Research activities have always been swift in the area of finding ways to manufacture electronic devices that are smaller, cheaper, and faster than their predecessors. Reducing the size of transistors in conventional electronic technology (CMOS) has been one of the most tried and trusted approach to produce such devices. However, owing to the laws of physics, transistor sizes cannot be reduced below a certain size, compelling researchers to find alternatives capable of either replacing or augmenting CMOS capabilities.
Ongoing research and some very successful applications point towards nanomagnetic devices as the much required alternative. Transparency Market Research (TMR), in one of its recent research reports, states that the global market for nanomagnetic devices will exhibit a promising 6.98% CAGR over the period between 2016 and 2024, rising from a valuation of nearly US$7.2 bn in 2016 to US$12.41 bn by 2024.
In this blog-post, TMR analysts highlight some of the market’s key developments and opportunities:
What are the key driving forces fueling the global demand for nanomagnetic devices?
The increased focus on research and development activities in the field of nanotechnology and an increasing set of applications areas of nanomagnetic devices are the key factors driving the global market for nanomagnetic devices. The market is also driven due to the increased demand for a variety of sensors in residential and industrial automation, in heating ventilation and air-conditioning (HVAC) systems, and communication systems.
The thriving industrial and manufacturing sectors, especially in emerging economies such as India and China, are swiftly adopting digitization as the way to optimum returns and reduced time-to-market, and energy efficient operations. Automation is becoming an important part of new or modified industrial and manufacturing infrastructures in these economies. This factor is expected to play a key role in the overall development of the global nanomagnetic devices market in the next few years.
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Which regional markets are envisaged to lead to most promising returns for the nanomagnetic devices market?
The high base and implementation costs of nanomagnetic devices limit their usage largely to developed countries across regions such as Europe and North America. The established and digitally advanced industrial and manufacturing sectors across these regions, coupled with the presence of active research bodies have driven the market for nanomagnetic devices in the past years. North America is presently the leading regional market for nanomaterials devices, accounting for the leading share in global market’s revenue. The region is also expected to remain one of the leading consumers of nanomagnetic devices going ahead.
However, the thriving industrial and manufacturing sectors across emerging economies in Asia Pacific also make for promising investment avenues and are expected to emerge as leading consumers of nanomagnetic devices in the next few years. Rising focus on implementing industrial automation will be the key driving force for the market.