive trends like AI, machine learning, IoT, and autonomous vehicles. They are also leaders in cutting-edge memory and storage solutions. Due to its use in enterprise storage and factory automation, the US is one of the biggest markets for MRAM. MRAM is used in many applications because of benefits like low power consumption and quick data rewrite times. MRAMs can also operate within the temperature ranges necessary for factory automation applications without running the risk of data loss.

Europe is a significant marketplace. Due to the expansion of the scope of its applications across numerous industry verticals, including consumer electronics, automotive, and telecommunications, the demand for MRAM in the region is expected to rise quickly. MRAMs are in high order for consumer electronics products that need fast, non-volatile memory for smartphone applications and PCs/laptops. The market for MRAM has expanded due to the region's rising smartphone ownership over the past few years. Additionally, the region's need for data centers has grown due to the development of cloud computing applications in industries like BFSI.

The Middle East has seen an increase in MRAM consumption as demand for computers with better performance and expanded functionality grows. Particularly in e-learning, the Middle Eastern education market has experienced significant growth. The World Economic Forum predicts a 20% increase in demand for advanced technological skills. There is now even more demand for personal computers with quick access and processing because of this. As MRAM memory module costs fall, MRAM suits are anticipated to be the practical non-volatile memory storage solution.

The growing use of smartphones in Brazil, Argentina, and Colombia drives the demand for MRAM shipments. Brazil has a nearly 4% market share and occupies the fifth spot in the smartphone market. Additionally, the South American MRAM market is growing due to the innovation in computing devices in Brazil, driven by the demand for long battery lives and improved computing performance.

Report Scope

Report Metric Details
By Product
  1. Toggle MRAM
By Applications
  1. Aerospace and Defense
  2. Automotive
  3. Robotics
  4. Consumer Electronics
  5. Enterprise Storage
Company Profiles Toshiba Corporation NVE Corporation Everspin Technologies Inc Avalanche Technology Inc Spin Memory Inc Honeywell International Inc Samsung Electronics Co. Ltd Numem Inc Taiwan Semiconductor Manufacturing Company Limited.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global MRAM market is segmented by product and application.

Based on the product, the global market is bifurcated into toggle MRAM And STT MRAM.

The STT MRAM segment is the highest contributor to the market and is expected to grow at a CAGR of 19.45% during the forecast period. The significant advantage of STT MRAM over Toggle MRAM is that it offers high density, low power consumption, and greater cost-efficiency. STT-MRAM is an advanced MRAM. STT-MRAM has supplanted DRAM, SRAM, and FRAM in several industrial applications. Some major STT-MRAM producers working on creating STT-MRAM for the consumer market include Everspin, Samsung, IBM, and Crocus.

Toggle MRAM is a type of MRAM that uses an MTJ cell, a transistor, to create a short, high-density memory that offers high reliability. The tunneling effect occurs when a bias is applied to MJT spin-polarized electrons. By displacing the combination of SRAM and EEPROM, toggle MRAM aids customers in providing simplicity. High design simplicity and long-term dependability are features of the toggle MRAM.

Based on the application, the global market is bifurcated into aerospace and defense, automotive, robotics, consumer electronics, and enterprise storage.

The automotive segment is the highest contributor to the market and is expected to grow at a CAGR of 20.48% during the forecast period. The audio system and display of the car can be accessed by both entertainment and navigation systems that are frequently combined into a single infotainment system. This makes it possible for the navigation system to interrupt the entertainment system and deliver crucial driver information, like directions or traffic updates, without the need for the driver to act. When power is lost, these systems use non-volatile memory to store settings, status information, and navigational data. MRAM is primarily used in this application because it has the high endurance required for frequent writes over the product lifespan and can capture data instantly in the event of a power loss without the aid of batteries or capacitors.

Robotics combines technology and engineering, including mechanical engineering, electronics and electrical engineering, computer science, and other engineering domains. The system needs a mix of electronic and mechanical parts in a robotic process, including a power source, actuators, sensors, locomotive components, storage, and control software. MRAM has proven to be very effective at controlling memory operations because of its infinite read/write cycles and quicker access times. Military, construction, logistics, healthcare, agriculture, household, and educational fields all use robots extensively.

Market Size By Product

Market Size By Product
  • Toggle MRAM
  • Recent Developments

    • October 2022- To help shape the future of semiconductor and system innovations, TSMC launched the OIP 3DFabric Alliance.
    • December 2022- In western Japan's Hyogo Prefecture, Toshiba Electronic Devices and Storage Corporation declared it would build a new back-end production facility for power semiconductors at its Himeji Operations - Semiconductor. Production is expected to begin in the spring of 2025 after construction starts in June 2024. Compared to fiscal 2022, the project will double Toshiba's Himeji production capacity for automotive power semiconductors.

    Key Players

    MRAM Market Share of Key Players

    MRAM Market Share of Key Players
    Toshiba Corporation NVE Corporation Everspin Technologies Inc Avalanche Technology Inc Spin Memory Inc Honeywell International Inc Samsung Electronics Co. Ltd Numem Inc Taiwan Semiconductor Manufacturing Company Limited. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the MRAM market?
    The global MRAM market growing at a CAGR of 18.68% from (2023–2031).
    Asia Pacific has the highest growth rate in the market
    Key verticals adopting MRAM market include: - Toshiba Corporation, NVE Corporation, Everspin Technologies Inc, Avalanche Technology Inc, Spin Memory, Inc, Honeywell International Inc, Samsung Electronics Co. Ltd, Numem Inc.
    The global MRAM market size was valued at USD 2,782.43 million in 2031.
    Higher demand for wearables and flexible electronic products is the key driver for the growth of the MRAM market.

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