The global spintronics logic device market size was valued at USD 5.06 billion in 2021. It is projected to reach USD 70.95 billion by 2030, growing at a CAGR of 34.1% during the forecast period (2022-2030).
Spintronics is a field of study and development that combines magnetism and electronics and is expanding quickly. It aims to utilize the spin of electrons, a quantum property of the particle, to produce new functionalities and devices. Spin-polarised electrons are transmitted through non-magnetic layers placed between magnetic layers that act as spin polarizers or analyzers in spintronic devices. By using a spin-polarized current, it offers a novel method of controlling the magnetization of magnetic nanostructures. The spintronics logic technology has been used in hard disc drives and, more recently, nonvolatile standalone memories like magnetic random access memory (MRAM).
In addition to MRAMs, hybrid complementary metal-oxide-semiconductor (CMOS)/magnetic technology can result in a completely different design philosophy for electronic devices. The hybrid CMOS/magnetic tunnel junction (MTJ) technology is developing quickly and steadily, gaining dependability. In the area of low power, reprogrammable, and nonvolatile logic, this hybrid CMOS/magnetic technology has many crucial applications. Thus, the global spintronics logic device market is expected to witness exponential growth over the forecast period.
The widespread use of spintronics logic devices across various industries, particularly in automotive applications where connection reliability is crucial, has significantly impacted the market for spintronic logic devices globally. Due to their faster data transmission capabilities and increased storage capacity, spintronic logic devices are widely used in data storage devices. The advantages of spintronics-based circuits can be helpful in device-level operations, and one of them is non-volatility. The preservation of magnetization in spintronics devices without a power source comes naturally handy when creating memory devices and can be used advantageously in logic operations.
The ME coupling effect makes it possible to change the logic states that are stored in Ferromagnets at a low power cost, and it also improves energy scalability as future devices get smaller. With the proper material engineering, logic transfer using DW as a medium is a desirable option to achieve automation. The efficient transitions between the spin and charge states are made possible by spin-orbit coupling (SOC) processes such as the spin Hall effect (SHE) and Rashba-Edelstein effect (REE), which need less energy. Due to their underlying computation mechanisms, spin-based devices make it simpler to build logic.
Complementary metal-oxide-semiconductor (CMOS) technology has aggressively advanced and continuously scaled over the past 50 years. However, there have been increasing worries about increased power dissipation in large-scale integrated (VLSI) circuits and device performance/reliability issues. While this is happening, new challenges have emerged for the performance and reliability of electronic systems from emerging consumer electronics markets like autonomous driving platforms, mobile and distributed computing, and the internet of things (IoT). While widespread initiatives have advanced CMOS technology scaling, there is growing research interest in finding CMOS alternatives. Such efforts entail conceptualizing computational devices that could act as fundamental building blocks for new architectures, offering diversified computational functionality and better performance than the conventional CMOS-based paradigm. These devices would be based on new physics principles and new materials.
Spintronics is one of the most promising candidates for creating next-generation logic devices among these beyond-CMOS technologies. Utilizing the intrinsic property of spin, a physical manifestation of electron spin, spintronics creates the concept of state based on magnetism. However, to propose and evaluate the potential of new spin-based devices, accounting for the impact of novel material properties that govern the performance of these devices, this new technology necessitates the development and deployment of new simulation frameworks and design methodologies. These frameworks can also optimize these new technologies and ascertain how material and device parameters affect circuit performance.
Although using spintronic logic devices in automobiles helps to increase automation, the added cost prevents widespread adoption. Moreover, using this technology in cars driven continuously for an extended period causes heating problems and shortens the overall service life of temperature-sensitive power tools. As a result, this factor severely restricts the uptake of spintronic devices, limiting global market expansion. Other factors restraining the spintronics logic market are sustaining spin control over a long distance, combining methods from the magnetic and semiconductor recording industries, and losing electrons in their spin state when exposed to silicon.
With the steady increase in awareness about the advantages of spintronics logic devices, the research and development in the industry have increased, along with government support through various types of grants to the researchers involved in developing new spintronic devices.
The European Research Council (ERC) has provided a research team from the Technical University of Kaiserslautern (TUK) with a Consolidator Grant to create spintronic devices. The researchers will get EUR 2 million over the following five years (2022 to 2027). Researchers are developing new spintronic devices and spin waves that can potentially speed up data transmission, processing, and storage significantly.
The global spintronics logic device market is segmented by device type and application.
Based on device types, the global market is bifurcated into metal-based devices and semiconductor-based devices.
The metal-based device segment is the highest contributor to the market and is expected to grow at a CAGR of 31.1% during the forecast period. The higher share is linked with the beneficial characteristics of antiferromagnetic metals in spintronics logic devices. Antiferromagnets look very promising for future spintronic applications. Despite being magnetically ordered, there is zero net magnetization because the neighboring magnetic moments point in opposite directions. As a result, antiferromagnets do not generate stray fields and are not affected by changes in the external magnetic field.
