Spintronics is spin-based electrons an emerging technology used in solid state device in order to study the electrons intrinsic spin. In contrast to electronics, spin technology uses the spin of the electron instead of its charges to utilize the magnetic moment associated with it. Spintronics technology depicts an innovation, which is useful in the hard drives, sensors, and the digital electronics. Furthermore, the features of Spintronics such as high data transfer speed, larger storage space, and enhanced processing power among others is fueling growth of the Spintronics market. Spintronics technology has introduced magnetic RAM (MRAM). MRAM is expected to witness high adoption as compared to conventional RAM in near future, owing to its larger storage space and enhanced data transfer speed. Moreover, Spintronics technology is in its nascent stage on contrary to other technologies. However, it is expected to consume the market share of other memory storage devices, which is expected to drive market for Spintronics in energy efficient chips industry.
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Factors Driving Growth of the Spintronics Market
The major factor driving growth of the Spintronics market is growing adoption of IoT-based devices. For instance, according to the statistics published by Global System Mobile Association (GSMA), the number of industrial IoT connections is expected to increase from 3 billion to 14 billion from 2017 to 2025. This is attributed to rising adoption of solution for smart buildings (for heating, air conditioning, building security, lighting, office equipment, and automation), manufacturing (inventory tracking, monitoring and diagnostics, and warehouse management) and utilities (energy, water & gas smart metering, and smart grid solutions). Increasing demand for technologies such as Advanced Driver Assistance System (ADAS), self-driving technology, fleet management, smart homes, and connected vehicles among others is propelling demand for sensors which is integral part of these technology. For instance, according to the statistics published by Robert Bosch GmbH in August 2017, one of the leading automotive suppliers, the sales of video sensors witnessed an increase by 80% and radar system by 60% in 2017 as compared to the sales in 2016. Thus, increasing adoption of sensors in these technology is further driving the Spintronics market growth, as it one of the major application of Spintronics.
Regional Insight for Spintronics market
On the basis of geography, the global Spintronics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific holds the largest share in the global Spintronics market, followed by North America, owing to increasing adoption of IoT connections and technologies such as fleet management, smart homes, Advanced Driver Assistance System (ADAS), self-driving technology, and connected vehicles among others. China is expected to lead the Spintronics market in Asia Pacific region, owing to the support offered by government initiatives. For instance, 13th Five-Year Plan, Internet, and Made in China 2025 which are majorly related to technology advancement such as IoT connection, ADAS, connecting vehicles and others.
Thus, this trend has directly perceived in the ongoing R&D initiatives in China. In 2013, China started experimenting on Spintronics and has experienced a steady growth. Furthermore, the country had around 4,085 citations and patents in 2016. DRAM and SRAM are the current storage solution in China. Moreover, Magnetic RAM (MRAM) is expected to hold major market share among memory storage devices in near future. Furthermore, vehicle sales in China reached over 29 million in 2017, growth rate of 3.2% as compared to 2016. Furthermore, China register the highest sales of electric vehicles and had 2.2 % share of electric vehicle in 2017, followed North America, which witnessed 1.2% share of electric vehicle in the same year. Thus, significant growth in sales of vehicles in China is driving growth of sensors and storage device as it is the integral part of vehicles. Hence, with the growing application of Spintronics in vehicles is fueling the Spintronics market growth.
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Key Players in Spintronics Market
Major players operating in the global Spintronics market include Quantum Wise, NVE Corporation, Organic Spintronics, IBM Corporation, Plures Technologies, Advanced Micro Sensors, Everspin Technologies, Inc., Spin Transfer Technology, Crocus Technology, and Intel Corporation.