| A04928 | Pages: 248 | Jul 2021 | 25633 Views | ||
| Author(s) : Divyanshi Tewari | Tables: 86 | Charts: 61 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !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. Nanoscience and nanotechnology involve the study of nanoparticles and devices, which find their application across all the science fields such as chemical, bio-medical, mechanics, and material science among others. Nanotechnology market encompasses the production and application of physical, chemical, and biological systems and devices at scales ranging from individual atoms or molecules to around 100 nanometers.
The emergence of COVID 19 has limited the growth of Nanotechnology market in 2020 and is estimated to witness limited growth till the end of 2021 due to implementation partial and complete lockdown among countries to restrict the pandemic.
Nanotechnology carries a significant impact, and serves as a revolutionary and beneficial technology across various industrial domains, including communication, medicine, transportation, agriculture, energy, materials & manufacturing, consumer products, and households. Emerging use cases and application is expected to be one of the key factors contributing towards the growth of nanotechnology market size. The U.S. National Nanotechnology Initiative has estimated that around 20,000 researchers are working in the field of nanotechnology. For the UK, the Institute of Occupational Medicine has estimated that approximately 2,000 people are employed in new nanotechnology companies and universities where they may be potentially exposed to nanoparticles.
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Furthermore, various organizations globally are investing in nanotechnology market and its emerging applications. For instance, in 2018, Osaka University-led researchers, in a joint research project with The University of Tokyo, Kyoto University, and Waseda University, constructed integrated gene logic-chips called gene nanochips. These self-contained nanochips can switch genes on and off within a single chip using integrated factors on the nanochips, preventing unintended crosstalk.
In addition, nanoscale sensors and devices may provide cost-effective continuous monitoring of the structural integrity and performance of bridges, tunnels, rails, parking structures, and pavements over time.
Moreover, nanoscale sensors, communications devices, and other innovations enabled by nanoelectronics support an enhanced transportation infrastructure that can communicate with vehicle-based systems to help drivers maintain lane position, avoid collisions, adjust travel routes to avoid congestion, and improve drivers’ interfaces to onboard electronics. All these factors are expected to be major nanotechnology market trends globally.
Factors such as surge in adoption of nanotechnology in medical diagnosis & imaging, and technological advancements in nanotech devices drive the growth of the global nanotechnology market. However, issues arising in the deployment of nanodevices in extreme conditions and high cost of the technology act as the major barriers, thereby hampering the market growth. On the contrary, increase in support and R&D funding from government organizations and emergence of self-powered nanotech devices are anticipated to offer lucrative opportunities for the nanotechnology market forecast.
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Segment Overview
The nanotechnology market analysis is studied under type, application, and region. By type, the market is bifurcated into nanosensor and nanodevice. Nanosensor segment is further categorized into optical nanosensor, biological nanosensor, chemical nanosensor, physical nanosensor, and others. Nanodevice segment is further divided into nanomanipulators, nanomechanical test instruments, nanoscale infrared spectrometers, and others. By application, the nanotechnology market is analyzed across electronics, energy, chemical manufacturing, aerospace & defense, healthcare, and others. The geographical analysis is given for North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
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The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “New Normal” that includes social distance and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
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The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among customers. European countries under lockdowns have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; which has led to slowdown in growth of the nanotechnology market analysis in 2020.
According to nanotechnology market trends, the COVID-19 has severely impacted global manufacturing and industrial sector as production facilities have stalled, which, in turn, have led to significant demand in industries.
Emergence of COVID-19 has declined growth of the nanotechnology market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in growth rate. As industries were temporarily shut, it reduced the need for maintenance from various industries.
Significant factors that impact growth of the global nanotechnology industry include growth in adoption of nanotechnology in medical diagnosis, and emerging technological advancements in nanotech devices. However, problems regarding deployment of nanotech devices in extreme weather conditions and high cost of the technology act as major restraining factors, hampering the market to a certain extent. Furthermore, increase in government support and funding, and emergence of self-powered nanotech devices are expected to offer lucrative opportunities in the coming years.
The nanotechnology market leaders 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 key players adopt several strategies such as, new product launch and development, acquisition, partnership and collaboration and business expansion to increase the nanotechnology market share during the forecast period.
The term nanotechnology describes a range of technologies performed on a nanometer scale with widespread applications in various industries. Nanotechnology-based diagnostic techniques that are currently under development may provide two major benefits such as detection of disease at an earlier stage and instant treatment facilities. Various innovations are being carried out in the field of medical diagnosis to bring efficiency.
Nanotech devices are expected to work under extreme weather conditions such as electromagnetic noise, radiation, high vacuum, and high temperature. In the field of nanotech devices, the devices must maintain stringent accuracy specifications for displacement, force, and response times. These new requirements present additional challenges in the compensation for or elimination of cross-sensitivities. Many devices lose their precision and reliability when exposed to harsh environments. It is important that advanced nanosensor and other devices maintain maximum autonomy such that the devices can operate independently with low maintenance.
Nanoscience and nanotechnology are a priority field for today’s innovation leaders. Nanotechnology is a key element of advanced manufacturing, which is being pursued by a widening circle of industrial countries that include Australia, Canada, China, France, Germany, Japan, the Republic of Korea, and the USA. Advanced manufacturing is the focus of one of China’s 16 mega-engineering programs to 2020, by which time the country plans to be innovation-driven. For instance, the BRICS (Brazil, Russian Federation, India, China, and South Africa) are all striving to become nanotechnology hubs. In addition, the U.S. federal government leads the world in nanotechnology R&D funding.
Key Benefits For Stakeholders
Key Market Segments
Key Market Players
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The global nanotechnology market is highly competitive, owing to the strong presence of existing vendors. Nanotechnology vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The global nanotechnology market holds high potential for the automotive and healthcare industry. The market growth is also attributed to increase in R&D investments by the large players to deploy enhanced specifications in the product portfolio. Moreover, companies are projected to indulge in mergers, collaboration, and partnership to make the most use of technology, which is further projected to propel the market growth.
The nanotechnology market is gaining traction, owing to the emerging technological advancements in nanotech devices and increased government support and R&D spending in nanotechnology, which influences its growth positively. In addition, rise in the innovation and product development initiatives by key players further drive the nanotechnology market size in the coming years.
Among the analyzed geographical regions, North America exhibits the highest adoption of nanotechnology and nanodevices and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries such as China, Japan, and India investing in these technologies. Regions such as Middle East and Africa are also expected to breath in new opportunities in the nanotech market in the future.
The nanotechnology market provides numerous growth opportunities to the market players such as Altair Nanotechnologies Inc, Applied Nanotech Holdings Inc., Thermofisher Scientific, and Bruker Corporation. Increased adoption of nanotech devices over various industry verticals offer lucrative opportunities for the market expansion.
A. The Nanotechnology Market is estimated to grow at a CAGR of 36.4% from 2021 to 2030.
A. The Nanotechnology Market is projected to reach $33.63 billion by 2030.
A. To get the latest version of sample report
A. Surge in adoption of nanotechnology in medical diagnosis & imaging, and technological advancements in nanotech devices etc. boost the Nanotechnology market growth.
A. The key players profiled in the report include Altair Nanotechnologies Inc., Applied Nanotech Holdings Inc., Thermofisher Scientific, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Nanotechnology Market is segmented on the basis of type, application, and region.
A. The key growth strategies of Nanotechnology market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Aerospace and Defense segment would grow at a highest CAGR of 43.4% during the forecast period.
A. North America region will dominate the market by the end of 2030.
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