The global market for nanotechnology should grow from $5.2 billion in 2021 to $23.6 billion by 2026, at compound annual growth rate (CAGR) of 35.5% for the period of 2021-2026.
Nanotechnology market is witnessing increased growth due to ability of technology to significantly reduce manufacturing costs as well as various other key factors
Nanotechnology market revenue growth is driven by increasing demand for miniature devices, advancements in technology, and rising investment in research & development by manufacturers for development of miniature technological devices. Nanotechnology is expected to transform the way energy is obtained and used, and will make solar power more economical by reducing manufacturing cost of solar panels and related equipment and systems. It will also open up newer methods for generating and storing energy. Scalability of production of nanotechnology products is a key factor expected to restrain market revenue growth. Several projects are under research & development to overcome the challenge, and significant developments are expected in the field of nanotechnology in the near future.
Nanotechnology has scope to improve drug-delivery systems and lead to cheaper and more reliable systems. Materials built on nanoscale can enable advancements in encapsulation systems that protect and secrete enclosed drugs in slow and controlled manner. It can prove to be a valuable solution in countries that do not have adequate storage facilities and distribution networks. Nanotechnology raises the possibility of microscopic recording devices which can be virtually undetectable, and the technology can also be weaponized.
Reference link: https://www.emergenresearch.com/