The spintronics market was valued at USD 3.62 billion in 2022 and is expected to reach a value of USD 25.99 billion by 2031, at a CAGR of 47.04% over the forecast period . In recent years, 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.
– The spintronics market is at a nascent phase of development, with huge growth potential over the forecast period. There have been significant investments in research to develop suitable devices capable of being deployed across the world in a broad range of applications.
– There have been comprehensive experimental efforts to control the electron displacement over long distances, although maintaining electron spin coherence after transfer remains a challenge. Since individual electron spins can be displaced coherently over a distance of 5 µm, controlling the spin of electrons for long distances was a challenge for the industry.
– Products incorporated with spintronics technology have applications in an electric vehicle, industrial motor, data storage, MRAM, among other end-users discussed within the scope of this report.
– In recent years, 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.
– Incorporation of spintronics in MRAM resulted in a transformation of the data storage industry. Moreover, it is expected that MRAM will replace flash memory devices, such as SD cards, in the coming years.
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Scope of the Report
Spintronics, also known as spin electronics, is the study of the intrinsic spin of the electron and its associated magnetic moment, in addition to its fundamental electronic charge, in solid-state devices. The field of spintronics concerns spin-charge coupling in metallic systems, the analogous effects in insulators fall into the field of multiferroics.
Key Market Trends
Giant Magnetoresistance-Based Devices to Hold the Largest Share in the Market Presently
– The discovery of the giant magnetoresistance (GMR)-based devices has caused a paradigm shift in the electronics industry, bringing out new fields of science, such as magneto- electronics.
– GMR is a quantum mechanical magnetoresistance effect that is formed when multilayers are composed of alternating ferromagnetic and non-magnetic conductive layers. GMR devices generally consist of a layer of non-magnetic metal between two magnetic metals.
– GMR sensors are also deployed in the automobile industry for various applications, such as rotational speed, angle, and position. The current hybrid electric vehicles, such as the Toyota Prius, use integrated power electronics modules (IPEM) to reduce cost, package size and interconnects. A GMR point field detector is used for in-situ current measurement directly inside the IPEM module.
– Therefore, with the increasing adoption of electric cars and hybrid electric cars, the adoption of GMR devices is also expected to grow over the forecast period.
The United States to Account for a Significant Share
– A significant rise in the demand for electric vehicles has been observed in the country, owing to energy and environmental concerns, driving the market for spintronics, which are integrated in electric vehicles. According to the Electric Vehicle Transportation Center, around 350000 EVs were sold in the United States in 2018.
– The rapid decline in battery costs, rising commitment from major car makers, strong policy support from state and local governments, and low operational costs have put electric vehicles (EVs) on track to overtake gasoline-powered vehicles in the near future, owing to which the country will witness a significant demand for spintronics technology.
– Moreover, in the United States, a wealth of private-sector businesses, academic institutions, and federal research-and-development laboratories are specifically focused on the advancement of MEMS and nanotechnology.
– The Institute for Soldier Nanotechnologies at the Massachusetts Institute of Technology (MIT), founded by a USD 50 million contract with the US Army Research Office, is a research center in Cambridge, dedicated to developing nanotechnology to improve the survivability of soldiers.
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