Spintronics Technology Market Size, Share, Opportunities, And Trends By Product Type (Sensors, Memory, Others), By Material (Metal-based Devices, Semiconductor-based Devices), By Application (Robotics, Motion Control, Servers, Data Storage Devices, Vehicles, IoT And Smart Devices, Others), By End-User (Automotive, IT & Telecommunication, Consumer Electronics, Others), And By Geography - Forecasts From 2023 To 2028

The spintronics technology market is estimated to grow at a CAGR of 8.04% during the forecast period.

Spintronics is a portmanteau for spin transport electronics, often known as spin electronics. It refers to the study of the intrinsic spin of electrons and their magnetic moment. Spintronics technology takes advantage of the magnetic and electronic attributes of the electron to provide high speed, low power, and high-density and memory electronic devices, and current and high-power lasers. Spintronics technology is used to store, process, and transmit digital information. The spintronics technology market can be classified in the following ways: by product type, material, application, end-user, and geographic region. The major drivers for the growth of this market include increased demand for electronic devices and advancements in technology.

Growth Factors:

• Booming electronics and EV industry:

There is a rise in demand for spintronics in several industries such as for the production of many electronic devices. Spintronics technology is expected to be widely used in electronic devices due to its superior capabilities at lower levels of power consumption. Therefore, they reduce the effort needed for computational or memory functions. The increase in the demand for smart devices such as smartphones and smart TVs has led to growth in the spintronics market because they offer higher computational and memory functions while simultaneously solving the problem of increased power consumption. Spintronics technology also finds applications in electric vehicles, and its market is therefore benefitted from the adoption of electric vehicles globally.

• Research and developmental Initiatives:

Research and developmental efforts have also led to advancements in the spintronics industry that have further expanded the spintronics market size. Miniaturization of this technology has helped in reducing the dimensions and weight of many consumer electronics such as smartphones. Extensive research into graphene spintronics will lead to the further development of spin logic devices and spin transistors. Further, the development of quantum spintronics has also helped in driving the growth of the market by reducing the complexities and computational time. Governments are prioritizing research studies for this technology. For instance, the United States Department of Energy conducted studies to develop new materials for spintronics by further manipulating electron spins. 

Restraint: Lack of product awareness.

A significant challenge faced by this industry relates to the lack of awareness relating to spintronics technology which acts as a hindrance to the growth of the industry as it negatively impacts the demand. The market for spintronics technology is in its early stages currently, and therefore there is a lack of general awareness about the benefits of spintronics compared to existing technologies. As a result, there is also a lack of sufficient good quality products to meet the existing needs of the market. These are some factors that restrict the growth of the spintronics technology market.

Product Offerings by companies:

Key businesses in the spintronics technology market have seen an increase in income over the past few years as a result of such efforts. For instance, according to their yearly reports, NVE Co., which is involved in the business of devices that use spintronics, had an increase in revenue of over 25.9% from 2021 to 2022 and produced total revenues of roughly US$25.8 million in 2022.

• Everspin Technologies’ Spin-transfer Torque MRAM devices give increased reliability to enterprise infrastructure and data center providers. It also offers high-performance systems by protecting against power losses where data persistence is important. The product also offers other features such as high bandwidth, low latency, and simplified system design.
• Avalance Technology uses its perpendicular STT MRAM technology to make its Tornado discrete MRAM range of products with no write delay. These products are highly reliable and secure and provide fast access and low-power program memory. The products are designed to reduce complexities and improve performance and power consumption efficiency. These products can have multiple applications such as industrial, IoT, space, and storage depending on the requirements.

Regional Insights

North America spintronics market:

North America is expected to constitute a significant share in the spintronics technology market and similar trends are expected to be followed in the forecast period. This market share is owed to the research and development efforts that are conducted by companies and government bodies in this region. Some of the companies in this region are also a few of the early adopters of this technology, which has resulted in a considerable market share for the region. Investments and research efforts from the United States Department of Energy along with private research from companies such as IBM have helped in the growth of the spintronics market in this region. Furthermore, the early adoption of electric vehicles in this region, particularly the United States and Canada, has also helped in boosting the demand for spintronics from manufacturers.

Asia-Pacific spintronics market:

The Asia-Pacific region is also expected to experience steady growth due to major electronics-based industries in countries such as China, Japan, India, and South Korea that are slowly looking towards spintronics to meet the growing demands for computation and memory in electronic devices and to combat the problems of high-power usage.

Key Developments

• In May 2021, Avalanche Technology and Micross Components entered into a partnership that enabled the latter to supply devices developed using Avalanche’s Spin Transfer Torque Magneto resistive Random-Access Memory technology (STT-MRAM). Micross Components is one of the leading global suppliers of microelectronic components in several industries such as aerospace, defence, and space.
• In November 2021, Renesas Electronics Corporation announced the development of technologies for write operations of STT-MRAMs that aimed to reduce the energy and voltage application time. The technologies made it possible to reduce the power consumption levels and make the write operations faster. This makes the STT-MRAMs more suitable for frequent data updates.
• In September 2022, Avalanche Technology and United Microelectronics Corporation announced the launch of High-Reliability Persistent SRAM memory devices based on Avalanche’s leading STT MRAM technology. This new product is expected to provide improved reliability, security, endurance, and power efficiency compared to previous generation products.
• In May 2023, researchers at the University of Minnesota and the National Institute of Standards and Technology developed a new process for making spintronic devices that allow them to be faster, more efficient, and offer more scalability options. This new process is believed to have the potential for making spintronic devices that can become the new industry standard in the making of several consumer electronic devices for semiconductor chips.

Spintronics Technology Market Scope:

Key Market Segments:

• By Product Type
  • Sensors          
  • Memory
  • Others
• By Material
  • Metal-based devices
  • Semiconductor-based devices
• By Application
  • Robotics
  • Motion Control
  • Servers
  • Data Storage Devices
  • Vehicles
  • IoT and Smart Devices
  • Others
• By End-User
  • Automotive
  • IT & Telecommunication
  • Consumer Electronics
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others