Global Spintronics Market - By Device (Metal Based Devices, Semiconductor Based Devices), By Application (Electric Vehicles, Industrial Motors, Data Storage) and Region- Growth, Trends and Forecasts (2018 - 2023)
The global spintronics market was valued at USD 1.67 million in 2017, and is expected to reach a value of USD 16.88 million by 2023, at a CAGR of 47.04%, over 2018-2023 (the forecast period). The global spintronics market is segmented by type of devices, applications, and geography. Devices segment comprises of two type of devices, metal-based devices and semiconductor-based devices. Metal-based devices includes – GMRs, TMRs, spin-transfer torque devices, and spin-wave logic devices. Semiconductor-based devices include – spin diodes, spin filters, and spin field effect transistors (FETs). Applications segment consists of electric vehicles, industrial motors, data storage, magnetic random access memory (MRAM), magnetic sensing, semiconductor lasers, magnetic tunnel transistors, and others. Others application segment consists of semiconductor lasers and magnetic tunnel transistors. This report focuses on adoption of these solutions by various end users within India. The study also emphasizes on latest trends, industry activities, and vendor market activities.
The global spintronics market is in the emerging phase. Compared to conventional electronics, spintronics takes advantage of spin properties instead of, or in addition to, charge degrees of freedom. In recent years, spintronics have been extensively deployed in the data storage devices, due to their faster data transmission capabilities and increased storage capacity, compared to conventional storage devices. MRAM deployed with spintronics provides faster data reading and writing speeds. Furthermore, it consumes significantly low power compared to DRAM storage. These factors are expected to increase the demand for spintronics in the MRAM application segment. In addition, demand of spintronics in portable devices has increased in past few years, due to its low power consumption tendency. Giant magneto resistance-based devices (GMRs) is expected to have the highest market share in the coming years, due to technological developments in the segment and increasing adoption of GMR effect in the hard disk drives.
Growing Need for Higher Data Transfer Speed and Increased Storage Capacity
The amount of data in the past decade has increased manifolds in the past decade. Moreover, data has become essential for all end-user industries, due to incorporation of data-driven decisions. These factors have increased the significant need for solutions, which increases the data processing power. Spintronics fulfills the needs of consumers, by enabling faster data transfer speeds and larger storage for data. MRAM is expected to replace flash memory devices, such as SD cards and compactflash.
Furthermore, companies in the MRAM business segment are on rise after the advent of spintronics. One such company, Everspin in 2017, launched a perpendicular spin-torque MRAM. It eliminates the need for batteries and supercapacitors in case of unexpected power failures.
Increased Adoption of Electric Vehicles drives the Spintronics Market
The increasing demand for lightweight construction and reduced battery operation space, weight, and power consumption in electric vehicles have driven the adoption of sensors. Automobile transportation has been witnessing a paradigm shift to higher fuel efficiency and cleaner running fuel/electric hybrids and plug-in electric vehicles. Government initiatives have been instrumental in encouraging the utilization of these vehicles. For instance, the US federal government enacted policies and legislations, such as The American Recovery and Reinvestment Act of 2009, which have promoted the penetration of EVs in the US market. Major economies in Europe and America have also supported the advanced technology vehicle adoption through improvements to tax credits, investments in R&D, and competitive programs to encourage communities to invest in infrastructure supporting these vehicles.
The growing demand for ADAS (Advanced Driver Assistance Systems) and automated driving technologies in driving, turning, and braking has pushed manufacturers to adopt technologies that offer high-accuracy in motor control, through enhanced sensor capabilities providing high accuracy and safety.
China on Its Way to Accelerated Growth in the Spintronics Market, Witnessing a CAGR of 48.92%
China’s spintronics market’s growth is backed by government initiatives, like 13th Five-Year Plan, Internet, and Made in China 2025. The trend can directly be witnessed in the ongoing R&D initiatives within the country. Starting in 2013, China began experimenting on Spintronics, and maintains a steady growth. The country had around 4,085 citations and patents in 2016. The current storage solutions in demand in China are DRAM & SRAM, and if supported by technology, MRAM is expected to commercialize by 2022. High R&D capability in the region is likely to decrease the price of storage products in coming years. The Chinese government is encouraging foreign automakers to enter into 50/50 joint ventures, with Chinese companies, to make and sell cars and trucks in the Chinese market. In 2016, total vehicle sales in China reached over 28 million, up 13.7% from the previous year. 359,000 electric vehicles were sold in China compared to 159,000 in the United States.
Key Developments in the Market
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