Spintronics MarketSize and Trends

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.

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 is one of the major application of Spintronics.

Furthermore, several benefits of Spintronics over conventional electronics is fueling growth of the Spintronics market. For instance, electronics require specialized semiconductor materials in order to control the flow of charge through transistors. Whereas, spin can be measured simply in common metals such as aluminum or copper. Furthermore, less energy is required to change spin than to generate a current in order to maintain electron charges in a device. Hence, Spintronics device use less power.

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