Analysts’ Viewpoint
The rapid advancement of digital technology is resulting in the creation of novel business models across various sectors such as corporate, government, retail, and e-commerce. To provide a complete digital experience, companies are now offering end-to-end digital solutions, thereby fueling the demand for high-speed spintronic devices for data storage. The global spintronic devices market manufacturers are keeping up with the current trends in the electronics industry, including the usage of advanced materials, low-power consumption devices, and miniaturization. The leading manufacturers are directing their focus towards high-growth end-use industries, such as IT and telecommunication and electronics and semiconductors, to keep their businesses thriving in the aftermath of the COVID-19 pandemic.
Market Overview:
According to MVI research, the spintronic devices market size was valued at more than USD 645.2 million in 2022 and is projected to exhibit a CAGR of over 25.3% through 2023 - 2032. By the end of the forecast period, the industry is expected to reach a valuation of around USD 5.89 billion.
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Spintronics, also known as spin electronics or magneto electronics, is an emerging technology that utilizes the spin of electrons to process and store data. Unlike traditional electronics that rely on the charge of electrons, spintronics is based on the spin of electrons, which is a quantum property that can take one of two values, either "up" or "down". Spintronic devices offer several advantages over conventional electronic devices, such as low power consumption, high speed, and non-volatility, making them promising candidates for the next generation of electronic devices.
The global spintronic devices market is anticipated to grow significantly in the coming years, driven by the increasing demand for advanced computing and data storage solutions.
Major spintronic devices market participants include NVE Corporation, Crocus Technology, Everspin Technologies, Spin Transfer Technologies, and Atomistix A/S, among others. These firms are focusing on developing innovative products and expanding their presence in emerging markets to gain a competitive edge. The increasing adoption of spintronic devices in various industries, such as automotive, aerospace, and healthcare, is slated to further boost the market growth of spintronic devices in the coming years.
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Spintronic Devices Market Value Insights |
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Report Coverage |
Details |
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Base Year |
2022 |
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Market Size in 2022 |
USD 645 Million |
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Forecast Period |
2023 to 2032 |
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CAGR (2023 to 2032) |
25% |
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Forecast Year Value, 2032 |
USD 5.89 Billion |
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Historical Data for |
2019 to 2022 |
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Segment Covered |
Type, Material, Application, Region |
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Companies Covered |
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Covid-19 Pandemic Impact on Spintronic Devices Market Landscape
COVID-19 has increased human suffering, weakened the economy, upended the lives of billions of people worldwide, and had a significant impact on the health, economic, environmental, and social domains. According to the World Health Organization (WHO), COVID-19 had infected over 82 million people and killed over 1.8 million as of December 31, 2020. Supply chain (SC) management (SCM) has had significant issues dealing with an unexpected demand for certain products when simultaneous travel and production restrictions have been enforced since the beginning of the global outbreak in March and is still attempting to recover from this. Companies are working to adapt to the new situation and will almost certainly face changes that will last long after the pandemic has passed.
STT-MRAM is becoming more popular in the field of advanced computing technology:
Spin Transfer Torque Magnetic Random Access Memory (STT-MRAM) is a type of spintronic device that is gaining popularity due to its ability to offer high-speed data transfer, low power consumption, and non-volatility. STT-MRAM technology is being increasingly adopted in advanced computing technology, such as artificial intelligence, machine learning, and edge computing.
The rise in adoption of STT-MRAM for advanced computing technology is mainly driven by the need for faster and more efficient data processing solutions. Traditional memory technologies, such as Dynamic Random Access Memory (DRAM) and Flash memory, have limitations in terms of speed, power consumption, and endurance, which can be overcome by STT-MRAM technology. This makes STT-MRAM a promising candidate for the next generation of memory technology.
Moreover, STT-MRAM is also being adopted in other spintronic devices, such as magnetic sensors and electric motors, due to its non-volatility and low power consumption characteristics. This makes STT-MRAM an attractive option for various applications, including automotive, aerospace, and healthcare industries.
Several key players in the spintronic devices industry, such as Everspin Technologies, Crocus Technology, and Spin Memory, are actively developing and commercializing STT-MRAM technology. Additionally, several research institutions and universities are also conducting research on STT-MRAM technology to improve its performance and develop new applications.
Regional Overview: Growing product adoption across the Asia Pacific Region
The Asia Pacific region is predicted to witness significant growth in the spintronic devices industry due to various factors, including the increasing demand for advanced computing and data storage solutions, a growing number of technological advancements, and the rise in the adoption of electric vehicles.
China is expected to be a major contributor to the growth of the spintronic devices industry in the APAC region. The country has been investing heavily in research and development activities related to spintronics and have made significant progress in the development of spintronic devices, particularly in the field of magnetic memory. Japan is another important market for spintronic devices in the region, with several key players operating in the market, including TDK Corporation, and Toshiba Corporation. The Japanese government has been investing in research and development activities related to spintronics and have been providing support to the spintronic devices industry through various initiatives.
Top companies include in the global spintronic devices market are Allegro MicroSystems, Inc., Crocus Technology, Everspin Technologies Inc., NVE Corporation, Qnami, Spin Memory Inc., Avalanche Technology, Synopsys, Inc., TDK Corporation, and Infineon Technologies AG.
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In-depth analysis of spintronic devices market along with industry coverage and forecasting for the following segments:
Market Value, By Type
- Memory
- Sensor
- Other
Market Value, By Material
- Metal Based Devices
- Semiconductor Based Devices
Market Value, By Application
- Data Storage Devices
- Hybrid and Electric Vehicles
- Robotics
- Motion Control
- Servers
- Computers and Mobile Devices
- Advanced Driver Assistance Systems (ADAS)
- IoT and Smart Devices
- Others
Market Value, By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America