Spintronics Market is Estimated To Reach US$ 2.4 Billion By 2033 By CIOTechOutlook Team

Spintronics Market is Estimated To Reach US$ 2.4 Billion By 2033

CIOTechOutlook Team | Monday, 24 July 2023, 03:15 IST

The global spintronics market is anticipated to grow at a CAGR of 8.1% and reach a worth of US$ 2.4 billion by 2033, according to a source of market research and competitive intelligence.

Transistors based on spintronics could be replaced by spintronic circuit boards. Spintronics, one of the newest subfields of nanotechnology, has grown quickly. Spintronics is an appealing alternative for many applications, including computer processors, memory devices, and sensors, as it has the potential to provide quicker and more energy-efficient gadgets than traditional electronics.

Global demand for hybrid and electric cars (EVs) is one of the primary factors driving market expansion. To increase an automobile's total efficiency, spintronic closed-loop sensors are frequently used to precisely assess the battery's remaining capacity and confirm the charge and discharge stages.

Market expansion is being aided by a number of technological developments, including the creation of spin transistors based on semiconductors and the merging of linked devices with the Internet of Things (IoT). Numerous other factors, such as the extensive implementation of 5G technology, particularly in developing economies, and the strong research and development (R&D) efforts, are expected to drive the market forward.

Spintronic sensors are used in industrial automation, process control, and more extended industrial IoT applications. Various industrial applications also employ sensors for rotation, linear and angular position detection, and current sensing.