NEW YORK, Feb. 27, 2020 (GLOBE NEWSWIRE) -- In 2019, the global spintronics market share generated a revenue of $362.7 million and is projected to attain a value of $12,845.6 million by 2030, witnessing a 34.8% CAGR during the forecast period (2020–2030). On the basis of end user, the healthcare division is predicted to register the fastest growth during the forecast period, which is attributed to the technological advancements in spintronic-based magnetic sensors. These sensors are projected to be used for detecting tumor cells in the human body.
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In terms of device type, the metal-based category is held the larger share of the spintronics market in 2019, as metal-based spintronics, including giant magneto resistance (GMR) and tunnel magneto resistance (TMR), offer low energy consumption and high-speed data transfer. The semiconductor-based category is projected register higher CAGR during the forecast period, as these spintronics consume less power and are more efficient. The sales of semiconductor-based spintronics is further predicted to increase in the coming years because of the rising adoption of internet of things and increasing deployment of 5G.
When application is taken into consideration, the magnetoresistive random access memory (MRAM) application accounted for the largest share of the spintronics market in 2019 and is further expected to register the fastest growth during the forecast period. This is because MRAM offers high reliability and enhanced performance of the system by providing protection during power loss. MRAM further allows unlimited read and write operations that are not provided by traditional memory applications and exhibits low power consumption and non-volatility.
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Geographically, North America dominated the spintronics market in 2019, which was primarily ascribed to the rising requirement for spintronics due to the expanding cloud market in the region. Apart from this, the import of optical hardware, including spintronic-based transmitters and receivers, has risen because of their increasing requirement for supporting 5G network infrastructure in North America. The U.S. and China held a combined share of more than 50.0% among the major countries. The reason for this is that these countries are the largest markets for automobiles and consumer electronics.
The expanding automotive industry is a key driving factor of the spintronics market. The rising sales of electric vehicles is among the major factors which are resulting in the growth of the automotive industry. Spintronics sensors are utilized extensively in vehicles as they play a key role in enhancing the battery performance by monitoring the current flow and battery life. TMR and GMR are utilized in place of anisotropic magnetoresistance and Hall ICs for position sensing.
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A key trend being observed in the spintronics market is the advancements in the field of spin-transfer torque magnetoresistive random-access memory (STT-MRAM). As the technology provides scalability in terms of memory density at a lower cost than toggle MRAM, it is gaining traction in the domain. At the present time, one of the major producers of STT-MRAM chips is Everspin Technologies Inc. This is predicted to drive the market in the coming years.
The spintronics market is at a budding stage with huge potential for growth during the forecast period. Some of the key players in the market are Everspin Technologies Inc., NVE Corporation, Spin Memory Inc., Crocus Technology, Synopsys Inc., ams AG, IBM Corporation, Avalanche Technology, Merck KGaA, and Samsung Electronics Co. Ltd.
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Photonics Market
The consumer electronics category is expected to showcase the fastest CAGR in the photonics market during the forecast period. This can be majorly owing to the growing consumer electronics industry across the globe.
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Ultrasonic Sensor Market
The ultrasonic sensor market is witnessing a growing trend in demand for AMRs. Due to increasing advancements in technology coupled with rising focus toward increasing efficiency, productivity, and operational capacity in the manufacturing processes, demand for AMRs in industries such as oil & gas, automotive, and in other applications is surging yearly.
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