Nano-magnetic devices are sophisticated and expensive. Hence, their market is dominated by a handful of international tech titans of the likes of Intel Corporation, Fujitsu Ltd., IBM, Samsung Electronics, and LG Electronics. These companies have contributed substantially to the market and will likely impact its growth positively in the years to come as well. The various types of nano-magnetic devices available in the market are data storage, sensors, separation, medical and genetics, imaging, etc.
A report by Transparency Market Research finds that the global market for nano-magnetic devices will rise at a CAGR of 6.98% from 2016 to 2024. The market was worth US$7.2 bn in 2016 and expanding at the aforementioned rate, it will likely attain a value of US$12.41 bn by 2024.
What are the unique perceived benefits of nano-magnetic devices that is leading to their uptake?
A major factor fuelling demand for nano-magnetic devices is the rising popularity of nanotechnology, which is leveraged in production of electronics that have reduced sizes and are compact. Continued scaling down of the metal-oxide-semiconductor field-effect transistor (MOSFET), used in various electronic circuits, has reached its limitation. It is no longer possible to scale them down further on account of their physical and fabrication limitation. Enter nano-magnetic devices that can help reduce size of electronics even further, besides boosting their efficiency and longevity.
Some of the unique perceived benefits of nano-magnetic devices are minimal static power dissipation, high density, resistance to thermal noise room temperature operation, and radiation hardened nature. This coupled with their efficiency is driving their uptake.
The spike in demand for sensors in building automation and HVAC systems on account of the swift pace of urbanization is also stoking their market. Growing industrialization is another market stimulant as these cutting-edge devices find application in different high-end technologies.
What is countering the market of the sophisticated devices?
Research and development involved in developing nano-magnetic devices cost a lot. Besides, production of nano-magnetic devices require expensive materials and it is essentially a time-consuming procedure requiring highly skilled engineers. Because of these reasons, nano-magnetic devices are expensive. This has been one major deterrent to their quick adoption. Their demand is most visible in the developed nations owing to their expensiveness and high implementation cost.
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Besides, the stability of these devices is not quite up to the mark which makes them less viable for commercial applications.
What makes North America a market leader?
Depending upon geography, the key segments of the global market for nano-magnetic devices market are Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. At present, North America enjoys a leading position in the market due to the extensive application of nano-magnetic devices in building automation and advanced manufacturing. It is trailed by Europe. Asia-Pacific follows in the third position and going forward, the region will likely clock maximum growth due to the significant demand for consumer electronics.