Increasing demand for nanotechnology in renewable energy and rising applications of nanotechnology in fuel cells drive the growth of the global nanotechnology in energy market
PORTLAND, Ore., Sept. 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Nanotechnology in Energy Market by Material Type (Nanostructured Material, Carbon Nanotubes, Fullerene, Others), Application (Photovoltaic Film Coating, Fuel cells and Batteries, Thermoelectric Materials, Aerogels) and End Use (Electrical, Manufacturing, Renewable & Non-renewable energy and other applications): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global nanotechnology in energy industry was estimated at $139.7 million in 2020, and is anticipated to hit $384.8 million by 2030, registering a CAGR of 10.7% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increasing demand for nanotechnology in renewable energy and rising applications of nanotechnology in fuel cells drive the growth of the global nanotechnology in energy market. On the other hand, several environmental and health concerns associated with nanotechnology impede the growth to some extent. However, highly advanced transport infrastructure in the developing regions is expected to pave the way for lucrative opportunities in the future.
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COVID-19 scenario-
- Rise in electricity usage and use of energy storage due to shifting working preferences during the pandemic has propelled the market growth for a short span of time.
- At the same time, use of nanotechnology has brought improvement in contact tracing tools during the pandemic, thereby boosting the global nanotechnology in energy market.
The carbon nanotubes segment to dominate by 2030-
Based on material type, the carbon nanotubes segment accounted for nearly two-fifths of the global nanotechnology in energy market share in 2020, and is expected to lead the trail by the end of 2030. Carbon nanotubes are one type of nanostructured materials that possess favorable electrical and mechanical properties because of one dimension confinement, combined with surface properties. It has increased the demand for CNTs in energy storage devices, nanotransistors, actuators, electron field emission, and biological sensing devices. Carbon based nanomaterial are used as an electrode material which is abundant in nature and economically cheap. It can also be used in the production of super capacitors. These factors fuel the growth of the segment. The fullerene segment, on the other hand, would cite the fastest CAGR of 11.2% from 2021 to 2030.
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The fuel cells and batteries segment to maintain the dominant share-
Based on application, the fuel cells and batteries segment contributed to more than one-third of the global nanotechnology in energy market revenue in 2020, and is projected to dominate by 2030. The same segment would also grow at the fastest CAGR of 11.5% from 2021 to 2030. This is due to rapidly increasing demand for energy storage devices and lithium iron batteries.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on geography, Asia-Pacific, followed by North America, garnered the highest share in 2020, holding more than one-third of the global nanotechnology in energy market. This is because this province booms with a huge potential for nanotechnology as Asia-Pacific has huge population. Simultaneously, the market across LAMEA would showcase the fastest CAGR of 11.5% during the forecast period. In Saudi Arabia, there are a number of oil fields and to cope with the rapid change in the environment a project "Helios Green Fuels" was launched with a market value estimated nearly $700 billion by 2050. In this project, factors such as storage of excess energy in the form of hydrogen called for nanomaterial to make it more economical. This factor drives the market growth in the region.
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Key players in the industry-
- Ablynx
- Advanced Nanoproducts
- Advance reproductions corporation
- InMat Inc
- APS material, Inc.
- Solarmar energy, Inc.
- Nano Dimension
- Solar Botanic Ltd.
- Rogue Valley Micro
- Z-medica LLC
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