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.
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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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.
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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.
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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.
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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