With a predicted cumulative yearly growth rate (CAGR) of 7.3%, the spintronics market is expected to reach a value of US$ 687.1 million in 2023 and reach US$ 1,394.2 million in 2033.
Increased market share has resulted from the revolutionary storing and processing of large amounts of data brought about by spintronics technology. Moreover, spintronics is in high demand due to its use in digital electronics, sensors, hard drives, and other applications.
By using electron spin instead of charge, spintronics makes it possible to create semiconductors and memory storage devices that consume less energy. A well-known spintronics technology that offers substantial storage capacity and may eventually replace traditional RAMs is magnetic RAM (MRAM).
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Spintronics enables increased data storage and is considered a rising nanotechnology trend. The adoption of spintronics devices, driven by their superior performance and low power consumption, is predicted to expand the market, particularly in smart devices, IoT, and memory components.
Cost savings in manufacturing and continual research and initiatives are key drivers for market growth. However, challenges such as a lack of awareness among end users and an incomplete understanding of the technology, as well as the need for control over spin from a distance, may restrain the market.
Key Takeaways:
- North America holds a 28.9% global share in the spintronics market, driven by its advanced technological infrastructure and strong investment in research and development.
- Germany has emerged as a leading player, with government support and prominent companies involved in spintronics technologies.
- India, with a CAGR of 10.4%, showcases potential for spintronics adoption, particularly in the automotive industry.
- The United Kingdom exhibits a growth trajectory of 8.1% with its innovative startups, research institutions, and spintronic companies driving advancements.
- Semiconductor-based spintronics holds a market share of 44.5%, benefiting from advancements in materials and device designs.
- Hard disks and MRAMs account for a significant share of 29.8%, enabling high storage densities and improved energy efficiency.
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These trends highlight the global growth and applications of spintronics across various regions and categories.
Competitive Landscape
The spintronics market is distinguished by increasing product penetration, limited product differentiation, and intense rivalry. Also, innovation is critical to gaining a competitive advantage. In recent years, certain important market participants, such as Avalanche Technology and Crocus Technologies, have obtained investment to further their product innovation. As a result, competitive rivalry is intense.
- Renesas Electronic Corporation announced the development of circuit technology for an integrated spin-transfer torque magnetoresistive random-access memory (STT-MRAM) test chip with read and write operations produced on a 22-nm process in June 2022.
- February 20, 2022 – The spin transport properties of nanoscale graphene-based electrical devices have been enhanced by researchers at the University of Manchester. The National Graphene Institute researchers created an extraordinarily high-quality graphene channel in partnership with Japan and internationally supported students from Ecuador and Mexico, eliminating interference or electronic doping by standard 2D tunnel interactions.
- In September 2022, Avalanche Technology announced the availability of new High-Reliability Persistent SRAM (P-SRAM) memory devices manufactured on the 22nm manufacturing technology of UMC. Using Avalanche’s newest Spin Transfer Torque Magnetoresistive RAM technology, the third-generation product platform outperforms previous non-volatile solutions in terms of density, durability, reliability, and power.
Segmentation Analysis of the Spintronics Market
By Device Type:
- Semiconductor Based Spintronics
- Metallic Based Spintronics
- Alloy Based Spintronics
By Application:
- Magnetic Sensors
- Hard Disks and MRAMs
- Electric Vehicles
- Quantum Computing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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