Spintronics Market Size Worth $2.2 Billion By 2032 | CAGR: 7.90%

The global spintronics market size is expected to reach USD 2.2 billion by 2032, according to a new study by Polaris Market Research. The report “Spintronics Market Share, Size, Trends, Industry Analysis Report, By Product (Metal-based Services and Semiconductor-based Services); By Application; By End Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising need and proliferation for high-capacity and non-volatile storage solutions that often require advanced spintronics-based MRAM and spin-transfer torque random-access memory, along with the growing development of new materials and fabrication techniques for spintronics, are prominent factors influencing the growth of the market. Additionally, the continuous increase in research & development efforts, mainly focused on the implementation of MRAMs and magnetic sensors and the introduction of new energy-efficient chips and memory-storage devices, will positively influence the growth of the market in the near future.

• For instance, in March 2023, the University of Minnesota, in collaboration with the National Institute of Standards and Technology, said that they had developed a breakthrough process for creating spintronic devices that even has the potential to become the new industry standard for semiconductor chips essential for smartphones and computers.

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In recent years, spintronics technology has gained enormous attention and popularity because of its ability to solve the critical problem of increased power dissipation in electronic circuits and making it possible with lower power consumption, infinite endurance, zero standby leakage, and non-volatile nature. Apart from this, emerging trends towards the adoption of IoTs and smart devices have also fueled the demand and need for memory components that can easily handle several functions at low power, such as spintronics.  

• For instance, according to our findings, the number of IoT devices connected across the globe is estimated to reach 27 billion by 2025, and approx. 29 billion by 2030. Also, the number of businesses using IoT devices or technologies has grown by 11% between the period of 2014 to 2019.

Furthermore, the integration of spintronic components with conventional semiconductor technology and devices is also an emerging trend in the market that aims to develop hybrid devices that leverage both charge and spin for enhanced functionality and could expand applications for spintronics across industry verticals.9

Spintronics Market Report Highlights

• Semiconductor-based devices segment accounted for notable market share, mainly due to its surging use in various applications across end-user industries.
• The electric vehicles segment will grow at the highest pace on account of its ability to extend the battery life and energy efficacy and advancements in spintronics technology.
• The consumer electronics segment held the majority market share, mainly attributable to rising sales and the proliferation of consumer electronics such as smartphones and laptops.
• North America dominated the global market with a considerable share, owing to continuous growth in end-user industries, including electric vehicles and transportation.
• The key market players include Infineon Technologies, Plures Technologies, Intel Corporation, Allergo MircoSystems Inc., Advanced MicroSensors, and Crocus.  

Polaris Market Research has segmented the spintronics market report based on product, application, end use, and region:

Spintronics, Product Outlook (Revenue - USD Million, 2023 - 2032)

• Metal-based Devices
• Semiconductor-based Services

Spintronics, Application Outlook (Revenue - USD Million, 2023 - 2032)

• Electric Vehicles
• Industrial Motors
• Data Storage
• Magnetic Sensing

Spintronics, End Use Outlook (Revenue - USD Million, 2023 - 2032)

• Automotive
• Industrial
• Consumer Electronics
• Healthcare
• IT & Telecom
• Others

Spintronics, Regional Outlook (Revenue - USD Million, 2023 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Spintronics Market Report Scope