The global nanotechnology market is expected to witness considerable growth, due to technological advancements in nanotech devices and increased government support and funding in nanotechnology. The nanotechnology industry is projected to witness significant growth, especially in the emerging economies such as Asia-Pacific and LAMEA, owing to huge demand for advanced medical imaging in these regions.
According to a recent report published by Allied Market Research, titled,“Global Nanotechnology Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,” the global nanotechnology market was valued at $1,055.1 million in 2018, and is projected to reach $2,231.4 million by 2025, growing at a CAGR of 10.5% from 2019 to 2025.
Nanotechnology encompasses the production and application of physical, chemical, and biological system at scales ranging from individual atoms or molecules to around 100 nanometers. Using nanotechnology, materials can effectively be made stronger, lighter, more durable, more reactive, more sieve-like, or better electrical conductors.
The nanotechnology industry is gaining traction, owing to technological advancements in nanotech devices and increased government support and R&D spending in nanotechnology, which influence its growth positively. In addition, rise in innovation and product development initiatives by key players are anticipated to propel the growth of the global nanotechnology market in the coming years.
The nanotechnology market size growth in North America is attributed to the extensive adoption of nanosensor technologies across various applications such as healthcare, automotive, cosmetics, and others. Furthermore, rise in number of research labs and centers coupled with increased financial funding by the government acts as a key factor that fuels the market growth. Moreover, rise in investment in the field of healthcare, aerospace, and pharmaceuticals along with technological advancements in research industry are expected to drive the market growth during the forecast period. For instance, the National Nanotechnology Initiative (NNI) is a U.S. Government Research and Development (R&D) initiative involving the nanotechnology-related activities of 20 departments and independent agencies. Since 2001, federal agencies and cabinet-level departments have invested more than $25 billion in nanotechnology research, development, and commercialization, which act as major nanotechnology market trends.
Based on nanotechnology market analysis, chemical segment has generated the highest revenue in 2018 followed by energy segment which is estimated to be the fastet growing segment among the other application mentioned in the report.
Technological development by the emerging economies in Asia-Pacific boosts the nanotechnology market growth. The regional growth is expected to be influenced by high demand for nanotechnology in medical imaging. Moreover, various technological advancements related to automotive, and healthcare vertical due to government initiatives such as investment in R & D, further propels the growth. For instance, China is building world’s largest multifunctional research platform for nanotechnology which would help develop more powerful computers and intelligent robots.
The Vacuum Interconnected Nano-X Research Facility in Suzhou, Jiangsu Province, integrates the state-of-art capabilities of material growth, device fabrication and testing in one ultra-high vacuum environment. Nano-X is expected to be incorporated into China’s national research infrastructure system, and to become a world-class open platform for research and development in nanoscience and nanotechnology, providing advanced technical support for the national strategy of high technologies, and creating lucrative opportunities for nanotechnology market in the region.
Key Findings of the Nanotechnology Market:
- In 2018, the nanosensor subsegment generated the highest revenue in the global market.
- By application, the chemical segment was the highest revenue contributor in 2018.
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 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. In January 2019, Bruker Corporation launched JPK NanoWizard ULTRA Speed 2 advanced AFM system, which combines highest speed and highest resolution AFM with advanced bio-imaging features. In addition, the company acquired Alicona Imaging GmbH, a leading provider of optical-based metrology products. In this agreement, Alicona’s optical 3D metrology products are used in Bruker’s microCT, stylus profiler, white-light interferometry and atomic force microscope (AFM) product suite in 2018, followed by the acquisition of Berlin-based JPK Instruments AG, a nano-analytical device manufacturer company. This acquisition bolsters Bruker’s biotechnology and equipment in the same year.
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