SPINTRONICS MARKET ANALYSIS

Market Challenges And Opportunities

However, lack of awareness among users regarding Spintronics technology, as it is still in the nascent stage on contrary to conventional electronics technology; is expected to restrain the market growth.

Drivers

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.