Since spintronics play an important part when it comes to improving the battery performance, various manufacturers are working developing advanced sensors for electric vehicles. Owing to these factors, the global spintronics market is predicted to generate a revenue of $12,854.6 million by 2030, increasing from $362.7 million in 2019, and is projected to progress at a 34.8% CAGR during the forecast period (2020–2030), as per a report by P&S Intelligence.
Also known as spin electronics, spintronics is the study of part that is played by an electron’s spin in the solid-state physics, and other devices that leverage spin properties. There are two spintronics device types, namely metal-based and semiconductor-based, between which, the demand for metal-based devices was higher in the past. These devices are made up of ultrathin ferromagnetic films that enable the control of electrons’ spin by utilizing external magnetic field. This further ensures low energy consumption and high-speed data transfer.
Metal-based devices are further of two types, namely tunnel magnetoresistance and giant magnetoresistance. Other than this, the demand for semiconductor-based devices is also projected to increase significantly in the coming years, owing to the increasing deployment of 5G, rising adoption of the IoT technology, and commercialization of spin transistors, such as field-effect transistors. The major industries that utilize these devices are IT & telecom, automotive, healthcare, consumer electronics, and industrial, among which, the IT & telecom industry created the largest demand for them.
This market research report provides a comprehensive overview of the spintronics market
- Historical and the present size of the spintronics market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential