Nanotechnology Market to Reach USD 33.63 Billion by 2030, Registering a CAGR of 36.4%| Valuates Reports

BANGALORE, India, Sept. 2, 2022 /PRNewswire/ -- Nanotechnology Market is segmented By Type (Nanosensor and Nanodevice), By Application (Electronics, Energy, Chemical manufacturing, Aerospace & Defense, Healthcare, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Engineering & Technology Category.

Nanotechnology Market was valued at USD 1.76 billion in 2020, and is projected to reach USD 33.63 billion by 2030, registering a CAGR of 36.4% from 2021 to 2030.

Major Factors Driving the Growth of Nanotechnology Market

Nanotechnology carries a significant impact and serves as a revolutionary and beneficial technology across various industrial domains, including medicine, aerospace, and defense which will drive the growth of the market.

The growing government funding for R&D initiatives will fuel the market's growth.

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TRENDS INFLUENCING THE GROWTH OF THE NANOTECHNOLOGY MARKET

Nanotechnology combined with newer biomaterials offers scope for medical applications in surgical instrumentation, diagnosis, and drug delivery. Scientists are actively pursuing research in nanotechnology as it will lead to significant improvements in health care. Nanoparticles can be used for targeting tumors and improving medical imaging. The particles can detect tumors and carry drugs for treatment. The speed of DNA sequencing is increased. Nanotechnology provides scaffolding for tissue regeneration and wound treatment. It can be inserted into the body for repair and replacing intracellular structures. This will surge the growth of the nanotechnology market. The nanocubes fold up and surround the target tissue. They quickly take a sample of it for a faster and more accurate biopsy. The bots are based on DNA for quickly targeting specific disease cells.

Nanotechnology manipulates the structure of nanomaterials and offers insights into a particle's crystallite and agglomerate size through multiple characterization techniques. The chemical industry uses nanotech to increase the catalytic performance of industrially manufactured goods. Moreover, the major application in aerospace and defense is in conventional weaponry. Nanomaterials are currently being researched to be used in the construction of weapon systems. This will bolster the growth of the nanotechnology market in the forthcoming years. The materials provide benefits like weight reduction, and environmental protection and are linked easily via a mobile command and control interface. Nanomachines are being developed that could be injected into a target directly.

Scientific communities and government authorities worldwide are paying considerable attention to nanotechnology. For instance, BRICS nations are all striving to become nanotechnology hubs and being considered a key element in advanced manufacturing. This will fuel the growth of the nanotechnology market during the forecast period. Countries like the US are also taking key initiatives in this field.

Nanoparticles are difficult to manufacture and are expensive. The devices are expected to work under extreme weather conditions. There are challenges related to electromagnetic noise, high vacuum, hostile temperature, and radiation. The devices have to maintain strict accuracy specifications for displacement, force, and response times. This will deter the growth of the nanotechnology market in the upcoming years. There are additional problems related to the elimination of cross sensitivities. The particles gradually lose their reliability and precision when exposed to harsh environments.

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NANOTECHNOLOGY SHARE ANALYSIS:

Based on type, the nanodevice segment will be the most lucrative during the forecast period.

Based on application, the healthcare segment will grow the highest in the nanotechnology market share due to widespread applications in imaging, targeted drug delivery, nanorobots for surgery, diagnostics, cell repair, and biosensors. While Aerospace and defense will grow at the fastest CAGR of 43.4% due to extensive R&D initiatives.

Based on region, the Asia-pacific segment will grow at the highest CAGR of 40% due to rising investments in nanotech devices by government, healthcare, and manufacturing industries.

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Key Companies:

• Altair Nanotechnologies Inc.
• Applied Nanotech
• Advanced Nano Products Co.
• Bruker Corporation
• Biosensors International Group
• Espin Technologies
• Imina Technologies SA.
• Kleindiek Nanotechnik GmbH
• Nanonics Imaging Ltd.
• Thermo Fisher Scientific Inc

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