solution – SPFX Terminal error – Javascript heap out of memory

When I hit the command gulp serve i am getting this error in terminal, and the gulp serve is getting terminated due to the issue.

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Earlier this solution working fine since last 4 months. There is around 99GB space on my d rive, where this solution is located.

I tried couple of things in last few days but unable to get the resolution.

What i have understand so far is, it is somewhat related to the node js memory management.

Any help or suggestion will be appreciated.
Thanks.