According to a research report released by Transparency Market Research, the global nano-magnetic devices market was valued to reach US$7.2 bn at the end of 2016. The market's revenue is expected to reach US$12.41 bn by the end of 2024, after expanding at a CAGR of 6.98% during forecast period between 2016 and 2024.
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Nanotech Quantity and Volume Demand on the Rise
"Driving the global nano-magnetic devices market at the moment is the rising demand for nanotechnology. It is currently a core necessity in several manufacturing processes and has already been developed to a high extent in several of the developed nations in the world. The use of nanotech in advanced manufacturing is also one of the top agendas for top emerging economies such as China and India, putting a lot of focus on the development of nanotech over the coming years," states a TMR analyst. The global nano-magnetic devices market is simultaneously being driven by the growing demand for microelectronics in the production of microchips, solar cells, and flat panel displays, among others.
The global nano-magnetic devices market is also being driven by factors such as the swiftly reducing scales of devices while conversely gaining an increase in resolution and characteristics. It is becoming increasingly possible to manufacture devices that are not only extremely small, but also more sophisticated than their predecessors. Nano-magnetic devices are a key component of building tomorrow's devices that are lighter, smarter, more power-efficient, and highly durable. This is also applicable to commercial electronics.
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High Costs Making Players Defer Research and Development
The top issue currently affecting not just the global nano-magnetic devices market, but also a lot of other nanotechnology fields, is the sheer cost of furthering research and development. The cost is high in research and development efforts, as well as the cost of raw materials. The high costs are creating difficulties for several countries, especially the emerging ones, to facilitate a faster rate of development and application for nano-magnetic devices. The cost of nano-materials is also exceptionally high due to the high volumes of effort and energy they need for production. At the same time, the manufacturing process of nearly all nano-magnetic devices is extremely complicated and requires the presence of highly skilled labor, something which is in short supply in several countries.
"What current players in the global nano-magnetic devices market can do is to maximize their focus on non-IT applications, such as those in automobiles, homes, appliances, and wearables. More often than not, these application areas require low-energy devices and lower costing raw materials to gain commercial success and are therefore a motivational factor for players to generate funds for further research and development," adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, "Nano-magnetic Devices Market (Product Type - Sensors (Biosensors and Bioassays and GMR Sensors), Separation, Data Storage (Hard Disks and MRAM), Medical and Genetics, and Imaging; End User - Electronics and IT, Medical and Healthcare, Energy, and Environment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
Key segments of the Global Nano-magnetic Devices Market
Global Nano-magnetic Devices Market, 2016 - 2024: By Product Type
- Biosensors and bioassays
- Giant magneto resistive (GMR) sensors
> Data Storage
- Hard disks
> Medical and Genetics
Global Nano-magnetic devices Market, 2015 - 2023: By End-User Industry
- Electronics & IT
- Medical & Healthcare
Global Nano-magnetic devices Market, 2015 - 2023: By Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa
- Latin America
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