Nano-magnetic Devices Market
Nano-magnetic Devices Market (Product Type - Sensors (Biosensors and Bioassays and GMR Sensors), Separation, Data Storage (Hard Disks and MRAM), Medical and Genetics, and Imaging; End User - Electronics and IT, Medical and Healthcare, Energy, and Environment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Press Release :
Global Nano-magnetic Devices Market: Snapshot
The global nano-magnetic device market is driven by the increasing demand of nanotechnology. There is a growing need for nanotechnology in advanced manufacturing owing to requirement of size reduction and compact performance of electronics. This technology has been majorly demanded by developed countries like France, the U.S., Australia and France amongst others. Apart from the rising demand of nanotechnology, the growing demand of energy efficient and effective devices is driving this market. Due to high volatility in climate and energy politics, energy efficiency devices are being demanded globally. Latest innovations in electronic devices are less time consuming and energy efficient alternatives. However, the global nano-magnetic device market is being restrained by the high cost of research and development for these devices. The manufacturing of nano-magnetic device involves expensive materials and procedures. It also requires time and skilled engineers that further increases the cost of research. The success rate of stability from these devices have been poor which eliminates fast adoptability in commercial applications. Industrial expenditure on R&D for these devices is also low but the increasing requirement of these innovations is expected to attract investments form major players.
The global nano-magnetic devices market was valued to reach US$7.2 bn at the end of 2016. The market’s revenue is expected to reach US$12.41 bn by the end of 2024, after expanding at a CAGR of 6.98% during forecast period between 2016 and 2024.
North America Tops Revenue Generation Rate in Global Nano-magnetic Device Market
In 2015, a substantial share of the global nano-magnetics device computing market was held by North America, owing to the high concentration of prominent manufacturers and users of nano-magnetics device in this region. Increasing infrastructural development and growing rate of urbanization have also been driving the overall North America nano-magnetic device 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 to 2024. The leading share of production for nano-magnetics devices in North America is currently being held by the U.S. due to the growing demand and applications of nanotechnology, and the increased adoption of nonmagnetic materials and devices across industry verticals.
This market for nano-magnetic devices in Asia Pacific is currently considered lucrative and 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 as showing a high rate of use of nano-magnetic device. This demand is also expected to increase due to its growth in multiple applications across several verticals. India and Japan are faster-growing countries in the region. 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.
Increasing HVAC Spurs Use of Nano-magnetic Devices
The report segregates the global nano-magnetic devices market on the basis of types, into sensors, separation, data storage, medical and genetics, imaging, and others. Extensive usage of nano-magnetic sensors in a wide variety of fields such as healthcare, consumer electronics, environmental segment are driving the sensors market. Increasing demand of HVAC systems and building automation across all geographical areas has led to the growing demand of nano-magnetic devices in various verticals of manufacturing. The demand for centralized security access across the globe due to the rising apprehensions over security is dominant across the globe, the nano-magnetic sensors are very useful for security measure and various other forms of nano-magnetic devices are also adopted for security purposes.
Key market participants in the global nano-magnetic device market to date have included Intel Corporation (the U.S.), Samsung Electronics (South Korea), and LG Electronics Inc. (South Korea).
Growing Demand across Electronic Appliances to Propel the Growth Rate of the Nano-Magnetic Devices Market between 2016 and 2024
The nano-magnetic devices market is prognosticated to observe promising growth across the assessment period of 2016-2024 on the escalating demand for nanotechnology around the world. The growing adoption of modern electronic appliances among a considerable chunk of the global populace will propel the growth of the nano-magnetic devices market during the forecast period.
- Nano-magnetic devices are prominently used in the electronics industry for reducing the size of an electronic product and also assist in increasing the longevity of a specific product. The penetration of these devices in a massive number of electronic appliances will bring immense growth prospects for the nano-magnetic devices market.
- The players in the nano-magnetic devices market are investing heftily in research and development activities. These activities help the players in the nano-magnetic devices market to incur maximized sales. An increase in revenue eventually helps in boosting the growth rate of the nano-magnetic devices market. Strategic collaborations also assist the nano-magnetic devices market to observe inclining growth. These collaborations enable the players to cement their foothold in the nano-magnetic devices market.
