NOR Flash Memory Global Market Report 2025

The nor flash memory market size has grown strongly in recent years. It will grow from $3.03 billion in 2024 to $3.22 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing adoption in automotive applications, rising demand for industrial automation, growth in consumer electronics, expansion of telecommunications infrastructure, and growing preference for radiation-hardened NOR flash in aerospace.

The nor flash memory market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing demand for edge computing, growing adoption in automotive ADAS, rising need for high-reliability storage in IoT devices, expansion of 5G infrastructure, and expanding applications in next-generation wearables. Major trends in the forecast period include advanced driver-assistance systems (ADAS), adoption of NOR Flash in Internet of Things (IoT) devices, advancements in embedded systems, advancements in AI-powered storage solutions, and a shift toward high-density NOR flash.

The forecast of 7.2% growth over the next five years reflects a modest reduction of 0.7% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through limited access to code storage chips, predominantly sourced from China and the US, disrupting firmware updates for automotive systems and Internet of Things(IoT) devices. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The growing demand for IoT devices is expected to drive the expansion of the NOR flash memory market. IoT devices are physical objects connected to the internet that can gather, exchange, or send data. This rising demand is fueled by the increasing adoption of smart technologies across various industries, the need for real-time data monitoring, and the growing interconnectedness of sectors such as healthcare, manufacturing, and smart homes. NOR Flash Memory plays a vital role in enhancing IoT devices by providing fast data access, low power consumption, high endurance, and reliable storage, making it suitable for both simple and complex IoT applications. For example, according to a GSMA report from April 2022, IoT connections are expected to exceed 23 billion by 2025, up from 15.1 billion in 2021. As a result, the surge in demand for IoT devices is propelling the growth of the NOR flash memory market.

Companies in the NOR flash memory market are focusing on developing advanced technology solutions, including next-generation space-grade systems that require highly reliable, high-density memories. These systems are designed to operate efficiently and last long in space. For example, in November 2024, Infineon Technologies AG, a semiconductor company based in Germany, introduced the first-ever QML-qualified radiation-hardened 512 Mbit QSPI NOR flash memory for space applications. This device utilizes Infineon’s proprietary SONOS technology, enabling up to 10,000 program/erase cycles and 10-year data retention, even at temperatures as high as 125°C. It is QML-V and QML-P qualified, making it the first radiation-hardened NOR Flash to receive QML certification for space. Available in CQFP and TQFP packages, it is designed for compact, high-reliability space-grade FPGAs and processors.

In February 2023, GlobalFoundries Inc., a semiconductor manufacturing company based in the US, acquired Renesas Electronics Corporation’s Conductive Bridging Random Access Memory (CBRAM) technology for an undisclosed amount. This acquisition is intended to enhance GlobalFoundries’ embedded non-volatile memory (NVM) portfolio by integrating Renesas’ CBRAM technology, which supports the development of low-power, high-performance memory solutions for IoT and 5G applications. Renesas Electronics Corporation, a Japan-based semiconductor company, specializes in providing NOR flash memory products.

NOR flash memory is a non-volatile storage technology widely used for data retention in digital devices. It is particularly valuable in applications requiring fast and reliable read access to small data blocks, such as firmware storage or boot-up processes.

The primary types of NOR flash memory are serial NOR flash and parallel NOR flash. Serial NOR flash is a compact and efficient storage solution that utilizes a serial interface such as SPI, making it suitable for applications with space constraints. NOR flash memory comes in various density ranges, including less than 250 MB, 250 MB to 1 GB, and more than 1 GB. It is commonly used across various industries such as communications, consumer electronics, automotive, and manufacturing.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp escalation of U.S. tariffs and resulting trade tensions in spring 2025 are significantly affecting the electrical and electronics sector. Key components such as semiconductors, display panels, and rare-earth metals crucial for batteries and motors are now facing heavy duties. Consumer electronics companies are seeing profit margins shrink, as fierce competition makes it difficult to pass on rising costs to consumers. At the same time, industrial electronics firms are experiencing project delays due to shortages of tariff-impacted parts like printed circuit boards. In response, businesses are shifting assembly operations to tariff-exempt nations, building up inventory reserves, and redesigning products to reduce reliance on restricted materials.

The NOR flash memory market research report is one of a series of new reports that provides NOR flash memory market statistics, including the NOR flash memory industry global market size, regional shares, competitors with the NOR flash memory market share, detailed NOR flash memory market segments, market trends, and opportunities, and any further data you may need to thrive in the NOR flash memory industry. This NOR flash memory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Major players in the NOR flash memory market are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Micron Technology Inc., Macronix International Co. Ltd., Texas Instruments Incorporated, MediaTek Inc., Infineon Technologies AG, NXP Semiconductors, Renesas Electronics Corporation, Kioxia Corporation, Microchip Technology Inc., Marvell Technology Group Ltd., Toshiba Corp., Winbond Electronics Corporation, GigaDevice Semiconductor Inc., Lattice Semiconductor Corporation, Wuhan Xinxin Semiconductor Manufacturing Co. Ltd., Elite Semiconductor Microelectronics Technology Inc., Integrated Silicon Solution Inc., and XTX Technology Limited.

North America was the largest region in the NOR flash memory market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in NOR flash memory report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the NOR flash memory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The NOR flash memory includes revenues earned by entities by providing services such as direct sales, customization services, embedded software development, testing and validation, and memory upgrade kits. The market value includes the value of related goods sold by the service provider or included within the service offering. The NOR flash memory market also consists of sales of products including standalone NOR flash memory modules, microcontrollers (MCUs) with NOR flash, smartphones and tablets, automotive ECUs (electronic control units), and telecommunication equipment. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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