Market Analysis
Market Research Future (MRFR) estimates the global spintronics market is estimated to reach USD 967.8 Million, registering a CAGR of 5.3% from 2020–2026 (forecast period).
Multiple Factors to Boost Market Growth
According to the most recent MRFR analysis, many factors are fuelling the global spintronics market share. Some of these include increased awareness of the various benefits of spintronics such as small size, low power consumption, larger storage capacity, faster data transfer, less energy requirement, and others, ongoing efforts and research to implement magnetic sensors and MRAMs, increased deployment of electric vehicles globally, and burgeoning demand for magnetoresistive random-access memory (MRAM), and the growing use of spintronics in data storage devices for its increased storage capacities and quicker data transmission capabilities over conventional storage devices.
The introduction of energy-efficient chips and memory-storage devices, increased application in data storage, industrial motor, MRAM, and other end users, and ongoing developments in the field of spin-transfer torque magnetoresistive random-access memory (STT-MRAM) are all factors driving market expansion.
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Market Segmentation
The global spintronics industry has been segmented based on type and application.
By type, the global spintronics market has been segmented into metal-based devices and semiconductor-based devices. The metal-based devices are further segmented into giant magneto resistance-based devices (GMR), tunnel magneto resistance-based devices (TMR), spin-transfer torque devices, and spin-wave logic devices, and the semiconductor-based devices are segmented into the spin diode, spin filter, and spin field-effect transistor (FET).
By application, the global spintronics market has been segmented into (electric vehicles, industrial motors, data storage, magnetic random access memory (MRAM), semiconductor lasers, spintronics couplers, magnetic sensing, and others.
Regional Analysis
North America to Lead the Global Market
During the projection period, North America will lead the market. The region's skyrocketing cloud popularity, the increasing use of MRAM in various cloud computing applications, the growing need for electric cars due to environmental and energy concerns, the rapid fall in battery costs, the increasing commitment from leading carmakers, low operational costs, strong policy support from local and state governments, the growing demand for spintronics technology, increasing adoption of fiber optic cables for high-speed internet, rapid migration to cloud computing, and the increasing necessity of high bandwidth in data centers are adding to the global spintronics market development in the region.
APAC to Follow North America
The worldwide spintronics market is expected to rise admirably in the APAC region over the forecast period. Growing demand for faster data transfer speeds, increased storage capacity, exploding demand for autonomous vehicles, electric vehicles, the internet of things, and cloud storage, as well as growth in the consumer electronics market, are all contributing to the region's global spintronics market growth. Due to government initiatives like the 13th Five-Year Plan, ongoing research and development initiatives within the nation, and the Chinese government encouraging foreign automakers to enter joint ventures with Chinese companies for making and selling cars and trucks in the Chinese market, China holds the largest market share at a high CAGR.
Key Players
MRFR recognizes the key participants in the global spintronics market. These include NVE Corporation, Everspin Technologies Inc., Crocus Technology, Synopsys (QuantumWise), Spin Memory Inc., IBM Corporation (SpinAps), Plures Technologies, Organic Spintronics, Advanced Micro Sensors Inc., Intel Corporation, Rhomap Ltd., Advanced MicroSensors Corporation (AMS), Atomistix A/S, Freescale Semiconductor, Inc., Grandis, Spindeco, Spintronics-Info, and Avalanche Technology. These players are focused on innovation and, as a result, spend in R&D to deliver a cost-effective product portfolio. Recent mergers and acquisitions among significant companies have occurred, a tactic used by commercial entities to strengthen their reach to customers.
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