The global memory chip market is expected to be worth US$155.2 billion this year, according to market research firm IC Insights.
This will grow by 16% to be worth US$180.4 billion in 2022, the firm said.
If it is met, the 2022 figure will exceed the previous record of US$163.3 billion in 2018.
IC Insights predicts that, in 2023, the memory market will be worth US$219.6 billion, a growth of 22% year-on-year, which will also be the highest ever if it comes true.
Demand jump across the board, from data centers, servers, notebooks, PCs, mobile to gaming, is leading the growth, IC Insights said.
The increase in demand also increased prices. DRAM’s average sales prices increased 8% in the first quarter, the firm noted.
DRAM will account for 56% of sales and NAND flash 41% this year.
South Korean chip firms Samsung and SK Hynix had said they expected high demand for memory chips going forward during their first quarter conference calls.