Wilmington, Delaware , Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Spintronic Logic Devices Market By Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global spintronic logic devices industry is expected to gain $21.89 billion by 2026, evaluated at $2.14 billion in 2018, exhibiting a remarkable CAGR of 34.7% from 2019 to 2026.
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Prime Determinants of Market Growth:
The global spintronic logic devices market is experiencing rapid growth, owing to an increase in demand for spintronics in electronic devices, the rise in the penetration of electric vehicles, and the growing demand for faster data transmission and enhanced storage capacity. However, the high cost of installation limits market growth. Moreover, the increase in government support and funding is expected to create lucrative opportunities for market growth in the coming years.
The Metal-based Devices segment to maintain its lead position during the forecast timeframe
By type, the metal-based devices segment held the major market share in 2018, accounting for nearly three-fifths of the global spintronic logic devices market revenue, and is expected to maintain its lead position during the forecast timeframe. Furthermore, the semiconductor-based devices segment would display the highest CAGR of 37.9% from 2019 to 2026. This is attributed to its wide range of effective features like reliability, compactness, power efficiency, and cost-effectiveness.
The Industrial Motors segment to retain its lion's share during the projection period
By application, the industrial motors segment dominates the highest market share in 2018, contributing to more than one-fourth of the global spintronic logic devices market revenue, and is expected to retain its lion's share during the projection period. This is due to the increase in demand for torque sensors. The data store segment, on the other hand, is expected to witness the highest CAGR of 39.7% from 2019 to 2026. This is due to the increasing prevalence of storage virtualization and hyper-converged infrastructure among businesses to enhance the efficiency of their infrastructure.
Asia-Pacific to maintain its dominance throughout the forecast period
By region, the market across Asia-Pacific held the highest market share in 2018, acquiring more than two-fifths of the global spintronic logic devices market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also exhibit the fastest CAGR of 35.7% throughout the forecast period. The growth is attributed to advanced technology and increasing automotive standards in emerging markets like India, China, and Indonesia. North America, however, was the second-largest revenue holder in 2018. This is because, in North America, there are many top-tier spintronics firms, research institutes, and universities that are actively involved in developing and commercializing spintronics technology.
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Leading Market Players:
- Infineon Technologies
- Crocus Technology
- Sensor Technology
- Kistler Group
- HBM
- Applied Spintronic Technology, Inc.
- Everspin Technologies Inc.
- Advanced Microsensors
- PCB Piezotronics
- Futek Advanced Sensor Technology Inc.
The report provides a detailed examination of the top players in the global spintronic logic devices market. These players have initiated various strategies such as the launch of new products, collaborations, geographical expansion, agreements, and others to boost their market share and maintain their leading position in different regions. The report is valuable in highlighting top winning segments, product portfolios, business performance, and strategic moves of leading players to showcase the competitive edge.
Key Benefits For Stakeholders:
- This study includes the analytical depiction of the global spintronic logic devices market growth along with the current trends and future estimations to determine the imminent investment pockets.
- The market size is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact on the spintronic logic devices market industry.
- The current spintronic logic devices market forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the spintronic logic devices industry.
- The report includes the spintronic logic devices market trends and market share of key vendors.
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