Soaring Deployment of Electric Vehicles Driving Spintronics Demand

The burgeoning requirement for magnetoresistive random-access memory (MRAM) is one of the major factors fueling the worldwide demand for spintronics devices. MRAM is basically a non-volatile memory technology, which utilizes electron spinning for reversing a layer’s magnetization and storing data in the memory with the help of the electric current, instead of relying on the magnetic field.

Unlike the traditionally used RAMs, MRAM can retain the data even when there is no power. In addition, MRAMs demonstrate high transfer speeds and require less power, which further contribute to their soaring popularity all over the world. Besides, the surging deployment of electric vehicles (EVs) is also fueling the demand for spintronics devices.

This is because spintronics systems are extensively used in these vehicles for monitoring the battery life and current flow, which aids in improving the battery performance. Moreover, tunnel magneto resistance (TMR) and giant magneto resistance (GMR), which are two metal-based spintronics, are used in place of the anisotropic magnetoresistance (AMR) sensors and hall ICs for position sensing.

This is because of the lesser power consumption of the TMR and GMR sensors (μW and mW, respectively) than the AMR sensors and hall ICs (nearly 10mW under continuous usage). Owing to the extensive usage of spintronics devices in electric vehicles, the expansion of the automobile industry is driving the growth of the spintronics market, as a result of which, the revenue of the market will surge from $362.7 million in 2019 to $12,845.6 million by 2030.

This market research report provides a comprehensive overview of the market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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