Spintronics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The spintronics market (hereafter referred to as the market studied) was valued at USD 591.8 million last year. It is projected to be worth USD 5693.1 million over the next five years, registering a CAGR of 39.2% during the period. The spintronics market is in its nascent stage, where a significant portion is still highly dependent on research and technological innovations. Moreover, the market's supply side was affected in the initial phase of COVID-19 due to nationwide lockdowns and factory closures worldwide. However, the scenario expanded the scope of the market studied as industries like data centres and cloud computing witnessed a massive surge in demand and adoption.
Key HighlightsThe spintronics 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 prominent market players, such as Avalanche Technology and Crocus Technologies, received funding to enhance their product innovation in recent years. Thus, the intensity of competitive rivalry is high.
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