The Latin America, Middle East and Africa Solid State Drive (SSD) Market would witness market growth of 17.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Solid State Drive (SSD) Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,166.7 Million by 2031. The Argentina market is showcasing a CAGR of 19% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 16.3% during (2024 - 2031).
Initially, SSDs were significantly more expensive than HDDs on a per-gigabyte basis. However, due to advancements in manufacturing technology, economies of scale, and increased competition, the cost of SSDs has steadily decreased. As a result, SSDs are now more affordable and accessible to a broader range of consumers and businesses. This has been a major factor driving widespread adoption, particularly in consumer electronics.
With growing concerns over energy consumption and sustainability, SSDs are becoming preferred in both consumer and enterprise environments. SSDs consume significantly less power than HDDs, resulting in lower operational costs and improved battery life for mobile devices. This energy efficiency has made SSDs especially appealing for data centers, where energy consumption is a critical concern.
South Africa’s robust electronics manufacturing sector, contributing R90 billion annually and accounting for 4% of the country’s total manufacturing output, is a strong foundation for the market. The production of electrotechnical equipment, including consumer electronics, industrial systems, and IT hardware, drives local demand for advanced storage solutions like SSDs. The UAE’s emergence as a leading data center hub in the Middle East, with projected investments of up to $1 billion by 2026 and an average growth rate of 3.43% between 2022 and 2027, significantly boosts the market. Data centers are major consumers of SSDs due to their need for high-speed, reliable storage to manage vast amounts of data efficiently. The planned expansion of data center infrastructure in the UAE, driven by increasing cloud adoption, e-commerce, and smart city initiatives, further accelerates SSD demand. In conclusion, the rising electronics manufacturing industry in South Africa and the rapid expansion of data centers in the UAE are pivotal drivers for the market in their respective regions.
Free Valuable Insights: The Worldwide Solid State Drive (SSD) Market is Projected to reach USD 59.20 Billion by 2031, at a CAGR of 15.7%
Based on Type, the market is segmented into Internal and External. Based on Storage, the market is segmented into 120GB-320GB, 320GB-500GB, Under 120 GB, 500GB-1TB, Above 2TB, and 1TB-2TB. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type
By Storage
By Country
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