Spintronics Market Valuation of USD 2.7 billion by 2033

Prudour Private Limited

Updated · Mar 01, 2024

Spintronics Market Valuation of USD 2.7 billion by 2033


The Spintronics Market is a rapidly growing sector, with a projected worth of USD 2.7 billion by 2033, showing a robust Compound Annual Growth Rate (CAGR) of 7.4% from 2024 to 2033.

Spintronics, short for spin electronics, is a field of study that explores the intrinsic spin of electrons and its potential for use in electronic devices. Unlike conventional electronics, which rely on the charge of electrons, spintronics focuses on utilizing the spin property to store, process, and transmit information. This emerging technology has the potential to revolutionize various sectors, including computing, data storage, and telecommunications.

The spintronics market is witnessing rapid expansion, propelled by its potential to revolutionize memory storage devices, sensors, and quantum computing. Its applications span from magnetic random-access memory (MRAM) that offers faster data access and lower power consumption, to spin-based transistors that could pave the way for the development of extremely energy-efficient electronic devices. The growth of the spintronics market is attributed to the increasing demand for high-performance, low-power consuming electronics, and the ongoing research and development activities aimed at integrating spintronics into conventional semiconductor devices.

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Spintronics Market

Analyst Viewpoint

From an analyst viewpoint, the driving factors for the growth of the spintronics market are the need for high-performance and energy-efficient electronic devices, advanced data storage solutions, and faster communication systems. The unique properties of spintronics, such as non-volatility and low power consumption, make it an attractive technology for addressing these needs.

The spintronics market presents several opportunities for growth and innovation. The development of spintronic-based computing devices, such as spin transistors and spin logic gates, could revolutionize the field of electronics by enabling faster data processing and reduced power consumption. This opens up possibilities for applications in areas such as artificial intelligence, Internet of Things (IoT), and quantum computing.

Latest Statistics of Spintronics Market

  • Spintronics, a field leveraging electron spin, is projected to reach a value of USD 2.7 billion by 2033, growing at a CAGR of 7.4%.
  • In 2023, Giant Magnetoresistance (GMR) technology held over 32.6% market share, driven by its performance in data storage applications.
  • Data Storage, capturing over 35% market share in 2023, is a dominant segment due to increasing demand for higher storage capacities.
  • HDD (Hard Disk Drive) Heads with Spintronics Sensors held a 15% market share in 2023, valued at $615 million. This figure is expected to surpass $800 million by 2024.
  • Electric Vehicles (EVs) have incorporated spintronics sensors for battery management systems, witnessing a 70% growth in 2023. This segment is anticipated to continue its upward trajectory into 2024.
  • The Data Storage application segment constituted the largest share of the spintronics market in 2023, accounting for 35%. Other significant segments included EV and automotive, industrial motors, and robotics.
  • To date, there have been over 7,100 patents related to spintronics granted worldwide. Leading recipients include IBM, Samsung, Toshiba, Crocus Technology, and Applied Spintronics Technology.
  • The Data Center and Automotive Industries are poised to drive the adoption of STT-MRAM as an alternative to SRAM and embedded flash, with an expected growth of approximately 40% CAGR.
  • Spin-based memory and logic devices are projected to offer performance improvements of over 1,000% compared to current semiconductor technologies.
  • Spintronics research has seen a significant increase in China in recent years, now representing over ~25% of SCI-indexed publications globally.
  • The U.S. Department of Defense allocated approximately $50 million for spintronics research in 2022 to further the development of radio frequency devices for military applications.
  • Spintronics-based MRAM is noted for its write speeds, which are up to 1000x faster than flash memory, while consuming only 1/1000th of the power.
  • North America led the spintronics market in 2023, with a share of more than 35.4%.

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Emerging Trends

Emerging trends in the field of spintronics are shaping the future landscape of electronics and computing, heralding a new era of devices with unprecedented capabilities. These trends highlight the innovative approaches and applications that are likely to drive the evolution of technology in the coming years.

