The global spintronics market revenue was around US$ 1,034.68 million in 2022 and is estimated to reach US$ 2,034.11 million by 2031, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2023 to 2031.
Spintronics is a new technology in its earlier stage of development that involves the spin, charge, and magnetic moment of electrons to transfer electrical signals. It is fundamentally distinct from traditional electronics technology and more power efficient in the storage and transfer of data. Spintronics technology is mainly used to manufacture magnetic sensors, hard disks, and magnetoresistive random access memory (MRAM).
Market Driving Factors
The growing emphasis among manufacturers towards the development of new technologies that less the consumption of power of processors and several other electronic components, resulting in enhanced battery efficiency of smartphones, laptops, and electric vehicles. Therefore, the increasing adoption of laptops and smartphones, and the surge in sales of electric vehicles that all need efficient batteries to operate and perform are positively impacting the market growth.
The increasing need for data storage and advances in nanotechnology drive the market growth. There is an urgent need for non-volatile storage and high-capacity solutions due to the exponential data growth. Spintronics-based spin-transfer torque random-access memory (STT-RAM) and MRAM offer significant benefits in terms of speed, data density, and durability. Furthermore, spintronics heavily depends on nanoscale materials and structures. As a result, the ongoing advances in nanotechnology have promoted the development of fabrication and new materials techniques, enabling the realization of spintronic devices with improved performance.
Increased complexity involved in producing spintronics materials, the restricted computability of materials, and the shortage of awareness impede the market.
Regional Analysis
North America dominated the market in terms of the largest share. This can be largely attributed to the surged investment in research & development activities and the raised adoption rate of innovative technologies among several end-user industries. Additionally, the immediate emergence of industries like electric automotive, transportation, data centers, industrial automation, telecom infrastructure, and enterprise storage across the region is further driving the demand and need for cutting-edge technologies like spintronics.
Asia Pacific is predicted to dominate the market in terms of the fastest-growing rate during the forecast period. This is due to the increasing demand for efficient data storage and more rapid processing and an increase in the number of applications for spintronics in fields such as quantum computing, magnetic random-access memory, and sensors.
Furthermore, collaboration between universities, research institutions, and private companies to increase the development and commercialization of spintronics technology across multiple applications also potential to generate large growth possibilities for the market in the region.
Segmentation Insights
Product Type Insight
The semiconductor-based devices segment dominates the market in terms of the largest market share. This is due to the highly attributable to its possibility of significantly lowering the power consumption in electronic devices, which is highly important in applications where battery life and energy efficiency are important concerns.
Application Insight
The electric vehicles segment is estimated to dominate the market in terms of the substantial share over the projection period. This is due to the higher dependence of electric vehicles on batteries to store and provide energy along with the capacities of spintronics to enhance the energy efficiency of both discharging and charging processes and expand the lifespan of electric vehicle batteries through power flow management.
In addition, continuous research and innovations in the field of spintronics that are leading to the development of the latest technologies and applications that could benefit the electric vehicle industry by enhancing their feature and performance are further boosting the segment growth.
Distribution Channel Insight
The consumer electronics segment dominates the market in terms of the majority share in terms of revenue. This is due to the increasing exploration activities for new applications of spintronics in customer electronics, such as spin-based sensors, logic devices, and spin-based transistors coupled with the capability to allow for the miniaturization of electronic components which allows the creation of less and more powerful devices and is important for consumer electronics with space limitations.
The automotive segment is estimated to dominate the market in terms of growth rate. This is due to its increasing use to enhance or improve the efficiency of energy conversion in automobiles and its capability to aid companies in strengthening the safety of automotive systems like ignition systems and keyless entry.
Prominent Companies
Segmentation Outline
The global spintronics market segmentation focuses on Product Type, Application, Distribution Channel, and Region.
By Product Type
By Application
By Distribution Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SPINTRONICS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SPINTRONICS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SPINTRONICS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SPINTRONICS MARKET, BY PRODUCT TYPE
5.1 OVERVIEW
5.2 METAL-BASED DEVICES
5.3 SEMICONDUCTOR-BASED DEVICES
6 GLOBAL SPINTRONICS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 ELECTRIC VEHICLES
6.3 INDUSTRIAL MOTORS
6.4 DATA STORAGE
6.5 MAGNETIC SENSING
7 GLOBAL SPINTRONICS MARKET, BY DISTRIBUTION CHANNEL
7.1 OVERVIEW
7.2 AUTOMOTIVE
7.3 INDUSTRIAL
7.4 CONSUMER ELECTRONICS
7.5 HEALTHCARE
7.6 IT & TELECOM
7.7 OTHERS
8 GLOBAL SPINTRONICS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SPINTRONICS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ADVANCED MICROSENSORS INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 ALLERGO MICROSYSTEMS INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AVALANCHE TECHNOLOGY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 CROCUS TECHNOLOGY
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 EVERSPIN TECHNOLOGIES INC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 FUTEK ADVANCED SENSOR TECHNOLOGY INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 IBM CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 INFINEON TECHNOLOGIES AG
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 INTEL CORPORATION
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 KISTLER GROUP
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 NVE CORPORATION
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 PLURES TECHNOLOGIES
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 RHOMAP LTD
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 SPECTRIS PLC
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 SPIN MEMORY INC
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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