Portland, June 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global spintronic logic devices market generated $2.14 billion in 2018, and is estimated to reach $21.89 billion by 2026, witnessing a CAGR of 34.7% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in demand for spintronics in electronic devices, surge in penetration of electric vehicles, surge in need for higher data transfer speed, and increased storage capacity drive the growth of the global spintronic logic devices market. However, high installation cost may hinder the market growth. On the other hand, increase in government support and funding creates new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, the demand for spintronic logic devices will be reduced for few months from the automobile industry, which is the largest application industry of these devices.
- Investors have locked the funding for R&D activities for these devices during the economic turbulence occurred during Covid-19 pandemic.
- The manufacturing activities of spintronic logic devices have been stopped due to shutdown of facilities to control transmission of coronavirus across the globe.
The report offers a detailed segmentation of the global spintronic logic devices market based on type, application, and region.
Based on type, the metal based devices segment accounted for the largest share in 2018, accounting for nearly three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the semiconductor based devices segment is expected to register the highest CAGR of 37.9% from 2019 to 2026.
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Based on application, the industrial motors segment accounted for the largest share in 2018, holding more than one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the data store segment is estimated to portray the highest CAGR of 39.7% during the forecast period.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, the same region is expected to grow at the highest CAGR of 35.7% from 2019 to 2026.
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Leading market players analyzed in the research include Applied Spintronic Technology, Inc., Infineon Technologies, Kistler Group, Futek Advanced Sensor Technology Inc., Crocus Technology, Everspin Technologies Inc., Advanced Microsensors, Sensor Technology., HBM, and PCB Piezotronics.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.