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.
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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.
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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).
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