Spintronics Market Share, Size, Trends, Industry Analysis Report, By Product (Metal-based Devices and Semiconductor-based Devices); By Application; By End Use; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4111
- Base Year: 2023
- Historical Data: 2019-2022
The global spintronics market was valued at USD 1101.21 million in 2023 and is expected to grow at a CAGR of 7.90% during the forecast period.
The substantial rise in the demand and need for innovative and advanced sensors for a wide range of technologies, including advanced driver assistance systems, fleet management, smart homes, connected vehicles, and self-driving technology, and growing improvements and advancements in spintronics materials and devices are among the key factors expected to boost the market growth. In addition, with the growing proliferation of digitalization worldwide, companies are focusing on the creation of new workforce & business models across industries to reduce the effort needed for computational and memory activities; the demand for spintronic devices for such purposes has drastically increased over the years.
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- For instance, as per a report by Gartner, approx. 91% of businesses worldwide are estimated to be engaged in some digital initiative, and about 87% of large or senior business leaders believe that digitalization is a priority. Not only this, but 89% of companies globally have already adopted a digital-first strategy and are planning to do so.
Moreover, growing advances in spintronics technology based on the nanometric thin films, along with perpendicular magnetic anisotropy, help in utilizing the spin current effectively and efficiently for producing changes in the magnetization of the magnetic layer and its emergence as an essential element being used for the spin-orbit magnetization switching, has also been propelling the market growth.
In recent years, new spintronics-based devices are being explored by leading market companies for neuromorphic computing, where they can easily mimic the behavior of biological neurons and synapses and also offer numerous potential advantages in terms of energy efficiency and cognitive computing, which, in turn, generating lucrative growth opportunities for the market in the near future.
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However, the higher complexity associated with the production of spintronics materials, limited material computability, and lack of awareness and incomplete knowledge about the technology and its potential uses is likely to hamper the growth of the market over the coming years.
- Development of technologies lowering the power consumption and demand for faster data transfer driving the market growth
There is an increasing emphasis among manufacturers towards the development of new technologies that lower the consumption of power of processors and various other electronic components, resulting in improved battery efficiency of laptops, smartphones, and electric vehicles. Thus, the surging adoption of smartphones and laptops and increasing sales of electric vehicles that all require efficient batteries to perform and operate are positively influencing the growth of the spintronics market.
- For instance, according to a report published in 2023, the retail sales of electric vehicles in India have surpassed 700,000 units in just the first 6 months of 2023, which is already 73% of the country’s total electric vehicle sales in 2022.
The market is primarily segmented based on product type, application, end use, and region.
By Product Type
By Distribution Channel
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By Product Type Analysis
- Semiconductor-based devices segment accounted for the largest market share in 2022
The semiconductor-based devices segment accounted for the largest market share. The segment market growth is highly attributable to its potential to significantly reduce the power consumption in electronic devices, which is highly crucial in applications where battery life and energy efficiency are paramount concerns.
Additionally, the widespread use of semiconductor-based spintronics to create more secure electronic systems that can be used in a variety of security applications like data encryption and growing awareness among industries about its advantageous characteristics such as faster data processing, enhanced durability, reduced heat generation, high information density, and non-volatility.
By Application Analysis
- Electric vehicles segment expected to hold substantial share
The electric vehicles segment is expected to account for a substantial market share over the forecast period, mainly driven by higher reliance of electric vehicles on batteries to store and deliver energy along with the capabilities of spintronics to improve the energy efficiency of both charging and discharging processes and extend the lifespan of EV batteries through the management of power flows.
Besides this, ongoing research and innovations in the field of spintronics that are leading to the development of new technologies and applications that could benefit the electric vehicle industry by improving their performance and features are further escalating the segment market growth.
By End Use Analysis
- Consumer electronics segment held the significant market share in 2022
The consumer electronics segment held the majority market share in terms of revenue in 2022 on account of growing exploration activities for new applications of spintronics in consumer electronics, such as logic devices, spin-based sensors, and spin-based transistors coupled with the ability to allow for the miniaturization of electronic components which enables the creation of smaller and more powerful devices and is critical for consumer electronics with space constraints.
- For instance, according to a report by Deloitte, consumer electronics sales across different categories, including computers and televisions, have grown at a significant growth rate of 34% and 12%, respectively.
The automotive segment is likely to register a considerable growth rate over the next coming years, which is largely attributed to its surging use to improve or enhance the efficiency of energy conversion in vehicles and its ability to help companies strengthen the security of automotive systems like keyless entry and ignition systems.
- North America region dominated the global market in 2022
The North America region dominated the global market with a noteworthy share. The regional market growth can be mainly attributed to the region’s growing investment in research & development activities and the growing adoption rate of innovative technologies among various end-user industries. In addition, the rapid emergence of industries like transportation, electric automotive, data centers, industrial automation, IoT, enterprise storage, and telecom infrastructure across the region is further fueling the demand and need for advanced technologies like spintronics.
The Asia Pacific region is anticipated to emerge as the fastest-growing region with a healthy CAGR during the projected period, owing to the growing demand for efficient data storage and faster processing and a surge in the number of applications for spintronics in fields such as magnetic random-access memory, quantum computing, and sensors. Moreover, collaboration between research institutions, universities, and private companies in order to accelerate the development and commercialization of spintronics technology across numerous applications is also likely to generate huge growth opportunities for the region’s market.
- For instance, in March 2023, researchers at IIT Delhi & IIT Bombay announced that they had developed new spintronics-based neuromorphic hardware with the help of magnetic materials. The newly developed device is capable of storing data even when the power is not available or switched off and functions similarly to a synapse.
Key Market Players & Competitive Insights
The spintronics market is moderately consolidated in nature, with top market players increasingly investing in research & development activities and new product innovation efforts. They are also looking for their product portfolio expansion with various expansion strategies, including acquisitions, partnerships, and collaboration with local or regional market players.
Some of the major players operating in the global market include:
- Advanced MicroSensors Inc.
- Allergo MicroSystems Inc.
- Avalanche Technology
- Crocus Technology
- Everspin Technologies Inc.
- FUTEK Advanced Sensor Technology Inc.
- IBM Corporation
- Infineon Technologies AG
- Intel Corporation
- Kistler Grouo
- NVE Corporation
- Plures Technologies
- Rhomap Ltd.
- Spectris PLC
- Spin Memory Inc.
- In November 2021, Avalanche Technology introduced new 3rd generation space-grade serial & P-SRAM memory devices that are based on the company’s latest Spin Transfer Torque Magneto-resistive RAM technology.
- In December 2022, Researchers at the University of Messina, Tohoku University, the University of California, & Santa Barbara created a new version of a probabilistic computer with stochastic spintronic devices that are specially designed for use in challenging computational tasks.
Spintronics Market Report Scope
Market size value in 2024
USD 1174.99 million
Revenue forecast in 2032
USD 2,160.88 million
7.90% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million and CAGR from 2024 to 2032
By Product, By Application, By End Use, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.