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Nanotechnology Market Size Forecasted to Reach Valuation of USD 290.93 Billion in 2028

By Biswas Debanjan

Posted on November 29, 2021

The global nanotechnology market size is expected to reach USD 290.93 billion in 2029 and register a CAGR of 18.3% during the forecast period. Growing demand for miniature systems and rapid advancements in technology is expected to increase the market revenue for nanotechnology during the forecast period.

Nanotechnology is the study of nanoparticles and devices that are used across various sectors including medical, agriculture, household, transportation, and materials. Rising adoption of nanotechnology in medical diagnosis and imagining, along with invention of modern nanotech devices are some significant drivers is surging market growth.

Additionally, tremendous support and funding for R&D from governments, and other organizations along with development of self-powered devices is predicted to increase market growth in the future. Various established market players are also focusing and supporting research and development activities to deploy effective technologies and systems in the global market in order to maintain their market position.

However, difficulty in installing nanodevices in extreme conditions coupled with high-priced technology are some key restraints limiting growth of the nanotechnology market.

Nanotechnology

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Some key highlights in the report:

The food and agriculture segment is expected to account for a considerably rapid CAGR throughout the forecast period owing to extensive utilization of nanoparticles to enhance fertilizer efficiency.
Nanomaterials segment revenue accounted for largest share in 2020 among other application segments owing to the application of nanoparticles in various sectors. Nanoparticles are used for various applications such as healthcare, environmental preservation, cosmetics, and air purification. These are also being used in automotive industry due to increasing demand for effective vehicles and efforts for reducing carbon footprint.
Healthcare segment revenue is projected to expand with a significantly high CAGR through the forecast period due to widespread use of nanoparticles in applications such as target drug delivery, cell repair, nanobiosensors, imaging, and nanodiagnosis.
Energy sector revenue is likely to register a high CAGR throughout the forecast period attributing to rising consumption of nanoparticles in fuel cells, and batteries.
Asia Pacific accounted for highest revenue CAGR in the global nanotechnology market in 2020 and is predicted to hold dominance over other regions during the forecast period. Robust CAGR is attributed to increasing nanotechnology applications across various industries predominantly in China. China has been major contributor to regional revenue collection owing to rapid technological developments and emphasis on long-term scientific programs from 2006 to 2020. Additionally, rising demand for nanomaterials from nanoelectronics owing to growing adoption of advanced devices.
The market for North America is expected to account for high revenue collection during the forecast period owing to prevalence of high economies such as US and Canada. High investments in research and development of enhanced nanoparticles is driving the market in this region.
Key players in the market include Fujitsu laboratories, Ltd., Bayer Material Science, Ademtech, GE Healthcare, IBM research, Hewlett-Packard Co., Intel, Altair Nanotechnologies Inc., Cypress Semiconductor, and Cortex Biochem.
Identify Sensors Biologics, a company working on a diagnostic platform for pathogen detection, including SARS-Co-V02 announced a collaboration with Purdue Research Foundation in 2021.

For the purpose of this report, Emergen Research has segmented the global nanotechnology market on the basis of type, industry, and region:

Type Component Outlook (Revenue, USD Billion; 2018–2028)