  • Integration of Spintronics with Quantum Computing: The convergence of spintronics with quantum computing is emerging as a pivotal trend. This integration is expected to enhance the scalability and efficiency of qubits, which are the building blocks of quantum computers, thereby accelerating the development of quantum computing technologies.
  • Development of Ultra-Low Power Spintronic Devices: As the demand for energy-efficient electronics continues to rise, the focus on developing ultra-low power spintronic devices is intensifying. These devices promise to drastically reduce power consumption while maintaining high performance, offering a sustainable solution for future electronic devices.
  • Advancements in Spintronics-based Memory and Storage Solutions: Spintronics is at the forefront of revolutionizing memory and storage solutions, with technologies like Spin-Transfer Torque Magnetic Random-Access Memory (STT-MRAM) offering faster write speeds and lower power consumption compared to traditional memory technologies. This trend is expected to address the growing need for efficient data storage in the era of big data.
  • Expansion in Automotive and Industrial Applications: The application of spintronics in automotive and industrial sectors is rapidly expanding. Spintronic sensors are being increasingly utilized in electric vehicles (EVs) for battery management systems and in industrial motors and robotics, offering enhanced performance and reliability.
  • Increased Research and Patent Activity: There is a significant increase in research activities and patent filings related to spintronics, indicating robust interest and investment in this field. This trend is a testament to the potential of spintronics in creating innovative solutions across various domains.
  • Collaborative Efforts Between Academia and Industry: Collaborative projects and partnerships between academic institutions and industry players are becoming more common in the spintronics realm. These collaborations aim to accelerate the transfer of research breakthroughs into commercial applications, thereby fostering the development of spintronics technologies.

Top Market Leaders

In 2023, the spintronics market witnessed significant contributions from top market leaders, showcasing a dynamic and competitive landscape. NVE Corporation and Everspin Technologies, Inc. continued to lead with innovative spintronic sensor solutions, solidifying their positions through strategic partnerships and product advancements. Spintronics International Pte. Ltd. and Crocus Technology made notable strides in magnetic logic devices, emphasizing the sector's potential for growth.

QuantumWise A/S and Organic Spintronics S.A. pushed the boundaries in materials science, enhancing the computational models for spintronic materials. Intel Corporation and IBM Corporation leveraged their extensive R&D capabilities to integrate spintronics into computing architectures, signaling a future where traditional and quantum computing converge. Advanced MicroSensors Corporation (AMS) and Rhomap Ltd. focused on precision and efficiency in magnetic measurement solutions, while Spin Transfer Technologies, Inc., Spin Memory, Inc., Toshiba Corporation, and Samsung Electronics Co., Ltd. advanced memory storage technologies.

Avalanche Technology, Inc., alongside other key players, played a crucial role in driving forward the application of spintronics in diverse industries, from automotive to data storage. The collective efforts of these companies not only underscored the technological advancements within the spintronics field but also highlighted the vast market opportunities awaiting exploitation, setting the stage for further innovation and market growth.

Recent Developments

  • Intel Corporation Collaboration with imec: In February 2023, Intel Labs joined forces with imec, a leading research and development organization specializing in nanoelectronics and digital technologies. This partnership aims to pioneer new materials and devices specifically for spintronics applications, signaling a significant step forward in the development of next-generation spintronic technologies.
  • IBM's Spintronic Device Breakthrough: IBM Research made headlines in October 2023 with their publication in Nature Electronics. They introduced a novel spintronic device capable of enhancing the speed and energy efficiency of computers. This innovation marks a pivotal advancement in the field, potentially revolutionizing the way computers operate by leveraging spintronics.
  • Everspin Technologies Product Expansion: In October 2023, Everspin Technologies unveiled an expansion of its leading industrial, high-density STT-MRAM product line, the EMxxLX series. This expansion includes a new 4Mb capacity point, a compact package design, and an impressive extended industrial temperature range up to 105°C. This development showcases Everspin's commitment to advancing STT-MRAM technology, catering to the growing demand for reliable and high-performance memory solutions in industrial applications.

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