According to a recent report published by Allied Market Research, titled, "Spintronic Logic Devices Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026", the global spintronic logic devices market size was valued at $2.14 billion in 2018, and is projected to reach $21.89 billion by 2026, growing at a CAGR of 34.7% from 2019 to 2026.
The Spintronic devices offer the scope of enhanced functionality, higher speed, and reduced power consumption. The spintronic logic devices market holds a substantial scope for growth globally. Currently, it is in its continuous growing stage. There is an increase in demand for electric two or three-wheelers due to their wide usage in automotive application. Manufacturers of automotive are incorporating spintronic logic devices in their tools to add additional features and keep ahead of other players in the highly competitive market.
Spintronics has been extensively deployed in data storage devices, due to its faster data transmission capabilities and increased storage capacities, when compared to conventional storage devices. Digital data couplers using spintronics, which provide high-speed data transfers are used in multiple applications, thereby propelling the market growth.
In addition, use of spintronics in computers and laptops is a major factor that fuels the growth of the 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 an example to get shift towards electric vehicles for higher fuel efficiency and cleaner running fuel/electric hybrids and plug-in electric vehicles. Moreover, increase in government support & funding offers huge opportunities for the market in the next six years.
The incorporation of spintronics into any devices increases its functionality, accuracy, and efficiency, increasing its data processing speed, this is the reason which contribute to the spintronic logic devices market growth. Spintronics is considered as one of the most important emerging research areas with an immense potential to provide high speed, low power and high-density logic, low threshold current and high-power lasers.
On the basis of spintronic logic devices market analysis, the dynamic metal-based devices segment generated the highest revenue in 2018, followed by the semiconductor-based devices segment.
By region, the spintronic logic devices market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to witness substantial growth in the global automotive electric vehicle’s market. This is because of increasing demand for such vehicles in various countries such as Germany and the U.K.
For instance, The Honda Civic Hybrid and Toyota Camry Hybrid are both examples of HEVs. The major factors that affect the adoption rate of spintronic logic devices in North America include Technological advancements, high per capita income, and early introduction to automation.
Inclination toward advanced technological products, increase in investments in the various industry verticals, and growth in R&D facilities are the factors that drive the growth of LAMEA spintronic logic devices market.
Key Findings of the Study:
- By type, the metal-based segment generated the highest revenue in the market in 2018.
- Depending on application, the data storage segment generated the highest revenue in the market in 2018.
- By region, Asia-Pacific is expected to grow at highest CAGR of more than 35.0% during the forecast period.
The report provides a comprehensive analysis of major market players such as Advanced Microsensors, Applied Spintronic Technology, Inc., Crocus Technology, Everspin Technologies Inc., Futek Advanced Sensor Technology Inc., HBM, Kistler Group, PCB Piezotronics, Infineon Technologies, and Sensor Technology. Further, prominent strategies adopted by leading players are analyzed to highlight the top winning strategies. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their spintronic logic devices market share.