FMI Forecasts Hard Disk Drive Market to Grow at 10% CAGR During 2019-2029

VALLEY COTTAGE, N.Y. – Future Market Insights (FMI) recently published a detailed research study on growth prospects of the hard disk drive (HDD) market, and its estimates global sales to reach US$ 32.5 Bn in 2019. With rapid internet penetration, proliferation of smart devices, and popularity of social media, importance of data storage continues to remain strong. Highly influenced by low cost and greater reliability factors, the demand for hard disk drive is set to increase at a value CAGR of 10% during the forecast period (2019-2029).

However, rise in popularity of solid-state drives (SSDs) for their better reliability, higher data transfer rates and areal storage density, and much lower access times over HDDs is representing a potential threat for the market players. In order to stay ahead of the curve, manufacturers will need to leverage high-end technologies and set their products apart from the competition, opines the FMI study.

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NAS HDDs Remain Significant Revenue Generator

Accounting for over 2/5th of the revenue share, network-attached storage HDD continues to witness higher demand for use in multiple operating system environments. Despite the rampant growth of SSDs in enterprise market, shipments of NAS HDDs continue to grow on a pace, with key players such as Seagate leveraging novel technologies to increase data density and offer massive capacity. On the other hand, demand for desktop HDDs is set for a quantum leap, despite their relatively low revenue share in the market, according to the FMI study.

Hard disk drives of 250 GB to 1 TB continue to influence growth strategies, while manufacturers are focusing on increasing production of HDDs of above 1 TB storage capacity to capitalize on rising demand from wide range of data centers. The FMI study estimates sales of HDDs of above 1 TB to grow at a CAGR of 12.5% over the forecast period.

Preview Analysis of 2019 Analysis and Review of Hard Disc Drive Market by Drive – Desktop HDDs, Portable HDDs and Network-attached Storage HDDs for 2019 – 2029:https://www.futuremarketinsights.com/reports/hard-disk-drive-market

Western Europe to Surpass North America by 2023

In the current scenario, Western Europe and North America are neck and neck to acquire the leading position in the hard disk drive market. While North America continues to retain its supremacy, Western Europe’s hard disk drive is set to outpace the former market in next few years.

According to the FMI study, the hard disk drive market is expected to witness the highest growth rate in Middle East & Africa and Latin America. Significant growth of telecommunication sector and gradual improvements in economic conditions in these regions remain key growth levers of the market.

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As consumer quest for reducing power consumption while packaging more data into HDD is increasing, manufacturers are currently targeted towards helium-filled over air-filled hard drives. Robust growth in demand for helium-filled HDDs can be attributed to reduction in amount of drag which delivers high level of storage density and improved power efficiency.

The FMI study finds that introduction of new technologies to push capacities of hard disk drives remains a key focus area of manufacturers. For instance, Seagate announced the shipment of the first hard drive using Heat-Assisted Magnetic Recording (HAMR) technology that will enable the next big increase in the amount of data that can be stored in a hard drive.

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