Technology is rapidly advancing, and with it comes new ways to use electricity in more efficient ways. Tunnel Magneto Resistance (TMR) based devices are a recent example of this progress.
Drivers of the Tunnel Magneto Resistance Based Devices (TMRs) Market
1. Increasing demand for data storage: The increasing demand for data storage devices is driving the growth of the tunnel magneto resistance-based devices (TMRs) market. This is due to the fact that TMRs offer better performance, higher reliability and increased capacity when compared to conventional hard disk drives.
2. Adoption of new technology: The adoption of new technologies such as 3D NAND flash memory and phase-change memories has been instrumental in driving the growth of the tunnel magneto resistance based devices (TMRs) market.
Advantages of the Tunnel Magneto Resistance Based Devices (TMRs) Market
1. TMRs offer high sensitivity, low power consumption and better thermal stability compared to other magneto resistive devices.
2. They exhibit lower noise levels, higher resistance ratio and improved bandwidth compared to other types of sensors.
3. The TMRs can be used in a variety of applications such as magnetic field sensing, position or velocity sensing, current detection and data storage.
4. They provide highly accurate data for various applications due to their ability to sense changes in nanometre resolution level and picots range magnetic fields.
Market Value and CAGR of the Tunnel Magneto Resistance Based Devices (TMRs) Market
The market value and CAGR of the Tunnel Magneto Resistance Based Devices (TMRs) Market is expected to reach USD 1.0 billion by 2032, with a CAGR of 11.0% over the forecast period (2020-2032).
The growth of this market is attributed to the increasing demand for high precision, low power consumption and high-speed magnetic sensors. Moreover, the development of advanced materials and technologies, such as spintronics, micromagnetic, and nano magnetism, are expected to further drive the growth of the market. Additionally, growing applications in automotive and consumer electronics along with increasing government funding are also fuelling the growth of this market.
Challenges of the Tunnel Magneto Resistance Based Devices (TMRs) Market
1. High Cost: One of the biggest challenges faced by the TMRs market is the high cost associated with its components and production. The manufacturing process of these devices involves several complicated steps and highly specialized materials, which increases costs significantly.
2. Complex Manufacturing Process: The complicated manufacturing process involved in producing TMRs makes it difficult for manufacturers to keep up with the changing demands of consumers.
3. Low Production Quantity: TMRs are produced in very small quantities, making it difficult for manufacturers to meet large demand and scale up production quickly without incurring significant costs.
4. Limited Applications: While TMRs have a wide range of potential applications, there are still many that remain unexplored due to their complexity and limited research into them. This limits their adoption and market growth potential.
The most demanded product of the Tunnel Magneto Resistance Based Devices (TMRs) Market is expected to be the Tunnel Magneto Resistance (TMR) sensors. These sensors are used to measure magnetic fields in various industrial and commercial applications. They have the ability to detect very small changes in magnetic fields, making them highly useful for sensing precise measurements. The use of these devices is expected to grow significantly in the near future due to increased demand from various industries such as automotive, medical, aerospace and military.
By type, the market is divided into TMR Sensors, Magnetic Read Heads and Magnetic Tuners & Amplifiers. TMR Sensors are expected to dominate the market during the forecast period due to their high accuracy and reliability. Moreover, they offer a wide range of features including low power consumption, high speed operation and high sensitivity. They are also available in different sizes and shapes which makes them suitable for a variety of applications.
By application, the Tunnel Magneto Resistance Based Devices (TMRs) Market is segmented into Automotive, Industrial Automation & Control Systems, Healthcare & Medical Systems, Aerospace & Défense and Others. Automotive industry is expected to be the largest application segment of this market owing to the growing demand for efficient and reliable sensing solutions for automotive safety systems such as braking systems, ABS systems etc
By region, the market is analysed across North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Europe is expected to be the largest regional segment of this market due to the presence of major vehicle manufacturers such as Volkswagen AG and BMW AG in this region. Moreover, stringent government regulations regarding vehicle safety are also driving the growth of this market in Europe.
Impact of Covid-19
The lockdown measures implemented by governments across the globe to contain the spread of the virus have led to a decrease in demand for TMRs from various end-use industries. Additionally, the disruptions in the global supply chain have also hampered the production and supply of TMRs..
The data storage industry is one of the major end-users of TMRs. The ongoing pandemic has led to a decrease in demand for data storage devices as businesses have been forced to cut down on their spending. Electric vehicles are another major application for TMRs. The slump in global vehicle sales due to the pandemic has also impacted the demand for TMRs used in electric vehicles. Industrial motors and semiconductor lasers are other important applications for TMRs. However, both these industries have been adversely affected by the pandemic and this is likely to continue in the short term.
Key developments in the Tunnel Magneto Resistance Based Devices (TMRs) Market
In January, the world's first TMR-based magnetic random-access memory (MRAM) products were introduced by Fujitsu Semiconductor, a subsidiary of Fujitsu, Ltd. The product line includes embedded MRAM chips as well as discrete chips that are designed to replace existing SRAM and DRAM memories in a variety of applications.
In February, the National Institute of Standards and Technology (NIST) announced that it had developed a new device based on tunnel magnetoresistance (TMR) technology. The NIST TMR device is an integrated circuit that can be used to measure the resistance across two thin films of magnetic material and accurately determine their relative magnetization. This technology has potential applications in data storage, sensing, and communication
Tunnel Magneto Resistance Based Devices (TMRs) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.0 billion|
|Growth Rate||CAGR of 11.0 % during 2021-2031|
|Segment Covered||By Type, By Application, End Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
Key Segment of Tunnel Magneto Resistance Based Devices (TMRs) Market
By Type Overview 2021-2031, (USD Billion)
• Clock Spin
• Counter clock Spin
By Application Overview 2021-2031, (USD Billion)
• Data Storage
• Electric Vehicles
• Industrial Motors
• Semiconductor Lasers
• Microwave Devices
• Quantum Computing
By End-User Overview 2021-2031, ($ Billion)
• Manufacturing companies
By Region Overview 2021-2031, ($ Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa