Serial NOR Flash Market Global Report 2026

The serial NOR flash market size has grown strongly in recent years. It will grow from $3.65 billion in 2025 to $3.98 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increasing demand for embedded electronic systems, growing adoption of consumer electronics devices, rising requirement for reliable firmware storage solutions, expanding industrial automation applications, and growing use of non volatile memory in electronic products.

The serial NOR flash market size is expected to see strong growth in the next few years. It will grow to $5.57 billion in 2030 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rising demand for connected IoT devices, increasing adoption of automotive electronics systems, growing need for high-performance embedded memory solutions, expanding deployment of smart industrial equipment, and increasing demand for low-power memory technologies. Major trends in the forecast period include growing adoption of high-speed serial NOR flash memory solutions, increasing demand for reliable embedded code storage technologies, rising integration of low-power non-volatile memory devices, expanding use of advanced flash memory in connected devices, and increasing development of high-density memory solutions for embedded applications.

The growing deployment of Internet of Things (IoT) devices is expected to propel the growth of the serial NOR flash market going forward. Internet of Things (IoT) device deployment refers to the widespread installation and integration of interconnected sensors, smart devices, and embedded systems that collect, process, and exchange data through networks with limited human intervention. The deployment of IoT devices is expanding due to the rising demand for real-time data monitoring, which enables faster decision-making through immediate access to information generated by connected systems. The increasing deployment of Internet of Things (IoT) devices is contributing to the demand for serial NOR flash, as it provides fast, energy-efficient, and reliable non-volatile memory solutions for storing firmware, boot code, and system data in connected smart devices. For instance, in July 2025, the European Commission, a Belgium-based governing body, reported that the number of installed IoT-connected devices reached approximately 40 billion in 2023 and is projected to increase to 49 billion by 2026, representing an annual growth rate of 7%. Therefore, the growing deployment of Internet of Things (IoT) devices is supporting the growth of the serial NOR flash market.

Companies operating in the serial NOR flash market are focusing on developing advanced memory solutions, such as small-form-factor serial flash devices, to enhance performance, storage efficiency, and connectivity in space-constrained IoT and edge computing applications. A small-form-factor serial flash device is a compact non-volatile memory chip used for storing data and firmware in space-constrained electronics, helping enable smaller, more power-efficient devices with high integration and reliable high-speed data access in IoT and embedded applications. In June 2023, Winbond Electronics, a Taiwan-based semiconductor memory solution provider, introduced its next-generation 8Mb 3V NOR W25Q80RV Serial Flash, designed for edge devices in space-constrained IoT applications. The product is developed using advanced 58nm process technology, enabling a significantly smaller footprint compared with earlier 90nm generations while enhancing read performance and energy efficiency. It is available in compact KGD (Known Good Die) and WLCSP (Wafer Level Chip Scale Package) formats, making it suitable for highly integrated system-in-package designs used in IoT, industrial, automotive, and consumer electronics. The device supports high-speed SPI interfaces, flexible 4KB sector architecture, and low-power operation, enabling faster firmware updates, efficient data storage, and seamless integration with MCUs and SoCs in modern embedded systems.

In February 2023, GlobalFoundries Inc., a US-based semiconductor manufacturing company, acquired Conductive Bridging Random Access Memory (CBRAM) technology from Renesas Electronics Corporation for an undisclosed amount. With this acquisition, GlobalFoundries aims to strengthen its embedded non-volatile memory (eNVM) roadmap, enhance its differentiated semiconductor process platforms such as 22FDX, and accelerate the development of ultra-low-power memory solutions optimized for next-generation IoT, edge computing, and 5G-enabled devices. Renesas Electronics Corporation is a Japan-based semiconductor company that specializes in providing a comprehensive portfolio of Serial NOR Flash memory devices.

Major companies operating in the serial nor flash market are Boya Microelectronics Inc., Giantec Semiconductor Corporation, GigaDevice Semiconductor Inc., Infineon Technologies AG, Integrated Silicon Solution Inc., Kioxia Corporation, Macronix International Co. Ltd., Microchip Technology Inc., Micron Technology Inc., Puya Semiconductor Co. Ltd., Renesas Electronics Corporation, SK Hynix Inc., Winbond Electronics Corporation, XTX Technology Limited, Zbit Semiconductor Co. Ltd.

North America was the dominating region in the serial NOR flash market in 2025. Asia-Pacific is expected to be the rapidly growing region in the forecast period. The regions covered in the serial NOR flash market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

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