DRAM module revenue surges 59% in 2025 amid AI demand

The global DRAM module market experienced significant growth in 2025, with revenue reaching $21.2 billion, a 59% increase year-on-year. This surge was driven by rising prices and a shift in demand toward the second half of the year, particularly from North American and Chinese cloud service providers supporting agentic AI applications.

As demand for server DRAM increased, supply for PC and consumer electronics was limited, driving up overall prices. Module makers transitioned their primary product lines to DDR5 to meet these evolving needs. Kingston remains the market leader with a 62% share, while the top five makers control 77% of total market revenue.

Driven by AI demand, the theoretical value of DRAM per unit area has risen to levels that approach or exceed the nominal price of advanced logic wafers. For instance, 1b DRAM is estimated to reach a value of approximately $0.654 to $0.676 per square millimeter, which is higher than the estimated value of N2 process wafers. While these comparisons reflect potential sales value rather than manufacturing costs, they highlight the intense supply-demand imbalance in the memory sector.