Spurring demand for magnetoresistive random-access memory (MRAM) and improvements in the field of spin-transfer torque MRAM (STT-MRAM) will drive the spintronics market at a CAGR of 34.8% during the forecast period (2020–2030). With this growth rate, the market value is expected to reach $12,854.6 million by 2030 from $362.7 million in 2019. Moreover, the escalating sales of electric vehicles (EVs) will support the market growth in the forecast years.
The automotive industry uses spintronic sensors in EVs to enhance battery performance by monitoring the battery life and current flow. Automakers are using giant magneto resistance (GMR) and tunnel magneto resistance (TMR) in place of anisotropic magnetoresistance (AMR) sensors and Hall integrated circuits (ICs) for position sensing. The AMR sensors and Hall ICs consume nearly 10 mW of power under continuous usage, whereas TMR and GMR sensors consume power in the range of sub microwatt (μW) and milliwatt (mW), respectively, in the EVs.
Moreover, potential application of spintronics in quantum computing is providing lucrative opportunities to players in the spintronics market. This technology works on the principle of spin orientation of electrons, i.e. if the spin is in downward direction, the state can be regarded as 1; and if the spin is in upward direction, the state can be contemplated as 0 or vice versa. Whereas, quantum computing depends on qubits, which can fill both the spin-down or spin-up position simultaneously. Thus, it accounts for a huge leap for quantum computing if qubit phenomena can be exploited through spintronics.
The device type segment of the spintronics market is bifurcated into metal-based and semiconductor-based. In 2019, the metal-based category dominated the market, as the usage of ultrathin ferromagnetic films in metal-based devices allows the control of the spin of electronics by applying external magnetic field. This ensures low-energy consumption and high-speed data transfer. Whereas, in the forecast years, the semiconductor-based category will display the highest growth, on account of the rising deployment of 5G technology, increasing commercialization of spin transistors, and escalating adoption of internet of things (IoT) technology.