The “Spintronics Market Research Report: By Device Type, Application, End Use – Global Industry Size and Trends, Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
Due to the increasing deployment of electric vehicles (EV) across the globe and rising demand for magnetoresistive random-access memory (MRAM), the global spintronics market is expected to register a revenue of $12,845.6 million by 2030. The market was valued at $362.7 million in 2019, from where it is predicted to witness a CAGR of 34.8% during the forecast period (2020-2030).
The rising demand for MRAMs is one of the key factors driving the progress of the spintronics market. MRAM can be defined as a non-volatile memory technology, which employs electron spinning for reversing the magnetization of a layer. This allows for the storing of the data in the memory, using electrical current. Unlike conventional RAMs, the MRAM has the ability to retain the data even when there is no power. It also has the ability to display high transfer speeds and consume less power.
The other major spintronics market driver is the growing demand for EVs across the globe. This is primarily attributed to the crucial role played by spintronics sensors in enhancing the battery performance of the EV. For position sensing, giant magnetoresistance (GMR) and tunnel magnetoresistance (TMR) sensors are used instead of Hall integrated circuits (ICs) and anisotropic magnetoresistance (AMR) sensors, on account of their low power consumption. Additionally, spintronic-based sensors also improve the range of the EV, which further boosts their demand.
On the basis of device type, the spintronics market is bifurcated into metal-based and semiconductor-based. Of these, the metal-based bifurcation had the larger market share, in terms of revenue, in 2019. This is attributed to the high-speed data transfer and low energy consumption characteristics of the metal-based spintronic devices, as a result of being made from ultrathin ferromagnetic films. Due to the increasing deployment of 5G, adoption of internet of things (IoT), and commercialization of spin transistors, the semiconductor-based spintronics bifurcation is predicted to register faster growth during the forecast period.
Based on end user, the spintronics market is divided into multiple categories, namely automotive, consumer electronics, industrial, IT & telecom, healthcare, and others. The others category includes media & entertainment, transportation, banking, financial, services and insurance (BFSI), aerospace and defense, and logistics. Amongst the main categories, IT & telecom had the largest market share, in terms of revenue, in 2019. The healthcare category, on account of the ballooning demand for spintronic-based magnetic sensors, is predicted to register the highest CAGR during the forecast period.
The major trend being witnessed in the spintronics market is the ongoing developments in the field of spin-transfer torque magnetoresistive random-access memory (STT-MRAM). In this new type of MRAM, STT magnetic tunnel junction (STT-MTJs) is adopted in order to reverse the electron spin through spin-polarized current. Owing to the advantages of this technology in providing scalability, in terms of memory density, STT-MRAMs are witnessing a growing demand across the world.
Globally, North America had the largest share in the spintronics market, in terms of both revenue and volume, during the historical period (2014-2019). This is primarily ascribed to the skyrocketing popularity of cloud in the region, as a result of which MRAM is finding increasing use in various cloud computing applications. Due to the mushrooming demand for cloud storage, IoT, EVs, and autonomous vehicles, Asia-Pacific (APAC) is expected to record the fastest growth, in terms of revenue, during the forecast period.
Thus, it can be concluded that the market, on account of the surging demand for MRAMs and EVs, will progress at a rapid rate in the coming years.