Hard Disk Market Revenue and Analysis
The global hard disk market is predicted to touch USD 93.88 billion at a 6.5% CAGR between 2018- 2026, states the recent Market Research Future (MRFR) analysis. A hard disk drive or what is commonly called a hard drive, simply put, is an electromechanical data storage device that utilizes magnetic storage for storing and recovering digital data with the help of one or above rigid rotating disks that are coated using magnetic material.
Various factors are propelling the global hard disk market share. According to the recent MRFR report, such factors include the burgeoning demand for hard disks from data centres, the rising proliferation of internet-ready devices and digital commerce like alarm monitoring systems, home appliances, various consumer electronics, and smartphones, and steadiness in the laptop market. Additional factors adding market growth include the constant need for data storage in the coming years from cloud service providers, enterprise data center, and enterprises/corporate, and use of NAND technology in USB flash drives, MP3 players, digital cameras.
On the contrary, a fall in demand for PCs and the impact of the on-going COVID-19 outbreak may impede the global hard disk market growth over the forecast period.
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Hard Disk Market Key Players
Key contenders profiled in the global hard disk market report include Micron Technology Inc. (US), Mushkin Enhanced (US), Intel Corporation (US), SK Hynix Inc. (South Korea), Quantum Corp. (US), Apple Inc. (US), Hewlett Packard Enterprise Company (HP) (US), ADATA Technology Co. Ltd. (Taiwan), Samsung Electronics (South Korea), Transcend Information. Inc. (Japan), Sony Corporation (Japan), Toshiba Corporation (US), Seagate Technology LLC (US), and Western Digital Corporation (US). Industry players have encompassed several strategies to stay at the forefront and also cater to the growing needs of the consumers. These strategies entails yet are not limited to mergers and acquisitions, partnerships, joint ventures, collaborations, geographic expansions, strategic alliances, contracts, new product launches and new product development, extensive research and development activities, and more.
Hard Disk Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global HDD market based on application and type.
By type, the global hard disk market is segmented into hybrid disk drives (HHD), solid-state drives (SDD), and hard disk drive (HDD). Of these, the HDD segment will lead the market over the forecast period for its extensive use in data centers and personal computers. This will be followed by SDD segment that is predicted to grow at a healthy 17.0% CAGR by 2026.
By application, the global hard disk market is segmented into servers, desktop, and notebook. Of these, the notebook segment will dominate the market over the forecast period. This will be followed by the server segment, which is predicted to grow at a favorable 9.3% CAGR by 2026.
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Hard Disk Market Regional Analysis
Based on the region, the global hard disk market report covers the recent trends and growth opportunities across Central South America, the Middle East and Africa, Japan, India, Southeast Asia, Europe, China, and the US. Of these, China will dominate the market over the forecast period. It is likely to grow at a 7% CAGR by 2026. The availability of inexpensive labor and low-cost raw materials, coupled with the presence of multiple top manufacturing firms are adding to the global hard disk market growth in the region. The global hard disk market in China in 2018 was valued at USD 17.15 billion.
The global hard disk market in Japan is predicted to grow at a favorable 7.6% CAGR by 2026. The presence of top industry players, coupled with substantial opportunities offered to vendors operating in the market, is adding market growth.
The global hard disk market in India is predicted to have healthy growth over the forecast period. Increasing digitalization and growing demand for hard disks are adding market growth in the region.
The global hard disk market in the US is predicted to have steady growth over the forecast period for the extensive usage of e-commerce and social media.