memory storage devices, which is expected to drive market for Spintronics in energy efficient
chips industry.
Factors Driving Growth of the Spintronics Market
The major factor driving growth of the Spintronics market is growing adoption of IoT-based
devices. For instance, according to the statistics published by Global System Mobile Association
(GSMA), the number of industrial IoT connections is expected to increase from 3 billion to 14
billion from 2017 to 2025. This is attributed to rising adoption of solution for smart buildings
(for heating, air conditioning, building security, lighting, office equipment, and automation),
manufacturing (inventory tracking, monitoring and diagnostics, and warehouse management)
and utilities (energy, water & gas smart metering, and smart grid solutions). Increasing demand
for technologies such as Advanced Driver Assistance System (ADAS), self-driving technology,
fleet management, smart homes, and connected vehicles among others is propelling demand
for sensors which is integral part of these technology. For instance, according to the statistics
published by Robert Bosch GmbH in August 2017, one of the leading automotive suppliers, the
sales of video sensors witnessed an increase by 80% and radar system by 60% in 2017 as
compared to the sales in 2016. Thus, increasing adoption of sensors in these technology is
further driving the Spintronics market growth, as it one of the major application of Spintronics.
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Furthermore, several benefits of Spintronics over conventional electronics is fueling growth of
the Spintronics market. For instance, electronics require specialized semiconductor materials
in order to control the flow of charge through transistors. Whereas, spin can be measured simply
in common metals such as aluminum or copper. Furthermore, less energy is required to change
spin than to generate a current in order to maintain electron charges in a device. Hence,
Spintronics device use less power.
However, lack of awareness among users regarding Spintronics technology, as it is still in the
nascent stage on contrary to conventional electronics technology; is expected to restrain the
market growth.
Regional Insight for Spintronics market
On the basis of geography, the global Spintronics market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific holds the largest share