Nanotechnology Market to Grow at 10.1% CAGR by 2030
The constant expansion of application in various industries, rising demand for smart wearable devices and growth in research & development activities are expected to drive the growth of nanotechnology industry during the forecast period.
The Nanotechnology Market is expected to grow at a CAGR of 10.1% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Nanotechnology involves the study of nano sized particles (1-10nm) for the development of various materials & devices. It is one of the revolutionary technologies with several benefits and wide applications across various industries. Nanotechnology finds its application in industries such as chemical, biomedical, transportation, agriculture, manufacturing & others. Nanotechnology market is bifurcated based on types such as nanosensors and nanodevices. Nanosensors are specialized sensors used for the detection of nanoparticles and monitoring of physical parameters such as temperature, and others. Nanosensors find its application in smart devices used for continuous monitoring, chemical processing, food & waters testing and others.
According to the report, nanotechnology finds its application in various industries such as healthcare, chemicals, food & beverages & others. There has been consistent development in nanotechnology owing to the growth in R&D activities as well as surge in market investments. Furthermore, considerable demand of smart wearable devices, biosensors, and nanosensors among others from healthcare and fitness industry for diagnosis & treatment is expected to augment the market growth. Moreover, growing demand for miniaturized, portable & powerful devices as well as emerging applications in other industries is also expected to accelerate the market growth. On the other hand, surge in government funding and strategic collaboration in the nanotechnology market is expected to bring changes in market trends.
However, high cost of nanotechnology & nanosensors based devices with deployment issues in extreme climatic conditions are expected to restrain the market growth. Moreover, growth in product launches & innovation as well as strategic collaborations in market is anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis of type, the nanotechnology market share is segmented into nano devices and nanosensors. Nanosensors segment dominates the global nanotechnology market and will be dominant during the forecasted period.
On the basis of application, the nanotechnology market is categorised into Electronics, Chemical Manufacturing, Energy, Aerospace & Defense, Healthcare, and Others. The energy segment is expected to develop significantly and dominate the market growth in terms of growth rate. North America accounts for the largest market size &share of the nanotechnology market throughout the forecast period, owing to the technological advancement in nanotechnology and growth in research & development activities.Furthermore, rising inclination towards smart wearable devices and presence of developed infrastructure fuels the market growth. Europe holds the second leading position in the nanotechnology market in terms of market size. Asia Pacific is expected to be the fastest developing region in the nanotechnology market, majorly driven by the wide application in various industries followed by the growth in government funding. Moreover, the high adoption rate of nanotechnology owing to the emerging applications in various industries is also expected to enhance the market growth.
According to the report, some of the key players in the nanotechnology market are Applied Nanotech Holdings Inc., Altair Nanotechnologies Inc., Imina Technologies Sa, Thermofisher Scientific, BrukerAxs, eSpin Technologies, Inc., KleindiekNanotechnikGmbh, Biosensor International, Nanoics Imaging Ltd and Advanced Nano Products.
Browse key industry insights from the report, “https://www.nextmsc.com/report/nanotechnology-market” in detail along with the table of contents:
Key Insights from the Nanotechnology Market Report:
- Asia Pacific is the fastest growing region in the Nanotechnologymarket owing to the wide expansion of applications across various industries, development of infrastructure and rising demand for portable devices.
- The energy segment dominates the market in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are Applied Nanotech Holdings Inc., Altair Nanotechnologies Inc., Imina Technologies Sa, Thermofisher Scientific, Bruker Axs, eSpin Technologies, Inc., Kleindiek Nanotechnik Gmbh, Biosensor International, Nanoics Imaging Ltd and Advanced Nano Products.
The report Nanotechnology market – segmented by type, applicationand geography
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