Spintronics Market to be Dominated by Increasing Popularity of Spintronic Devices Through 2028
The increasing adoption of IoT-based devices is driving the growth
of the global spintronics market.
According to TechSci Research report, “Spintronics Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F” the global spintronics
market is growing owing to rapid growth in digitalization and increasing
adoption of IoT-based devices and industrial IoT by enterprises to meet the
need for growing business demand. Spintronics technology is the emerging
technology that is currently being used in hard disks and sensors. In contrast
to charge-based electronics, spintronics uses the electrons' quantum mechanical
spin to store, process, and transmit data. Transport of electron charge
carriers is essential for conventional electrical and semiconductor devices.
New business models are being developed in the corporate,
governmental, retail, and e-commerce sectors because of the rapid speed of
digitalization. In addition, spintronic devices can be used to create more
efficient and reliable industrial automation systems. Moreover, spintronic
devices are offering significant improvements in performance over traditional
semiconductor devices, such as faster switching speeds, lower power
consumption, and longer battery life that are further attributed to the growth of
the global spintronics market. The rising adoption of electric vehicles and the
growing need for high-performance computing are also contributing to the growth
of the market. Furthermore, businesses are adopting spintronics to lower power
consumption and to create much faster computers that are attributed to the
growth of the global spintronics market.
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Based on device
type, the market is segmented into metal-based devices and semiconductor-based
devices. Based on metal-based devices, the market is further divided into giant
magneto resistance-based device (GMRs), tunnel magneto resistance-based device
(TMRs), spin-transfer torque device, and spin-wave logic device. Based on semiconductor-based
device, the market is further divided into spin diode, spin filter, and spin
field-effect transistor (FETs). Based on application, the market is segmented
into electric vehicle and industrial motor, data storage/MRAM, magnetic
sensing, and other applications. Based on industry, the market is segmented
into consumer electronics, automotive, industrial, healthcare, and information
technology (IT) & telecom.
Based on industry, the market is divided into automotive,
industrial, consumer electronics, healthcare, and information technology (IT)
and telecom. The automotive industry is expected to account for a significant
market share over the next five years. Spintronics is expected to acquire high traction
as these technologies are widely being adopted in the automobile industry. Moreover,
spintronics is essential for enhancing battery performance and extending the
driving range of electric vehicles. Due to its lower power consumption compared
to anisotropic magnetoresistance sensors and hall integrated circuits, giant
and tunnel magnetoresistance sensors are employed as position sensors. The high
demand from the automotive industry is expected to act as a positive factor for
the global spintronics market in the coming years.
Key market players in the global spintronics market include:
- NVE Corporation
- Crocus Technology
International Corporation
- Avalanche
Technology
- Synopsys Inc.
(QuantumWise)
- Everspin
Technologies Inc.
- TDK Corporation
- Infineon
Technologies AG
- Allegro
MicroSystems Inc.
- Qnami GmbH
- Spin Memory Inc.
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“The Asia Pacific region shows substantial growth prospects
for spintronics followed by North America, which can be attributed to the growing
adoption of technologies such as IoT connections and technologies such as advanced
driver assistance system (ADAS), smart homes, and connected vehicles. In
addition, China is expected to lead the spintronics market in Asia Pacific. Initiatives
by leading authorities in the form of the 13th Five-Year Plan, Made in China
2025, and the huge investments by the prominent market players for research and
development activities are expected to act as a positive factor for spintronics
market in China. Therefore, spintronics is gaining traction and is expanding to
various countries in Asia Pacific, including China, Japan, India, and several
other countries. The growing population and increasing disposable income of the
middle class, coupled with rising air pollution, are driving the demand for
spintronics in populous countries such as India and China. Moreover, the region
is a prime contributor of electronics devices which enables the high adoption
of spintronics by various enterprises. China leads the spintronics market in Asia
Pacific and is expected to continue its dominance in the global spintronics market
during the forecast period as well,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Spintronics Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F - By
Device Type (By Metal-based Devices (Giant Magneto Resistance-based Device
(GMRs), Tunnel Magneto Resistance-based Device (TMRs), Spin-transfer Torque
Device, and Spin-wave Logic Device), By Semiconductor-based Device (Spin
Diode, Spin Filter, Spin Field-effect Transistor (FETs)), By Application
(Electric Vehicle and Industrial Motor, Data Storage/MRAM, Magnetic Sensing,
and Other Applications), By Industry (Consumer Electronics, Automotive,
Industrial, Healthcare, and Information Technology (IT) & Telecom), By
Region, Competition,” has evaluated the future growth potential of spintronics
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the global spintronics market.
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