According to a new market report published by Transparency Market Research , “Nano-magnetic devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024” was valued in terms of revenue at USD 6.98 bn in 2015 and is expected to reach USD 12.41 bn by 2024, growing at a CAGR of 6.98% during forecast period.
The nano-magnetic devices helps in transformation of power from one state to other without power dissipation. The laws of physics prevents devices from working below a certain size, nano-magnetic devices helps in further reduction of instrument sizes. Researches across the country have been probing for a new logic device which can eliminate limitation of MOSFET or other traditional electronic device structures. Advantages of nano-magnetic technology includes its inherently resistant towards radiation. The technology also increases efficiency of devices, reduces energy consumption and surges performance.
In 2015, a substantial share of the global nano-magnetics device computing market is held by North America. This region accounted for the largest share of the global market in 2015. Concentration of the prominent manufacturers and users of nano-magnetics device in this region contribute to the growth of the market in this part of the world. Increasing infrastructural development and growing rate of urbanization have also been driving the market. Moreover, the nano-magnetics device industry in North America has witnessed stable growth in the recent years and is expected to witness steady growth during the forecast period in this region from 2016-2024. North America has the largest market share for nano-magnetic devices. Highest share of production for nano-magnetics devices are being done in the U.S. due to the growing demand and applications of nanotechnology, and increased adoption of nonmagnetic materials and devices across most industry verticals.
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Europe acquires consistent regional market share for nano-magnetics device computing, accounting for more than 25% of the global market in 2015, in terms of revenue. The European market of nano-magnetics device computing has evolved considerably during the last few years owing to technological advancements that has happened in this region. The market in Europe is expected to record further growth in the coming years owing to rapid technological innovations and increasing demand from logistic and other network designing segment. The market in Europe is primarily influenced by growth in countries such as Germany, United Kingdom and France. Increasing use of giant magnetoresistive (GMR) sensors in data storage industry is driving the demand nano-magnetic sensors in this region. Due to increasing vulnerability of global economy and rising cases of information theft it is important secure data storage facilities. Also, the volume of data has been increasing remarkably leading to requirement of greater storage space.
This market in Asia Pacific is a lucrative and the growing at a fast rate. Countries in APAC such as Japan, China, and India owing to growth in segments of data storage, sensors and medical & genetics. The use of nano-magnetic device is growing in this region due to growth in its applications across several verticals. India and Japan are the fastest growing countries in the region so far as market of nano-magnetic devices are concerned. Technological advancement in Japan is leading to increasing demand for these devices, also several new application of these devices have been identified by automotive manufacturers in this region. This is leading to rising demand of nano-magnetic devices in this region during the forecast period 2016-2024.
This market is projected to record stable growth from 2016-2024 in the regions of Middle East and Africa. The most lucrative market is anticipated to be United Arab Emirates (UAE) due to increasing manufacturing, automotive, healthcare and extraction industries. Latin America market is set to offer potential growth opportunities to this market. Brazil accounted for more than 50% of the market share in 2015 and is forecasted to grow at a very high rate during the forecast period of 2016-2024.
Major market participants profiled in this report include Intel Corporation (the U.S.), Samsung Electronics (South Korea), LG Electronics Inc. (South Korea) amongst others.