- Expansion activities are on the top priority of the players in the nano-magnetic devices market. These activities allow the players to explore novel insights and offer seamless product distribution to the end-users. Hence, all these factors bring tremendous growth opportunities for the nano-magnetic devices market.
- The SARS-CoV-2 outbreak has caused disruptions across a large number of businesses and sectors around the globe. The imposition of strict lockdown restrictions by various countries to contain the deadly virus resulted in the closure of manufacturing units and production facilities. The sales of electronic appliances also observed a decline during the initial months of complete lockdown. Thus, all these factors proved to be growth obstacles for the nano-magnetic devices market.
- Nevertheless, the relaxations announced by the governments of numerous countries to bring the economy on track will prove to be a golden opportunity for reviving the growth.
Global Nano-magnetic Devices Market: Overview
Rigorous scaling down of the metal-oxide-semiconductor field-effect transistor (MOSFET) has occurred for improvement of electronic appliance performances. However, it has come to a stage where further scaling of these devices are no longer possible due to their physical and fabrication limitation. The nano-magnetic devices are useful in these scenarios as they can reduce size of electronics considerably and also increase its efficiency. These devices also helps in reduction of size and increase in product longevity. Nano-magnetic devices have multiple advantages like low static power dissipation, high density, robustness towards thermal noise room temperature operation, and radiation hardened nature. Radiation-resistant is another feature of nano-magnetic devices.
Global Nano-magnetic Devices Market: Top Drivers and Key Restraints
One of the major driving force for nano-magnetic devices market is the growing demand for nanotechnology and increasing usage of sensors across various sectors such as building automation and HVAC system. Nano-magnetic devices are also anticipated to be used in building automation, HVAC systems, and communication system. Also, the augmented use of nano-magnetic devices in industrial applications is also forecasted to primarily drive the global nano-magnetic devices market over the next few years to come. Increasing industrialization and manufacturing industries require high end technologies which are highly efficient and low energy consuming, nano-magnetic devices helps in full filling this requirement. The demand for these devices are more prominent in the developed countries due to their expensive nature and high implementation cost. However, its extensive usage in a variety of applications across various advanced manufacturing processes is driving this market during the forecast period from 2016 to 2024. These devices are constantly being incorporated in several segments and also its application in new segments are increasingly driving global demand for this market. Increasing usage of nano-magnetic devices in sensors, medical and genetics segments is forecasted to increase the global market of nano-magnetic devices over the forecast period of 2016-2024.
The increase in demand for the nano-magnetic devices is also driven by the increasing usage of nano technology-enabled sensors that are used in chemical, physical, and biological sensing. These sensors empower increased recognition specificity, multiplexing capability, sensitivity, and portability for a wide variety of health, safety, and environmental assessments.
Global Nano-magnetic Devices Market: Geographic Analysis
Nano-magnetic devices market is segmented on the basis of type and region. On the basis of type, the market is divided as sensors, separation, data storage, medical and genetics, imaging and others. On the basis of regional segmentation, nano-magnetic devices market is segmented into five regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. Regionally, North America accounted for the largest market share in 2015 thereby leading the market due to its extensive usage in building automation and advanced manufacturing, followed by the regions of Europe and Asia-Pacific. The region of Asia Pacific is forecasted to grow with the highest growth rate over the forecast period. Asia Pacific has been maintaining the constant adaptation of these nano-magnetic devices owing to the rapid increase in demand for consumer electronics and growing awareness over environmental issues.
Global Nano-magnetic Devices Market: Competitive Landscape
In this report, nano-magnetic devices have been analyzed in a very detailed manner. Major players of this market have been incorporated into this report. Their financial details and strategic overview have been studied here. This strategic overview showcase agenda and development of these key players in this market segment. With it, competitive outlook of these key players have been studied as well. SWOT analysis of key players have also been incorporated in this report. In this report, global nano-magnetic devices market have been analyzed on the basis of revenue and the projection period runs from 2016 to 2024.
Some of the major players operating in Nano-magnetic devices market are Intel Corporation (the U.S.), Samsung Electronics (South Korea), LG Electronics Inc. (South Korea), among others.
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