By Type :

Based on the type, the market is bifurcated into metal-based spintronics and semiconductor spintronics. The semiconductor spintronics segment accounted for the largest revenue share in the year 2022. Semiconductor spintronics comprise of doped semiconductors that depict dilute ferromagnetism. Semiconductor spintronics involves the combination of photonics and magnetics which includes several functional devices such as spin-LEDs, spin-transistors, memory devices, and optical switches among others. Moreover, semiconductor spintronic devices offer various benefits including high speed, efficiency, infinite endurance, and excellent data storage capabilities. The above benefits of semiconductor spintronic devices are increasing its application in IT & telecommunication, automotive, and healthcare sectors among others.

According to Viavi Solutions Inc., the total number of cities with 5G networks reached 1,947 worldwide as of January 2022, with the addition of 635 new 5G cities in 2021. Thus, the growth of telecommunication sector is among the key factors driving the adoption of semiconductor spintronics for faster and reliable data transmission and communication applications, in turn contributing to the growth of the market.

The metal-based spintronics segment is anticipated to register fastest CAGR growth during the forecast period. Metal-based spintronics is a primarily utilized in hard disk storage among others. In metal-based spintronics, a large magnetoresistance tunnel consisting of two ferromagnetic plates with one fixed and one movable plate, are divided by a thin insulating layer. The layers are further aligned to lower the electric resistance while flowing spinning electrons. Moreover, metal-based spintronics offer several benefits including low power consumption, zero standby leakage, good read and write performance, and others. The above benefits of metal-based spintronics make it ideal for utilization in consumer electronics, and other industries.

For instance, according to the Association of German Banks, the electronics industry in Germany witnessed a substantial growth in 2021. The production and nominal sales of electronics industry increased by 10% in 2021 as compared to 2020. Therefore, the growth of electronics sector is anticipated to drive the adoption of metal-based spintronics, in turn fostering market growth during the forecast period.

By End-User :

Based on the end-user, the market is segregated into IT and telecommunication, automotive, consumer electronics, healthcare, and others. The consumer electronics segment accounted for the largest revenue share of 35.4% in the year 2022. Factors including advancements in consumer electronics including artificial intelligence (AI) and internet of things (IoT), penetration of smartphones, computers, and other consumer devices, and increasing demand for energy-efficient and smart devices are driving the growth of the consumer electronics segment.

For instance, according to the Brazilian Electrical and Electronics Industry Association (ABINEE), the electrical and electronics industry in Brazil was valued at USD 42.2 billion in 2022, witnessing a growth of nearly 8% in comparison to USD 39.2 billion in 2021. Therefore, the growing electronics sector is driving the adoption of spintronics for data storage and computational applications, in turn proliferating the growth of the market.

IT and telecommunication segment is expected to witness fastest CAGR growth during the forecast period. The growth of IT and telecommunication segment is attributed to several factors including the growing penetration of 5G infrastructure, increasing demand for faster wireless communication, along with rising need for high-speed data and cloud-based services.

For instance, according to GSM Association, majority of countries in Europe deployed commercial 5G services in 2021, and approximately two thirds of operators in the region launched 5G networks. GSM Association also states that 5G connections across Europe are projected to reach 311 million by 2025. Thus, the growth of IT and telecommunication sector is projected to drive the adoption of spintronic devices for faster data transmission and communication applications, in turn driving the market growth during the forecast period.

Get More Information

Download Sample Report

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 275.75 Million in 2022 and is expected to reach USD 2,653.80 Million by 2030, registering a CAGR of 33.2% during the forecast period. In addition, in the region, the U.S. accounted for the maximum revenue share of 64.5% in the same year. The adoption of spintronics in the North American region is mostly driven by its utilization in IT & telecommunication, automotive, healthcare, and other sectors. Moreover, the increasing utilization of spintronic devices in telecommunication infrastructure for faster data transmission and communication is among the significant factors driving the market growth in the region. For instance, according to the GSM Association, approximately 140 million 5G connections were deployed across North America as of 2022. Hence, the growing telecommunication industry is propelling the deployment of spintronic devices for high speed data transfer and communication applications, in turn fostering market growth in the North American region. Additionally, increasing investments in the electric vehicles and healthcare industries are anticipated to promote lucrative growth aspects for the market in North America during the forecast period.

Asia-Pacific is expected to register fastest CAGR growth of 33.4% during the forecast period. The growing pace of industrialization and development is creating lucrative growth aspects for the market in the region. Additionally, factors including the growth of multiple industries such as automotive, consumer electronics, IT & telecommunication, and others are fostering the market growth for spintronic in the Asia-Pacific region.

For instance, according to the Society of Indian Automobile Manufacturers, the overall automobile production in India reached 2,59,31,867 units from April 2022 to March 2023, depicting an incline of 12.6% from 2,30,40,066 units from April 2021 to March 2022. Hence, the growing automotive sector is anticipated to drive the utilization of spintronic sensors for deployment in automobile advanced driver-assistance system, attributing its ability to provide information on vehicle speed, vehicle detection, and other related parameters. The above factors are projected to drive market growth in the Asia-Pacific region during the forecast period.