In 2019, the global spintronics market generated a revenue of $362.7 million and is projected to attain a value of $12,845.6 million by 2030, witnessing a 34.8% CAGR during the forecast period (2020–2030).
On the basis of end user, the healthcare division is predicted to register the fastest growth during the forecast period, which is attributed to the technological advancements in spintronic-based magnetic sensors. These sensors are projected to be used for detecting tumor cells in the human body.
In terms of device type, the metal-based category is held the larger share of the spintronics market in 2019, as metal-based spintronics, including giant magneto resistance (GMR) and tunnel magneto resistance (TMR), offer low energy consumption and high-speed data transfer.
The semiconductor-based category is projected register higher CAGR during the forecast period, as these spintronics consume less power and are more efficient. The sales of semiconductor-based spintronics is further predicted to increase in the coming years because of the rising adoption of internet of things and increasing deployment of 5G.
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Geographically, North America dominated the spintronics market in 2019, which was primarily ascribed to the rising requirement for spintronics due to the expanding cloud market in the region.
Apart from this, the import of optical hardware, including spintronic-based transmitters and receivers, has risen because of their increasing requirement for supporting 5G network infrastructure in North America.