New York, US, July 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Spintronics Market information By Type, by Application and Region - Forecast till 2027” the market is estimated to reach USD 967.8 Million by 2026, registering a CAGR of 5.3%
Spintronics/spin electronics is the study of the intrinsic spin of the electrons and its related magnetic moment, along with fundamental electronic charge in solid-state devices. These devices are used in the field of mass-storage devices and used for compressing huge amounts of data into small areas. This is an emerging technology which makes usage of the power of magnetic moment, spin, and charge of the electron for electrical transmission in an electronic device. Spintronics are of two types- semiconductor-based devices (spin field effect transistor, spin filter, and spin diode) and metal-based devices (spin-wave logic device, spin-transfer torque device, tunnel magneto resistance-based device (TMR), and giant magneto resistance-based device (GMR)). Owing to its alluring features and plentiful benefits, spintronics have wide applications in magnetic sensing, spintronics couplers, semiconductor lasers, magnetic random access memory (MRAM), data storage, industrial motors, electric vehicles, and others.
Dominant Key Players on Spintronics Market Covered Are:
Freescale Semiconductor, Inc.
Advanced MicroSensors Corporation (AMS)
Advanced Micro Sensors Inc.
IBM Corporation (SpinAps)
Spin Memory Inc.
Everspin Technologies Inc.
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Market USP Exclusively Encompassed:
Alluring Features that Boost Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global Spintronics Market share. Some of these entail the growing awareness of the different benefits of spintronics such as small size, larger storage capacity, faster data transfer, low power consumption, less energy requirement, and others, constant efforts and research to implement magnetic sensors and MRAMs, increasing deployment of electric vehicles worldwide, burgeoning demand for magneto resistive random-access memory (MRAM), and the rising use of spintronics in data storage devices for its increased storage capacities and faster data transmission capabilities over conventional storage devices.
The additional factors fuelling the market growth include the introduction of energy efficient chips and memory-storage devices, increasing application in data storage, industrial motor, MRAM, and other end users, and the ongoing developments in the field of spin-transfer torque magneto resistive random-access memory (STT-MRAM).
On the contrary, the incomplete knowledge of the technology coupled with lack of awareness among users may limit the global spintronics market growth over the forecast period.
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Segmentation of Market covered in the research:
The MRFR report throws light on an inclusive analysis of the global spintronics market based on application and type.
By type, the global spintronics market is segmented into semiconductor-based devices and metal-based devices. The semiconductor-based devices is again segmented into spin field effect transistor, spin filter, and spin diode. The metal-based devices is again segmented into spin-wave logic device, spin-transfer torque device, tunnel magneto resistance-based device (TMR), and giant magneto resistance-based device (GMR). Of these, the metal-based devices type segment will lead the market over the forecast period.
By application, the global spintronics market is segmented into magnetic sensing, spintronics couplers, semiconductor lasers, magnetic random access memory (MRAM), data storage, industrial motors, electric vehicles, and others. Of these, the magnetic random access memory (MRAM) application segment will dominate the market over the forecast period.
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North America to Spearhead Spintronics Market
Geographically, the global spintronics market is classified into North America, Europe, the Asia Pacific, and Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The skyrocketing popularity of cloud in the region, increasing use of MRAM in different cloud computing applications, growing need for electric cars for environmental and energy concerns, the rapid fall in battery costs, the increasing commitment from leading car makers, low operational costs, strong policy support from the local and state governments, growing demand for spintronics technology, the high adoption of fiber optic cables for high-speed internet, rapid migration to cloud computing, and the growing necessity of high bandwidth in data centers are adding to the global spintronics market growth in the region. The US has the utmost market share for a wealth of federal research and development laboratories, academic institutions, and private-sector business specifically focused on the advancements of nanotechnology and MEMS.
APAC to Have Admirable Growth in Spintronics Market
In the APAC region, the global spintronics market is predicted to have admirable growth over the forecast period. Growing need for higher data transfer speed, increased storage capacity, mushrooming demand for autonomous vehicles, EVs, internet of things, and cloud storage, and growth in the consumer electronics market are adding to the global spintronics market growth in the region. China holds the utmost market share at a high CAGR due to government initiatives such as the 13th Five-Year Plan, the ongoing research and development initiatives within the country, and the Chinese government encouraging foreign automakers in entering joint ventures with Chinese companies for making and selling trucks and cars in the Chinese market.
In Europe, the global spintronics market is predicted to have healthy growth over the forecast period.
In RoW, the global spintronics market is predicted to have sound growth over the forecast period.
May 2021- Researchers at the Japan Atomic Energy Agency (JAEA) and Tohoku University have discovered a new spintronic phenomenon which is a persistent rotation of chiral-spin structure.
COVID-19 Impact on the Global Spintronics Market
Several industries have faced the massive brunt of the COVID-19 pandemic and the global spintronics market is no different. The market’s supply side was impacted during the initial phase of the crisis owing to factory closure and nationwide lockdown across the world. All this has affected the global spintronics market growth.
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