Nanotechnology in Energy Applications Global Market Report 2024

The nanotechnology in energy applications market size has grown rapidly in recent years. It will grow from $8.75 billion in 2023 to $10.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth observed during the historic period can be attributed to several factors, including the emergence of early nanomaterials, early adoption by research institutions, pioneering nanotech applications in energy, development of early nanodevices, and early government funding for nanotech.

The nanotechnology in energy applications market size is expected to see rapid growth in the next few years. It will grow to $16.69 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be attributed to several factors, including the maturation of nanotech materials, regulatory support for nanotech in energy, growing consumer awareness, expansion of nanotech manufacturing capabilities, and the rise of nanotech-focused startups. Major trends expected in the forecast period include advancements in nanomaterials, the adoption of nanotech for improving energy efficiency in buildings, utilization of nanotech in grid optimization and management, and a growing emphasis on sustainable nanotech.

The increasing demand for renewable energy is expected to drive the growth of nanotechnology in the energy applications market in the future. Renewable energy sources offer sustainable alternatives to finite fossil fuels by utilizing naturally replenished resources. As the world transitions towards a cleaner and more sustainable energy landscape, nanotechnology plays a crucial role in enhancing the efficiency, performance, and sustainability of various technologies such as solar cells, energy storage devices, and fuel cells. For example, a publication by the U.S. Energy Information Administration (EIA) in April 2023 reported record-high production and consumption of renewable energy in 2022, accounting for approximately 13% of total energy production and consumption. This included a 4% increase in both hydropower generation and geothermal energy use compared to the previous year. Hence, the growing demand for renewable energy is fueling the expansion of nanotechnology in the energy applications market.

Major players in the nanotechnology energy applications market are concentrating on innovative strategies, such as acquiring next-generation silicon anode material for electric vehicle (EV) batteries, to drive innovation and tackle emerging energy challenges. This collaboration involves obtaining advanced silicon-based anode material specifically designed for EV batteries to enhance their performance and energy storage capabilities. For instance, in December 2023, Panasonic Energy Co. Ltd., a Japanese battery manufacturer, partnered with Sila Nanotechnologies Inc., a U.S.-based battery manufacturer. Sila Nanotechnologies' Titan Silicon material, integrated into Panasonic Energy's EV lithium-ion batteries, represents a significant technological advancement in addressing silicon expansion during charging, enabling higher capacity and improved performance. This partnership marks a significant advancement in nanotechnology for energy applications, promising to meet global EV demand sustainably while reducing emissions and supporting local manufacturing.

In October 2023, Birla Carbon, an Indian company specializing in carbon black additives, acquired Nanocyl SA for an undisclosed sum. This acquisition strengthens Birla Carbon's portfolio with advanced multi-wall carbon nanotubes, which are crucial for conductive applications in energy systems, thus enhancing its presence in the nanotechnology in energy applications market. Nanocyl SA, based in Belgium, produces conductive masterbatches, industrial multi-wall carbon nanotubes (MWCNT), and essential materials for energy systems, including lithium-ion batteries.

Major companies operating in the nanotechnology in energy applications market are Honeywell International Inc, Johnson Matthey Plc, DuPont de Nemours Inc., Exxon Mobil Corporation, The Chemours Company, A123 Systems LLC, Aspen Aerogels Inc, Sila Nanotechnologies, Nano Tech Co. Ltd., Altair Nanotechnologies Inc., Advanced Nano Products Co Ltd, Nanophase Technologies Corp., Nanosolar Inc., Nantero Inc., Hyperion Catalysis International Inc, Bayer MaterialScience LLC, Solaronix Sa, Mach I Inc., Zeolyst International, He3Da Ltd., Suzhou Sinlion Battery Tech Co. Ltd., Ad Nano Technologies, NEI Corporation, Nanotech Energy Inc., Black Diamond Structures.

North America was the largest region in the nanotechnology in energy applications market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nanotechnology in energy applications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nanotechnology in energy applications market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Nanotechnology plays a crucial role in energy applications by utilizing nanomaterials and nanodevices to enhance energy generation, storage, and efficiency across various sectors. This cutting-edge technology contributes significantly to the advancement of renewable energy solutions, the improvement of battery performance, and the optimization of energy systems.

The primary types of materials used in nanotechnology for energy applications include nano-structure monolithic materials, solid nanoparticles, nanosensors, nanothin films, and others. Nano-structure monolithic materials are substances composed entirely of tiny nanoscale components that are tightly integrated, offering remarkable strength and conductivity owing to their highly organized nanostructure. These materials find applications in various industry verticals such as manufacturing, electrical, transport, and others, including petroleum refining, fuel cells, energy storage devices, and solar photovoltaics.

The nanotechnology in energy applications research report is one of a series of new reports that provides nanotechnology in energy applications market statistics, including the nanotechnology in energy applications industry's global market size, regional shares, competitors with an nanotechnology in energy applications market share, detailed nanotechnology in energy applications market segments, market trends and opportunities, and any further data you may need to thrive in the nanotechnology in energy applications industry. This nanotechnology in energy applications market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The nanotechnology in energy applications market consists of revenues earned by entities by providing services such as efficient energy conversion technologies, nanotechnology integration, customized solutions for specific energy needs, and research and development collaborations. The market value includes the value of related goods sold by the service provider or included within the service offering. The nanotechnology in energy applications market also includes sales of products such as nanocomposite materials, quantum dot-based solar cells, nanofluids for improved thermal management, nanocoatings for corrosion protection, and nanoporous membranes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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