Global Spintronics Market to Reach $2.2 Billion by 2026

Spintronics or spin electronics represents a promising field with immense potential to enable the development of next-generation power-efficient electronic devices with impressive processing and memory capabilities. The concept revolves around the inherent spin of electrons and related magnetic moment along with the electronic charge in solid-state devices. Over the last few decades, spintronics has gained a notable attention from research institutions, design engineers, industries, governments, policy makers and investors. The concept of spintronics is being increasingly exploited by the scientific community to come up with advanced devices for novel applications. Growth in the global market is set to be driven by increasing number of applications across different industries and significant influx of R&D investments to explore potential areas. The market is propelled by rising focus on quantum computing to reduce computation time and complexity. The increasing use of spintronics-based digital data couplers for high-speed data transfer along with rising uptake of the technology in laptops and computers is poised to fuel the market expansion. Products built around spintronics are finding increasing use in applications like data storage, electric vehicles, MRAM and industrial motors. The technology offers enhanced storage and data transfer capability in comparison to traditional storage devices, which is driving its demand from data storage devices.

Amid the COVID-19 crisis, the global market for Spintronics estimated at US$460.5 Million in the year 2020, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 30.2% over the analysis period. Magnetoresistive Random-Access Memory (MRAM), one of the segments analyzed in the report, is projected to grow at a 32.1% CAGR to reach US$1.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Radio Frequency (RF) & Microwave Devices segment is readjusted to a revised 28.9% CAGR for the next 7-year period. This segment currently accounts for a 25.8% share of the global Spintronics market. The combination of MRAM and spintronics is anticipated to radically transform the data storage industry. The popularity of MRAMs can be credited to their non-volatile nature, power-efficiency and unlimited read/write operations.

The U.S. Market is Estimated at $238.2 Million in 2021, While China is Forecast to Reach $663.3 Million by 2026

The Spintronics market in the U.S. is estimated at US$238.2 Million in the year 2021. The country currently accounts for a 42.71% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$663.3 Million in the year 2026 trailing a CAGR of 39.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 23.6% and 25.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 29.2% CAGR while Rest of European market (as defined in the study) will reach US$914.1 Million by the end of the analysis period. North America is a leading data center hub and witnessing increasing focus on high-bandwidth data center facilities. The regional market is also buoyed by rising penetration of cloud computing and investment in fiber optic cables to ensure high-speed data communication. Increasing acceptance of cloud storage, electric vehicles and IoT devices is anticipated to provide a significant boost to spintronics devices across the region.

Magnetic Sensors Segment to Reach $345.6 Million by 2026

Spintronics, mainly in magnetic sensors, is undergoing notable evolution in terms of resolution, size, sensitivity and power consumption. In recent years, spintronic sensors in form of solid-state magnetic sensors have attracted significant interest owing to attributes such as high sensitivity, compactness, low power consumption, wide bandwidth, and CMOS compatibility. In the global Magnetic Sensors segment, USA, Canada, Japan, China and Europe will drive the 25.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$81.3 Million in the year 2020 will reach a projected size of US$394.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$24.9 Million by the year 2026.