The burgeoning requirement for magnetoresistive random-access memory (MRAM) is one of the major factors fueling the worldwide demand for spintronics devices. MRAM is basically a non-volatile memory technology, which utilizes electron spinning for reversing a layer’s magnetization and storing data in the memory with the help of the electric current, instead of relying on the magnetic field. Unlike the traditionally used RAMs, MRAM can retain the data even when there is no power.
In addition, MRAMs demonstrate high transfer speeds and require less power, which further contribute to their soaring popularity all over the world. Besides, the surging deployment of electric vehicles (EVs) is also fueling the demand for spintronics devices. This is because spintronics systems are extensively used in these vehicles for monitoring the battery life and current flow, which aids in improving the battery performance. Moreover, tunnel magneto resistance (TMR) and giant magneto resistance (GMR), which are two metal-based spintronics, are used in place of the anisotropic magnetoresistance (AMR) sensors and hall ICs for position sensing.
This is because of the lesser power consumption of the TMR and GMR sensors (μW and mW, respectively) than the AMR sensors and hall ICs (nearly 10mW under continuous usage). Owing to the extensive usage of spintronics devices in electric vehicles, the expansion of the automobile industry is driving the growth of the spintronics market, as a result of which, the revenue of the market will surge from $362.7 million in 2019 to $12,845.6 million by 2030.
Furthermore, the market is expected to grow at a CAGR of 34.8% between 2020 and 2030. The utilization of spintronics in the field of quantum computing is also predicted to generate lucrative growth opportunities for the companies manufacturing spintronics devices around the world. Many industry experts estimate that spintronics can provide major breakthroughs in the field of quantum computing, if the qubit phenomena can be harnessed via spintronics devices.
Depending on device type, the market is classified into semiconductor-based and metal-based. Of these, the semiconductor-based category is predicted to exhibit the fastest growth in the spintronics market in the forthcoming years. Semiconductor-based spintronics devices require less power and are more efficient than the metal-based ones. Furthermore, the increasing usage of 5G and the growing incorporation of the internet of things (IoT) are pushing up the sales of the semiconductor-based spintronics devices, thereby propelling the expansion of the category.
Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the spintronics market in the coming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the surging requirement for internet of things (IoT) devices, autonomous vehicles, electric vehicles, and cloud storage in the region. APAC was the largest procurer of electric vehicles, with sales of 700,416 EVs in 2019. Moreover, the region held 44.8% share in the global EV industry in the same year.
Thus, the demand for spintronics devices will skyrocket all over the world in the upcoming years, mainly because of the growing requirement for MRAMs and the expansion of the automobile industry, on account of the surging deployment of electric vehicles, especially in the APAC countries such as China and India.
