The word nanotechnology is one of the marvelous blessings of modern science. Nanotechnology is etymologically derived from the Greek word ""nânos"" which means dwarf and ""technology"" which means the systematic application of scientific knowledge. So, in essence, nanotechnology is the systematic study and application of materials in nanoscale. It is the manipulation of particles in the atomic and molecular scale.
Today Nanotechnology is used in assorted ways. It is a fast-growing industry and has major scrutiny of the practitioners and enthusiasts in STEM fields. Nanotechnology is keeping footprints in various industries that include health care, semiconductor and electronics, cosmetics, pharmaceuticals, agriculture and others.
The small structure of nanoparticles gives them clear leverage over the microparticles. Nanostructured metals in spite of being smaller than the macro-sized metals are harder than them. Moreover, light absorption and reflection properties of nanomaterials also differs from macro materials. This characteristic gives Nanotechnology a clear preference for using nanoparticle in modern industries. Which is why today nanotechnology and its market is one of the fastest rising markets worldwide.
Global Market Summary:
From the past few years, the global nanotechnology market has shown impressive growth. Increased demand for smaller and energy efficient devices, partnerships and alliance between countries and companies, rising demand of nanotechnology-based products in healthcare, growing R&D support by the government and non-government institutions are some of the major driving forces for the market. Our Study on nanotechnology market shows that due to the aforesaid driving factors, over 1600 manufactured nanotech products by several companies are available in the market and new products are coming to market at a rate of 3-4 per week.
However, factors such as high cost of the technology and associated environmental issues, and lack of skilled workforce restraints the market growth.
Following such trends, nanotechnology market is estimated to grow from USD 7 billion with an ~CAGR 16% and reach a worth of USD 24 billion by 2025. The graph depicts the projected market growth during from 2017 to 2025.
Altairnano Inc, Nanosys Inc, Acusphere Inc, Zyvex Corporation, CHASM Technologies, Bruker Corporation, Agilent Technologies, Nanosurf AG, Nanoscience Instruments, Malvern Panalytical, Intel Corporation, Ablynx and Hysitron are some of the major players operating in the market.
Contemporary key developments:
Multilayered Integrated Film Bulk Acoustic Resonators
This are devices with result of direct application of nanotechnology. This Film Bulk Acoustic Resonators can detect change even in slightest change in weight, light and electric impulse. Their greater accuracy is enough to weight a virus of one femtogram. This device can be used to detect air quality and detect biomarkers for cancer.
Owing to this property this contemporary innovation has the potential to become a device of great market value.
Graphene-enhanced nanoelectromechanical systems
In the present world machines of small scales are used extensively. NEMS (nanoelectromechanical system) is a promising technology that can provide greater efficiency at lower energy consumption. The application of NEMS can be seen in ultrasensitive sensors and in communication systems as well. NEMS will replace traditional heavy power consuming equipment with small sized equipment made using nanotechnology. Adoption of this technology may be a great opportunity for global nanotechnology market.
Nano Bioengineering of Enzymes
Oil is a non-renewable energy source with limited reserve. Thus, many industries are now moving towards adoption of renewable energy to meet their energy requirements. Nano bioengineering is producing enzymes that can be used to make ethanol from wood chips, and corn stalks. This is seen as an opportunity for market growth on the expanding potential of alternative fuel.
Dominant region and fastest growing region:
Semiconductor and electronics, biotechnology and genetic engineering are the major application fields where the use of nanotechnology is most prominent. North America and Europe are the major revenue generating regions for the market. In North America, U.S. leads the market due the presence of market players like Intel Corporation, Texas Instruments Incorporated, and Applied Molecular Genetics (AMGen) others within the region. Asia Pacific region has the fastest growing rate in the global nanotechnology market.
The global nanotechnology market is segmented on the basis of products, application, and region.
By products: In this segment market is categorized in basis of different products present in the market. The segment is devised into nanotubes, nano-composites, nano-fibers, nano-lithography tools, nano-ceramics, nano-clays, and nano-magnetics.
By application of products: By application of nanotechnology, market is further sub segmented on basis of the industries where they are used most. Most prominent of them are Semiconductors & Electronics Industry, Telecommunication Industry, Biotechnology and Genetic Engineering Industry, Military & Defense, Cosmetics Industry, Healthcare equipment’s Industry, Pharmaceuticals Industry, Food & Agricultural Industry etc. The top three applications of nanotechnology are in the biotechnology, electronics and energy. This fields of application holds more than 65% of the total nanotechnology market share.
By Geographical location: Basing on the region of production and consumption the Global Nanotechnology market can be sub-segmented into 6 categories as follows: North America that includes market of USA and Canada. South American market is held by countries as Brazil, Argentina, Chile and Columbia. Europe is dominated by U.K., Germany, France, Italy, Spain, Netherlands, Poland, Switzerland. Asia and Pacific market consist of emerging economies as China, India, Japan, Singapore, Middle East with countries as Saudi Arabia, UAE, Qatar And from Africa South Africa is the only country affiliated with nanotechnology market.