New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Spintronics Market” published by Consegic Business Intelligence, the market was worth USD 647.29 Million in 2022 and is anticipated to reach over USD 6,200.47 Million by the year 2030, growing at a CAGR of 33.10%.
Spintronics is an emerging solid-state device technology that uses electron charge with the addition of inherent spin properties of an electron, along with its associated magnetic moment. The benefits of spintronic devices including higher performance, lower power consumption, increased integration density, higher efficiency, excellent data storage capabilities, and others, make it ideal for utilization in IT and telecommunication, automotive, consumer electronics, healthcare, and other industries.
Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1226
The increasing utilization of spintronic devices in the IT & telecommunication industry is one of the key factors driving the market growth. Moreover, the growing penetration of 5G networks, increasing demand for wireless communication, and rising need for high-speed data transfer solutions are key factors fostering the adoption of spintronic devices. For instance, according to the GSM Association, 5G connections in China is projected to reach 1.6 billion by 2030, accounting for almost a third of the global total. Thus, rising penetration of 5G networks is increasing the adoption of spintronic devices in telecommunication infrastructure for faster data transfer, storage, and communication applications, thereby, driving the growth of the market.
Additionally, the rising application of spintronic sensors in electric vehicles is expected to promote potential opportunities for the growth of the spintronics market. The ability of spintronic sensors to provide information on current, vehicle speed, vehicle detection, and other related parameters are primary determinants for increasing its application in advanced driver-assistance system in electric vehicles. However, limitations and operational challenges associated with spintronics is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 6,200.47 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 33.10% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Avalanche Technology, NVE Corporation, Everspin Technologies Inc., Crocus Technology Inc., Qnami, Synopsys Inc., TDK Corporation |
| By Type | Metal-Based Spintronics and Semiconductor Spintronics |
| By End-User | IT and Telecommunication, Automotive, Consumer Electronics, Healthcare, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
Immediate Delivery Available, Buy Now @ https://www.consegicbusinessintelligence.com/secure-checkout/1226
Spintronics Market Growth Drivers:
- Rising utilization of spintronics in consumer electronics sector is driving the market growth.
- Growing IT and telecommunication industry is spurring the market growth.
Restraints
- Limitations and operational challenges associated with spintronics is restraining the market growth.
Opportunities
- Rising application of spintronic sensors in electric vehicles is expected to promote potential opportunities for market growth.
Global Spintronics Market Segmentation Details:
Based on type, the semiconductor spintronics segment contributed the largest shares to the market growth in 2022. The benefits of semiconductor spintronic devices including high efficiency, infinite endurance, high speed, and excellent data storage capabilities are primary aspects driving the growth of the segment. Additionally, the increasing utilization of semiconductor spintronic devices in IT & telecommunication, automotive, and healthcare sectors is driving the growth of the semiconductor spintronics segment.
Get Sample Report@ https://www.consegicbusinessintelligence.com/request-sample/1226
Based on end-user, the consumer electronics segment accounted for the maximum revenue share in the year 2022. Spintronics is primarily used in electronics devices for data storage and computational applications. Factors including increasing demand for energy-efficient and smart devices, rising penetration of smartphones, computers, and other consumer devices, along with advancements in consumer electronics including artificial intelligence (AI) and internet of things (IoT) are among the key prospects fostering the growth of the consumer electronics segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including IT & telecommunication, automotive, healthcare, and other sectors is driving the growth of spintronics market in North America. Further, the rising investments in electric vehicles and healthcare industries among others are further boosting the growth of the market in the North American region.
Recent Developments
- In November 2022, Everspin Technologies Inc. announced to expand the domestic manufacturing of STT-MRAM (spin-transfer torque magnetic random-access memory) in Indiana, U.S., with the aim of strengthening the company’s operations and capabilities.
Key Market Highlights
- Globally, spintronics market is divided based on the type into metal-based spintronics and semiconductor spintronics.
- In the context of end-user, the market is separated into IT and telecommunication, automotive, consumer electronics, healthcare, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in spintronics market.
Browse Full Report & TOC @ https://www.consegicbusinessintelligence.com/spintronics-market
List of Major Global Spintronics Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Avalanche Technology
• NVE Corporation
• Everspin Technologies Inc.
• Crocus Technology Inc.
• Qnami
• Synopsys Inc.
• TDK Corporation
Global Spintronics Market Segmentation:
- By Type
- Metal-Based Spintronics
- Semiconductor Spintronics
- By End-User
- IT and Telecommunication
- Automotive
- Consumer Electronics
- Healthcare
- Others
Request for Customization @ https://www.consegicbusinessintelligence.com/request-customization/1226
Key Questions Covered in the Spintronics Market Report
- What is spintronics?
- Spintronics refers to an emerging solid-state device technology that utilizes the inherent spin properties of an electron and its associated magnetic moment, in addition to the electron charge.
- What is the dominating segment in the spintronics market by type?
- In 2022, the semiconductor spintronics segment accounted for the highest market share in the overall spintronics market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the spintronics growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for spintronic devices from multiple industries including IT & telecommunication, automotive, and healthcare industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as automotive, consumer electronics, IT & telecommunication, and others.
Our Other Research Reports here:-
Disposable Blood Collection Bag Market Size, Growth, Analysis | Forecast 2023 - 2030
Prostate Specific Antigen (PSA) Testing Market Size, Growth, Analysis | Forecast 2023 - 2030
Camping Cooler Boxes Market Size, Growth, Analysis | Forecast 2023 - 2030
Vinyl Ester Resins Market Size, Growth, Analysis | Forecast 2023 - 2030
Lithium Iodide Market Size, Growth, Analysis | Forecast 2023 - 2030
About Consegic Business Intelligence Pvt Ltd.
Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.
Press Releases:- https://www.consegicbusinessintelligence.com/press-release/spintronics-market
Contact:
Consegic Business intelligence Pvt Ltd.
Contact no.: (US) (505) 715-4344
Email: sales@consegicbusinessintelligence.com
