Memory allocation plays a significant role in segmentation faults. Segmentation fault, or segfault, is an error caused by a program trying to access memory that it doesn’t own. This can occur due to improper memory allocation. When a program requests a block of memory via malloc() and the request exceeds available memory, malloc() returns NULL. If the program doesn’t check for this and attempts to use the unallocated memory, a segfault occurs. Similarly, if a program tries to free() memory not allocated with malloc(), or already freed, it may cause a segfault. Overstepping array boundaries also leads to segfaults as it accesses unowned memory. Therefore, correct memory allocation and deallocation are crucial to prevent segfaults.