Albany, NY -- (SBWIRE) -- 11/13/2017 -- Electronics, LG Electronics, and Fujitsu Ltd. Their contributions to the global nano-magnetic devices market have been enormous and are likely to be huge for the growth of the market in general over the coming years.
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According to a research report released by Transparency Market Research, 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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Nanotech Quantity and Volume Demand on the Rise
"Driving the global nano-magnetic devices market at the moment is the rising demand for nanotechnology. It is currently a core necessity in several manufacturing processes and has already been developed to a high extent in several of the developed nations in the world. The use of nanotech in advanced manufacturing is also one of the top agendas for top emerging economies such as China and India, putting a lot of focus on the development of nanotech over the coming years," states a TMR analyst. The global nano-magnetic devices market is simultaneously being driven by the growing demand for microelectronics in the production of microchips, solar cells, and flat panel displays, among others.
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The global nano-magnetic devices market is also being driven by factors such as the swiftly reducing scales of devices while conversely gaining an increase in resolution and characteristics. It is becoming increasingly possible to manufacture devices that are not only extremely small, but also more sophisticated than their predecessors. Nano-magnetic devices are a key component of building tomorrow's devices that are lighter, smarter, more power-efficient, and highly durable. This is also applicable to commercial electronics.
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