Global Nanotechnology Market Estimated to be worth US$132.41 billion by 2023
Nanotechnology has a broad impact on nearly all sectors of the global economy, namely electronics, energy, biomedical, cosmetics, defense, automotive, and agriculture. Materials scientists, mechanical and electronic engineers, and medical researchers are teaming up with biologists, physicists, and chemists to research at the nanoscale, unified by the need to pool knowledge on tools and techniques and to share expertise. It is widely used in fields including disease identification and cure, drug discovery and delivery, environmentally friendly renewable energy sources, and ultra-high speed mobile telecommunications. All these factors are expected to fuel the growth of the nanotechnology market in near future.
Nanotechnology Market (2018 - 2023)”
Nanotechnology is used in medical devices, chemical coatings, personal health testing kits, sensors for security systems, water purification units for manned spacecraft, displays for hand-held computer games, and high-resolution cinema screens. Government researchers have created arrays of chromium nanodots that can store magnetic data with unprecedented uniformity with the target to draw more complex integrated circuits on silicon chips. Nanotechnology also holds great promise for creating products for the energy-efficient world, such as efficient fuel cells, batteries, and solar panels. Boosted by these flourishing fields, the global nanotechnology market growth is expected to be highly profitable for a foreseeable future.
However, issues such as environmental, health, and safety risks, and concerns relating to nanotechnology commercialization, are expected to hamper market growth. Pacific Northwest National Laboratory researchers have come up with a nanotech coating process called “Self-Assembled Monolayers on Mesoporous Supports (SAMMS)” that sops up toxic materials in water. A tube coated with SAMMS acts like a sponge, collecting mercury, lead, and other toxic metals from the water. This process is very effective in separating heavy metals from water and then recycled and reused for other less harmful purposes. The challenge of nanotechnology is to produce useful new materials with customized properties.
Global Nanotechnology Market: Disruptive Trends
Nanotechnology combines nanoscale engineering with biology in order to manipulate living systems and to build biologically inspired materials at the molecular level. Continued development in microelectronics, especially for computers at significantly smaller size-scales. Nanotechnology is used for cleaning contaminated soil and water, and it played a critical role in transforming medicine and health care sector. Highly sophisticated tools for detecting and treating cancer, bandages that prevent infection, enhanced medical imaging technology, and more are all in development. Nanotechnology helps to create a cleaner environment through new water purification methods and by removing pollutants from groundwater and soil. Further, significant developments are also being done in other sectors like electronics, agriculture, and energy.
Nanotechnology is part of innovation in science and engineering that will transform many sectors, including aerospace, energy, information technology, medicine, national defense and automotive. Nanotechnology is used in all sectors to manufacturing products that are used in day to day basis. High demand is expected from the healthcare sector too as nanotechnology researchers are using practiced tools to detect and treat cancer. Advancement in technology and increased support from the government for nano innovations are some factors for the growth of the market.