The global spintronics market attained a revenue of $362.7 million in 2019 and is predicted to exhibit a CAGR of 34.8% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research firm based in India, the market will reach a valuation of $12,845.6 million by 2030. The rising requirement for magnetoresistive random-access memory (MRAM) and the ballooning deployment of electric vehicles (EVs) are the prominent factors powering the advancement of the market across the globe.

The mushrooming requirement for MRAMs is a major factor driving the progress of the spintronics market. MRAM is a non-volatile memory technology that utilizers electrical current, instead of using a magnetic field. Unlike the traditionally used RAMs, MRAMs have the ability to retain the data even when power is not available. In addition to this, MRAMs demonstrate high transfer speeds and consume very less power. Because of these factors, the popularity of MRAM is increasing rapidly around the world.

Another important factor propelling the growth of the market is the increasing usage of EVs. Spintronic sensors incorporated in automobiles play an important role in improving the battery performance. This is done by monitoring the battery life and the current flow. Tunnel magneto resistance (TMR) and giant magneto resistance (GMR) sensors are used heavily for position sensing instead of the anisotropic magnetoresistance (AMR) and Hall IC sensors, due to their lesser power consumption characteristics.

Depending on device type, the spintronics market is classified into semiconductor-based and metal-based categories. Of these, the semiconductor-based category is predicted to demonstrate faster growth in the market in the future years. This is because the semiconductor-based spintronic devices consume lesser power and are more efficient than the metal-based variants. Furthermore, with the increasing usage of the internet of things (IoT) and the soaring 5G deployment, the sales of semiconductor-based spintronics devices will surge in the coming years.

The spintronics market is also categorized, on the basis of end user, into information technology (IT) & telecom, automotive, industrial, consumer electronics, and healthcare. Amongst these, the IT & telecom category recorded the highest growth in the market in the past, because of the large-scale usage of the IoT and connected cloud and the rapid digital transformation of various industries across the world. The healthcare category is predicted to register the highest CAGR in the market in the forthcoming years.

Across the globe, the spintronics industry is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This would be because of the increasing requirement for cloud storage, electric vehicles, autonomous vehicles, and the internet of things (IoT) in the regional countries. APAC recorded the highest share in the electric vehicle industry in 2019, with sales of as many as 700,416 vehicles during the year.

Hence, it can be safely said that the market will prosper all over the world in the coming years, mainly because of the mushrooming sales of electric vehicles and the increasing popularity of MRAM in several countries around the world.