The nano-magnetic devices market is flooded with of several new entrants. This is rending a highly competitive and fragmented landscape to the global nano- magnetic device market.
Some of the prominent players operating in the non-magnetic devices market are Intel Corporation, Samsung Electronics, LG Electronics Inc, Fujitsu Limited and Microsoft. These players are increasingly relying on product development and business expansion in order to strengthen their market position.
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In addition to this, these players are investing on advanced sensors, Biosensors and bioassays and data storages technologies to stay competitive. These advancements are expected to bolster growth in the nano-magnetic devices market.
According to a market intelligent report released by Transparency Market Research, the nano-magnetic devices market in expected to witness a stellar growth. The opportunities in the market are expected to touch a valuation of US$12.41 bn by the end of 2024. The market was recorded at a value of US$7.2 bn at the end of 2016. This means nano-magnetic devices market is projected to grow at an impressive CAGR of 6.98% during the forecast period.
Based on region, North America is expected to hold highest share in the nano-magnetic device market during the forecast period. This is mainly because of the early adoption of the advanced technology and high spending power of consumer in the region. Asia Pacific is expected to surpass North America in terms of regional revenue by the end of forecast period. This is mainly due to the increasing penetration of electric devices in China, Japan, India and South Korea. On the basis of end user industries, the electronics and IT is extrapolated to accounts for the maximum revenue share in the nano-magnetic devices market.
Growing Application of Nano- magnetic Devices to Drive Growth
Nanotechnology has gained traction in the recent time, this is mainly due to the increasing popularity of the advanced and modernized appliances across the globe. Nano-magnetic devices are the prime beneficiary of this advancement. Further, advent of advanced technology such as composite materials, nanoparticles, fabrication technologies, small machine equipment manufacturing are offering a competitive edge to the non-magnetic devices market,
Moreover, nanotechnology is gaining acceptance in various industrial applications, owing to the cost-effectiveness. This is promoting miniaturization of the electronic industry thus leading to the introduction of new nano magnetic devices. For instance, integration of integrated circuits (ICs) on nanofibers, this is helping electronic appliances to withstand higher amount of heat and exhibits good conductivity. These advents of these nano-magnetic devices are expected to offer new growth dynamics to the semiconductor industry.
Increasing demand for advanced electronic appliances from several other industries such as healthcare, agriculture and manufacturing is a prominent factor expected to drive the global nano-magnetic devices market.
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High Investment for Integration and Testing of Nano-magnetic Devices to Hamper Prospects
Along with this, increasing acceptance of the nano- magnetic devices in fuel cell and hydrogen powered fuel cell making them more efficient, pocket friendly and commercially viable.
Despite several drivers, the nano-magnetic devices need through testing the manufacturers in order to integrate them with other devices. The low budget assigned by the manufacturers for new innovation and exploration is a major hurdle in the mass adoption of nano-magnetic devices in several industrial sectors.
However, unpreceded rise in urbanization and industrialisation is one of the major driving force for nano-magnetic devices market. Additionally, increasing use of sensors across various sectors such as building automation and HVAC system.
The information is derived from report titled, “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”
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