Furthermore, they exhibit significant spin-orbit and magneto-transport effects and inherent high-frequency dynamics. Antiferromagnets have more uses than just serving as passive components in exchange bias applications and have become clear over the past ten years. This development shifted a paradigm to pave the way for novel ideas utilizing antiferromagnets for spin-based technologies and applications.
In the metal-based device segment, the giant magnetoresistance-based device (GMRs) sub-segment is leading due to its adoption in the automotive industry and HDD production. In a GMR drive head, a non-magnetic layer is sandwiched between two ferromagnetic layers; one of the layers is free to align with the magnetic field encoded on the disc, while the other layer has a fixed magnetic field direction. It is called scattering when an electron moves via a magnetic field and changes its spin state. The random, dispersed spin states of electrons cause a higher resistance to electric current. By perfectly aligning the spin state of the electrons with the magnetic field in the layers of the drive head, GMR technology significantly reduces resistance and speeds up data transfer. Since IBM first introduced GMR technology in 1997, it has been possible to create faster and denser drives than ever before.
Based on application, the global market is bifurcated into electric vehicles, industrial motors, semiconductor lasers, magnetic tunnel transistors, and data storage devices.
The industrial motors segment owns the highest market share and is expected to grow at a CAGR of 32.3% during the forecast period. The larger market share is linked with the rise in industrialization in developing countries and the demand for automation in the manufacturing sector to support increased production. Improved efficiency and lower overall labor costs are attributed to the demand for spintronic logic devices in the industrial motor segment. Additionally, the increased use of industrial robots and the expansion of power grids, which use a variety of rotary torque sensors to measure rotational forces, are creating lucrative opportunities for spintronic logic devices in industrial applications.
The global spintronics logic device market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the most significant shareholder in the global spintronics logic device market and is expected to grow at a CAGR of 35.2% during the forecast period. The larger market share is linked with large-scale manufacturing facilities in countries like China, Vietnam, South Korea, and India. Moreover, the growing demand for electric vehicles in this region is anticipated to open up opportunities for manufacturers in the market. Governments in Asia-Pacific display varying degrees of dedication in promoting electric vehicles. Comprehensive policy frameworks have been established to support adoption in China, Japan, and South Korea. Thailand has established its 3030 EV Production Policy, which aims to reach 30% of domestic vehicle production by 2030 in emerging Asia. The region's spintronics logic device market will expand due to the increasing demand for magnetic sensors, storage, and processors in automotive, consumer electronics, and industrial applications.
North America is expected to grow at a CAGR of 33.9%, generating USD 18.23 billion during the forecast period. The growth is linked with the enormous research done by regional companies and the growing adoption of spintronics technology. The North American spintronic logic devices market is primarily driven by technological advancements in spintronic logic devices, high per capita income in North America, and early adoption of automation. Using spintronic logic devices in hybrid, plug-in hybrid, and electric vehicles helps to increase fuel efficiency, increasing demand for spintronic logic devices. For instance, the region is experiencing significant growth in sectors like cloud services, enterprise storage, server RAID, industrial automation and IoT, and telecom infrastructure, fueling demand for cutting-edge technologies like spintronics.
Europe region is also growing at a substantial CAGR, owing to the steps taken by several European businesses to create spintronics-based, low-power electronic devices. Essential advancements in measurement science are being made as a result of EURAMET European research projects, which address industry needs. The adoption of research findings in many fields, including spintronics research, is accelerating due to these technical projects. For instance, the magnetic technology that reads and writes data on the hard disc is based on the science known as spintronics. Electronic devices that are smaller, faster, and more effective are essential to Europe's industrial innovation and economic growth, and they have the potential to advance efforts to reduce CO2 emissions significantly.
LAMEA region is projected to contribute to the spintronics logic device market growth due to the rapid advancements in the UAE, Saudi Arabia, Brazil, South Africa, and Argentina region. Moreover, Brazil seeks Taiwan's semiconductor assistance to expand the advanced chip industry in the largest economy in Latin America. Brazilian and Taiwanese officials and businesspeople from the global tech hub are coordinating their efforts to help the largest economy in Latin America grow its budding semiconductor industry. According to reports from a business council meeting supported by Taiwan's Ministry of Economic Affairs that was held in Taipei on Tuesday, Taiwan has the resources and expertise to assist Brazil in realizing its plans to develop a domestic semiconductor industry. Brazil's USD 50 billion technology sector would grow with more collaboration with Taiwan. These recent activities in the LAMEA region will push the growth of the spintronics logic device market over the forecast period.
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