Spintronics is an emerging technology which makes use of the influence of charge, spin and magnetic moment of the electron for electrical conduction in an electronic device. The market for devices employing the spintronics technology is on rise at a global scale.
The concept of exploiting the spinning attributes of electron is projected to open up a whole new range of applications in electronic such as in MRAM devices, read heads of hard discs, sensors, magnetic tunnel transistors, electric vehicles and so on. Apart from its powerful applications in mass storage, spintronics has potential to provide opportunities in the emerging fields such as in nano electronic technology. The spintronics technology, thus, has a lot of future opportunities and prospects to grow and this is forecast to fuel the spintronics market in the years to come.
However, the spintronics market faces a number of challenges for the technology to come into action, like spin dynamics and spin pumping phenomena, development of silicon spintronics and so on that act as barriers for the development of spintronics. Besides, in-depth knowledge of basics and enormous research in the fundamentals of physics are required for the development of spintronic applications.
In 2015, the global spintronics market was valued at $xxx million and is estimated to grow at a healthy CAGR of x.x% over the forecast period.
There are two major types of spintronic devices, namely: Metal-based devices and Semiconductor-based devices. Giant Magnetoresistance based devices, Tunnel Magneto resistance based devices, Spin-transfer Torque devices and Spin-wave logic devices are categorized under the metal-based devices. Spin diodes, Spin filters and Spin field effect transistors fall under the semiconductor-based category of spintronics devices.
Spintronics is one of the emerging markets as of today. It is in great demand, as it offers a wide range of advantages over the traditional electronics such as low power consumption, economic viability, compactness, high data transfer speed and so on.
The sales for electric vehicles are steadily growing in most of the parts of the world. The above figure represents the forecast about the number of light duty electric vehicles sold during 2015 – 2020 in the U.S. There will be a significant demand for such vehicles in the future owing to energy and environmental concerns and this drives the market for Spintronics which is applied in such vehicles.