Nanotechnology Market Size to Reach $33.63 Billion By 2030

The global nanotechnology market share is expected to witness a considerable growth, owing to increase in adoption of smart technologies, especially in emerging economies such as Asia-Pacific and LAMEA, owing to huge demand for autonomous technologies in these regions

According to a new report published by Allied Market Research, titled, "Nanotechnology Market By Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global nanotechnology market size was valued at $1.76 billion in 2020, and is projected to reach $33.63 billion by 2030, registering a CAGR of 36.4% from 2021 to 2030.

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The nanotechnology market analysis is currently in its growth stage and is expected to register substantial growth in the near future, owing to the high investment in R&D activities by market players and increase in focus toward Internet of Things (IoT). Other factors that drive the market growth include increase in demand for automobile & electronics and development of smart devices.

According to nanotechnology market trends, emerging technologies, such as artificial intelligence (AI) and quantum computing, require nanotechnology to achieve full commercialization. The UK has a rich heritage of microprocessor design, with companies such as ARM and Imagination Technologies, and new start-up companies designing AI processors, such as Bristol-based Graphcore, which creates lucrative opportunities for its market growth globally.

North America is the second largest region, in terms of revenue generation, in the global nanotechnology market. The consumer electronics industry is well-established in North America, which has led to increased adoption of nanotechnology. In addition, rapid growth in the sales of consumer electronic products supplements the market growth. Moreover, increase in defense expenditure and widespread use of nanotechnology in healthcare, consumer electronics, and automotive industries drive the nanotechnology market growth globally.

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Intel has created a 14-nanometer transistor and IBM has created the first 7-nanometer transistor recently. In addition, ultra-high definition displays and televisions are now being sold that use quantum dots to produce more vibrant colors while being more energy efficient. Furthermore, nanotechnology and nanotech devices are used to develop computing and electronic products, which include flash memory chips for smartphones and thumb drives, ultra-responsive hearing aids, antimicrobial/antibacterial coatings on keyboards and cell phone casings, conductive inks for printed electronics for RFID, smart cards and smart packaging, and flexible displays for e-book readers.

Various nanodevices and nanosensors are used for offshore oil & gas extractions to detect any faulty working conditions. Furthermore, researchers are developing wires containing carbon nanotubes that will have much lower resistance than the high-tension wires currently used in the electric grid, thus reducing transmission power loss. In addition, nanotechnology can be incorporated into solar panels to generate electricity more efficiently, promising inexpensive solar power in the future.

Nanostructured solar cells could be cheaper to manufacture and easier to install, since they can use print-like manufacturing processes and can be made in flexible rolls rather than discrete panels. Furthermore, the number of energy efficiency and energy saving products are increasing and also its types of application. Nanotechnology is enabling more efficient lighting systems, lighter and stronger vehicle chassis materials for the transportation sector, lower energy consumption in advanced electronics, and light-responsive smart coatings for glass.

The emergence of COVID-19 has significantly impacted the smart display industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for nanotechnology during the pandemic. However, the rise in demand for signage display in sport & entertainment sectors has grown during the pandemic. Hence, the sport & entertainment sector is expected to witness prominent growth post-pandemic for the nanotechnology industry.

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Key Findings of the Study

In 2020, the nanodevice segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 38.5% during the forecast period.
The healthcare segment is projected to grow by 36.2% from 2021 to 2030 in the nanotechnology market share.
North America contributed major share in nanotechnology market analysis, accounting for more than 32.11% share in 2020.

The key players profiled in the report include Altair Nanotechnologies Inc., Applied Nanotech Holdings Inc., Thermofisher Scientific, Imina Technologies Sa, Bruker Axs, Kleindiek Nanotechnik GmbH, eSpin Technologies Inc., Advanced Nano Products, Biosensor International, and Nanoics Imaging Ltd. These Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the nanotechnology market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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This release was published on openPR.