Spintronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spintronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Spintronics Market was valued at USD 303.8 million in 2020, and it is projected to be worth USD 4,558.5 million by 2026, registering a CAGR of 50.4%, during the period 2021-2026 . The spintronics market is in its nascent stage, in which a significant portion of the market is still highly dependent on researches and technological innovations. Moreover, the supply side of the market was affected at the initial phase of COVID-19 due to nationwide lockdown and factory closure across the world. However, the scenario expanded the scope of the market studied as the industries, like data centers and cloud computing, witnessed a massive surge in demand and adoption.

Key Highlights

• 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.

Key Market TrendsElectric Vehicle and Industrial Motor to Hold Significant Market Share

• One of the prominent applications of spintronics is in electric vehicles (EVs). This is primarily attributed to the crucial role played by spintronics sensors in enhancing the battery performance of the EV. Without an exact measurement of the remaining battery capacity, reliable information on the remaining distance that can be traveled will be hard to determine. Moreover, enhancing the precision of battery monitoring enables the ability to check the charge and discharge condition of the battery, which is essential to calculate the remaining battery capacity, and prevents conditions that deteriorate the battery cell, thereby providing increased battery life.
• According to Consors Finanz Automobile Barometer 2019, 69% of consumers in Germany decide against buying an electric vehicle because they expect the battery to run out while driving on the road. To avoid such instances, automakers and transportation infrastructure companies offer services such as showcasing precise battery consumption estimates and providing information about service and parking areas where such vehicles can charge the battery. These efforts will increase as EVs spread, and the electricity supply infrastructure witnessed considerable development in the future. These factors are poised to significantly increase the usage of spintronic devices such as TMR sensors in electric vehicles.
• Among several types of current sensors used for battery monitoring, a typical measuring method is a type called a closed loop. Closed-loop current sensors have a large core consisting of a coil to generate magnetic flux for sensing. This has given challenges so far, such as decreased flexibility in battery monitoring design and an inability to reduce vehicle weight.
• In February 2020, such challenges were solved by a new closed-loop tunnel magnetoresistance (TMR) current sensor developed by TDK, wherein a coreless sensor is utilized. The TMR current sensor, into which the magnetism detecting section (consisting of a coil, TMR element, and resistor) and the application-specific integrated circuit (ASIC) are integrated as one package, can measure a large current of almost 1200 A with high-precision, with an error as small as less than 1% in a non-contact manner. Besides, its low power consumption and small size can contribute to realizing high-precision battery monitoring.

United States Expected to Hold a Dominant Market 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.
• 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.

Competitive Landscape

This market is characterized by steadily growing levels of product penetration, low product differentiation, and high levels of competition. Competitive advantage is heavily dependent on innovation. Some of the prominent market players, such as Spin Transfer Technologies and Crocus Technologies, received funding to enhance their product innovation in recent years. Thus, the intensity of competitive rivalry is high.

• October 2020- NVE Corporation introduced two new devices that bring powerful sensing capabilities to design engineers. The company’s new AKT001-14E is an analog magnetometer sensor for precise sensing of magnetic fields up to a magnitude of 1.5 tesla. It employs NVE’s tunneling magneto resistive technology to accomplish the remarkable field range considering its low power requirement and small size.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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