Nanotechnology Market to See 12% Annual Growth Through 2023

Fuel Cell Segment Leads the Market by Growth

June 04, 2019

WELLESLEY, Mass., June 04, 2019– The market for electric or fuel cell vehicles will grow in the coming years, especially in Asia, as the development of lithium-ion batteries and fuel cells is partly based on nanotechnology applications, according to a report by BCC Research, “Nanotechnology in Energy Applications.”

The market expects to see a compound annual growth rate (CAGR) of 12% through 2023, when it could reach $10 billion.

Major players in the market include LG Chem (051910), Albemarle (ALB), Nanosolar and Valence Technology.

Research Highlights

  • The fuel cells segment leads the market by growth, with a CAGR through 2023 of 51.6%, followed by the solar photovoltaic segment at 41.7%.
  • Nanostructured monolithic materials dominate the market with a share of 88.2% of the total market value in 2017, and is anticipated to decrease to 71.2% by 2023.
  • The petroleum refining segment of nanotechnologies in energy applications market should grow from $5.1 billion in 2018 to $6.7 billion by 2023.

“Nanotechnologies, as key and cross-sectional technologies, exhibit the unique potential for decisive technological breakthroughs in the energy sector, thus making substantial contributions to the sustainable energy supply,” says report author Stéphane Pleutin. “The range of possible nanoapplications in the energy sector comprises gradual short and medium-term improvements for a more efficient use of conventional and renewable energy sources as well as completely new long-term approaches for energy recovery and utilization.”

Energy Storage Market Also Drives Growth

The energy storage market is growing rapidly, and is expected to continue this way for a couple of reasons. Energy storage devices are of prime importance in many fast developing technologies and applications, including smartphones, laptops, tablets and electric vehicles.

Additionally, the strong increase in energy demand, coupled with the scarcity of energy resources and climatic problems mean that the share of renewable energy will become progressively predominant. These sources of energy fluctuate, which implies deep changes in the electrical grid and intensive use of the appropriate energy devices.

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Nanotechnology in Energy Applications( NAN044C )
Publish Date: Apr 2019    

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