Embedded Emerging NVM: $2.6 Billion Market in 2029

Published on May 2, 2024, this market report was written by analyst firm Yole Group.

Embedded emerging NVM: US$2.6 billion market in 2029?

Low-power SoCs, ASICs, and MCUs are fueling the emerging NVM market growth. The embedded emerging NVM market is expected to grow from $32 million in 2023 to $2.6 billion in 2029, with an estimated 109% CAGR 2023-2029.

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Foundries and IDMs are scaling up the production of emerging eMRAM, ePCM, and eRRAM at 28/22nm and are actively working on the development of eNVMs in the 10nm class.

eRRAM and PCM are penetrating the automotive market, while eMRAM will initially see increased adoption in low-power wearable and edge-AI applications.

According to Yole Group, in the Emerging Non-Volatile Memory 2024, emerging non-volatile memory (NVM) technologies such as MRAM, PCM, and RRAM are increasingly gaining traction as preferred options for storing embedded code and data in microcontrollers (MCUs) and low-power SoCs or ASICs used in Io) devices, wearables, and edge-AI devices. The absence of a cost-effective embedded flash (eFlash) solution for geometries smaller than 28nm is the primary driving force behind major foundries like TSMC, Samsung, GlobalFoundries, UMC, as well as Integrated Device Manufacturers (IDMs) like STMicroelectronics, Infineon, and NXP, actively investing in embedded NVM technologies for integration into nodes ≤ 28nm.

The potential for growth in embedded emerging NVM wafer volume is significant, projected to escalate from around 3,000 wafers per month (KWPM) in 2023 to approximately 110 KWPM by 2029, with a CAGR from 2023 to 2029 of about 80%.

In terms of revenue, it is estimated that the embedded market could reach approximately $2.6 billion by 2029, with the 3 primary eNVM technologies exhibiting similar growth trajectories.

The most rapidly expanding market segment is anticipated to be embedded NVM for MCUs, forecasted to account for over 80% of embedded emerging NVM revenue by 2029. The volume of MCU wafers integrating emerging eNVM is expected to experience rapid growth, increasing from less than 1 KWPM in 2023 to 47 KWPM by 2029, with a CAGR from 2023 to 2029 of approximately 124%.