Hard Disk Drive Market to Exhibit 10.4% CAGR through 2029; Sales Dip During Coronavirus Crisis, as Supply Chain Issues Hurt Inventories, Says Future Market Insights

Hard disk drive manufacturers are leveraging the growing demand for computer systems during the lockdown period of the coronavirus pandemic, as work-from home goes mainstream

DUBAI, UAE / ACCESSWIRE / July 22, 2020 / With the massive economic and industrial impact of the coronavirus pandemic, the hard disk drives market has witnessed increased demand, as remote working operations have become mainstream on a global scale. However, lockdown measures have hurt sourcing of essential components, which is likely to reverse growth trends in the short term throughout the duration of the pandemic.

“With the growing competition arising from SSD alternatives, hard disk drive manufacturers can leverage sales with a focus on developing economies including those in Middle East, Latin America, and Africa, aiming towards long term storage applications, which will help sustain growth for years to come” says the FMI analyst.

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Hard Disk Drives – Primary Takeaways

  • USB 3.0 drive interfaces are highly sought after, largely owing to demand from developing markets that are transitioning from USB 2.0 systems.
  • Network attached storage applications of hard disk drives contribute substantially to revenue, owing to widespread enterprise-scale demand.
  • North America is projected to be surpassed by Western Europe, aided by the presence of major computer manufacturers in the region.

Hard Disk Drives – Growth Factors

  • Increased focus on sustainability and availability of options such as helium hard disk drives will contribute to market growth.
  • Transition to USB 3.1 Gen 2 hard disk drives will generate lucrative opportunities in the market.
  • Superior security functionalities of hard disk drives will bolster adoption rates.

Hard Disk Drives- Major Constraints

  • Sustained demand for major increases in data storage abilities is a key obstacle to market growth.
  • Faster performance and lower prices of solid-state drive alternatives will hinder growth of the hard disk drive market.

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The Projected Impact of Coronavirus

The coronavirus outbreak has had a negative impact on hard disk drive supply chains, despite efforts from the industry to keep up with the rising demand. While demand has gone up owing to home working practices, supply issues have become a problem, especially after the shut down of Chinese production facilities. The market is likely to display gradual recovery towards the end of 2020, as the gap between demand and supply shrinks, with a steady drop in new orders.

Competition Landscape

The hard disk drives market comprises players including but not limited to Buffalo Americas Inc., Western Digital Corp., Hewlett Packard Enterprise Development, Seagate Technology LLC, ADATA Technology, Toshiba, and Transcend Information Inc. Market players are pushing for product launches and cost reductions to keep up with SSD alternatives. For instance, Western Digital announced HDD products with energy-assisted magnetic recording technology.

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More About the Study

The FMI study provides detailed insights on hard disk drives. The market is broken down in terms of drive (desktop HDDs, portable HDDs, and network-attached storage HDDs), storage capacity (less than 250 GB, 250GB to 1TB, and above 1 TB), drive interface (USB 3.0, USB 2.0, ethernet, USB 3.1 Gen1, USB 3.1 Gen 2, and others) and power source (AC adapter, USB port, e-SATA Bus, and plug-in) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).

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SOURCE: Future Market Insights

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