Nanomagnets are submicrometric system which gives an instant magnetization at zero magnetic field applied. Currently, what is driving the nano-magnetic devices market is the growing demand for nanotechnology. The embedding of this technology has become essential in various manufacturing procedure in the industries, with high development and advancements in developed countries. Moreover, the rise in demand for microelectronics in the manufacturing of flat panel display, solar cells, and microchips.
According to a report by Transparency Market Research (TMR) the global nano-magnetic devices market is prognosticated to expand at a CAGR of 6.98% within the forecast period from 2016 to 2024. In year, 2016, the market was valued at worth of US$7.2 bn. This figures is expected to reach around US$12.41 bn by the end of forecast period, 2024.
What are the factors fueling the demand for nano-magnetic devices?
There appears to be a rising requirement for nanotechnology in high-end manufacturing due to requirement of compact performance and size reduction of electronics. This innovation has been significantly demand by developed nations like the U.S., France, and Australia among others. Besides, the growing demand of nanotechnology, the developing interest of effective and energy efficient devices is driving this market. Because of high instability in atmosphere and energy politics, energy efficient devices are on high demand, globally. Most recent advancements in electronic devices are less tedious and energy effective options. Be that as it may, the global nano-magnetic gadget market is being restricted by the high cost of innovative work for these devices. The manufacturing of nano-magnetic devices includes costly materials and techniques. It likewise requires time and skilled professionals that further propels the cost of research. The success percentage of stability from these devices have been poor which wipes out quick adoptability in business applications.
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The global nano-magnetic devices market is divided as per the types, into separation, sensors, data storage, imaging, medical and genetics, and so on. Growing usage of nano-magnetic sensors in a wide variety of fields such as consumer electronics, healthcare, environmental segment are fueling the sensors market.
What factors propel the growth of nano-magnetic devices in various regions?
In 2015, a substantial share of the global nano-magnetic devices market was held by North America, attributable to the high centralization of conspicuous producers and buyers of nano-magnetics gadget in the region. Expanding infrastructural advancement and increasing rate of urbanization have likewise been driving the North America nano-magnetic devices market. Additionally, the nano-magnetics gadget industry in North America has seen stable development in the past few years and is foreseen to witness consistent development within the forecast period from 2016 to 2024 as well.
This market for nano-magnetic devices in Asia Pacific is presently thought to be lucrative and developing at a high speed. Nations in APAC, for example, China, Japan, and India, attributable to development in segments of sensors, data storage, and medical and genetics as demonstrating a high rate of utilization of nano-magnetic devices. This demand is additionally anticipated to rise because of its development in various applications over a few verticals.
Which are the major firms leading the market?
Intel Corporation, IBM, Samsung Electronics, Fujitsu Ltd., and LG Electronics are some of the keys palyers in the global nano-magnetic devices.