Solid State Drive Market Size, Share & Trends Analysis growing at a CAGR of 16.5% from 2024 to 2030
The global solid state drive market size was estimated at USD 19.1 billion in 2023 and is projected to reach USD 55.1 billion by 2030, growing at a CAGR of 16.5% from 2024 to 2030. Solid State Drives (SSDs), which have very high read/write speeds, are increasingly considered a suitable alternative to conventional hard disk drives (HDDs), which have moving parts and comparatively slower read and write speeds.
Key Market Trends & Insights
- North America held the highest market share, 42.2%, in 2023.
- The U.S. held the largest share of the regional market in 2023.
- By storage, 120 GB-320 GB storage segment held the highest market revenue share of 21.8% in 2023.
- By type, the internal SSD segment accounted for the highest market revenue share of 70.6% in 2023.
Market Size & Forecast
- 2023 Market Size: USD 19.1 Billion
- 2030 Projected Market Size: USD 55.1 Billion
- CAGR (2024-2030): 16.5%
- North America: Largest market in 2023
- Asia Pacific: Fastest growing market
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The exponential growth of data generation and the increasing adoption of high-performance cloud computing have necessitated the utilization of faster and more reliable data storage solutions. SSDs offer significant advantages over traditional hard disk drives regarding power consumption and access times, making them ideal for data centers. As a result, the industry is expected to witness promising growth in the coming years.
The increasing demand for high-performance portable devices such as smartphones and laptops is fueling the growth of the solid state drive (SSD) market. SSDs are becoming a preferred storage solution for consumers due to their compact size, lower power consumption, and faster read and write speeds, thus enhancing user experience in mobile computing. Consumers with laptops with HDDs prefer to install SSDs for faster boot speeds. According to a recent report titled ‘EaseUS Disk Drives Stats 1’ published by EaseUS, there has been significant growth in the number of SSD users compared to HDDs due to their obvious benefits. The survey reported that of around 750,000 surveyed hard drives, SSD users accounted for approximately 46.0%, while the proportion of HDD users was around 26.6%. Knowing the requirements of consumers, laptop manufacturers have started offering SSDs in budget laptops in their recent models, leading to further market growth.
