Spintronic Logic Devices Market to Reach $21.89 Bn, Globally, by 2026 at 34.7% CAGR: Allied Market Research

PORTLAND, Oregon, April 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Spintronic Logic Devices Market By Type (Metal Based Devices and Semiconductor Based Devices) and Application (Electric Vehicles, Industrial Motors, Semiconductor Lasers, Magnetic Tunnel Transistors, Data Storage, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global spintronic logic devices industry was estimated at $2.14 billion in 2018, and is expected to hit $21.89 billion by 2026, registering a CAGR of 34.7% from 2019 to 2026.

Drivers, restraints, and opportunities-

Increase in demand for spintronics in electronic devices, rising penetration of electric vehicles, and upsurge in need for higher data transfer speed as well as increased storage capacity fuel the growth of the global spintronic logic devices market. On the other hand, high installation cost curbs the growth to some extent. However, increase in government support and funding is projected to usher in several opportunities in the near future.

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The metal based devices segment to lead the trail by 2026-

Based on type, the metal based devices segment contributed to nearly three-fifths of the global spintronic logic devices market share in 2018, and is expected to dominate by 2026. The semiconductor based devices segment, on the other hand, would portray the fastest CAGR of 37.9% from 2019 to 2026. This is attributed to its wide range of effective features such as compactness, reliability, power efficiency, and low cost.

The industrial motors segment to dominate during the estimated period-

Based on application, the industrial motors segment generated the highest share, garnering more than one-fourth of the global spintronic logic devices market. Rise in demand for torque sensors boosts the growth of the segment. Simultaneously, the data store segment would register the fastest CAGR of 39.7% throughout 2019 ­-2026. Increasing adoption of storage virtualization and hyper converged infrastructure by businesses to improve the infrastructure efficiency drive the segment growth.

Asia-Pacific, followed by North America, to rule the roost in terms of revenue-

Based on geography, the region across Asia-Pacific accounted for more than two-fifths of the global spintronic logic devices market revenue in 2018 and is anticipated to maintain the lion's share during the study period. The same province would manifest the fastest CAGR of 35.7% throughout the forecast period. High-end technological advancements and rising automotive standards in developing countries such as India, China and Indonesia have propelled the growth. However, North America was the second largest revenue holder in 2018

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Frontrunners in the industry-

• Applied Spintronic Technology, Inc.
• Kistler Group
• Crocus Technology
• Everspin Technologies Inc.
• Sensor Technology
• Infineon Technologies
• Futek Advanced Sensor Technology Inc.
• Advanced Microsensors
• HBM
• PCB Piezotronics

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SOURCE Allied Market Research