The nanotechnology in energy applications market has seen considerable growth due to a variety of factors.
• The market size for nanotechnology in energy applications has undergone swift expansion over the recent years. Its value is projected to escalate from $10.09 billion in 2024 to $11.61 billion in 2025, at a compound annual growth rate (CAGR) of 15.0%.
The notable surge during the historical period can be linked to the introduction of preliminary nanomaterials, early adoption by research institutions, innovative uses of nanotechnology in energy, the creation of initial nanodevices, and early government support for nanotechnology.
The nanotechnology in energy applications market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience significant expansion in the upcoming years, the market size for nanotechnology in energy applications is predicted to reach $18.76 billion by 2029, with a compound annual growth rate (CAGR) of 12.8%.
The projected growth during the forecast period is primarily due to the maturation of nanotech materials, regulatory support of nanotechnology in the energy sector, escalating consumer awareness, the growth of nanotechnology manufacturing abilities, and the emergence of startups focusing on nanotechnology. Future trends include advancements in nanomaterials technology, nanotechnology's application for enhancing energy efficiency in constructions, the use of nanotech in grid optimization and handling, and a rising focus on sustainable nanotechnology.
The upward trend in the need for renewable energy is anticipated to drive the expansion of nanotechnology in the energy applications sector. By utilizing resources that replenish naturally, renewable energy sources offer sustainable options as an alternative to exhaustible fossil fuels. In efforts to shift towards a greener and more sustainable energy future, nanotechnology is employed in renewable energy applications to augment the efficiency, performance, and durability of technologies including solar cells, energy storage devices, and fuel cells. For example, in February 2024, as reported by the World Economic Forum, a non-governmental organization based in Switzerland, there was a 50% increase in the global capacity for renewable energy in the year 2023 relative to 2022, with 96% of new installations anticipated to be made up of solar PV and wind. It is forecasted that by 2028, there will be an excess of 710 GW, which is twice the levels of 2022. Hence, the escalation in demand for renewable energy sources is propelling the advancement of nanotechnology in the energy applications industry.
The nanotechnology in energy applications market covered in this report is segmented –
1) By Material Type: Nano-Structure Monolithic, Solid Nanoparticle, Nanosensor, Nanothin Film, Other Material Types
2) By Application: Petroleum Refining, Fuel Cell, Energy Storage Device, Solar Photovoltaics, Other Applications
3) By Industry Vertical: Manufacturing, Electrical, Transport, Other Industry Verticals
Subsegments:
1) By Nano-Structure Monolithic: Carbon Nanotubes (CNTs), Graphene-based Materials, Nanostructured Carbon Materials
2) By Solid Nanoparticle: Metal Nanoparticles (Silver, Gold, Copper), Metal Oxide Nanoparticles (Zinc Oxide, Titanium Dioxide), Semiconductor Nanoparticles (Silicon, Cadmium Selenide)
3) By Nanosensor: Chemical Sensors, Biological Sensors, Temperature And Pressure Sensors, Gas Sensors
4) By Nanothin Film: Transparent Conductive Films, Photovoltaic Films, Thin-film Batteries, Nano-coating For Energy Storage
5) By Other Material Types: Nanocomposites, Quantum Dots, Nanostructured Polymers, Nanostructured Coatings
Leading enterprises in the nanotechnology energy applications sector are adopting sophisticated strategies such as the procurement of next-gen silicon anode materials for electric vehicle (EV) batteries, aiming to fast-track innovation and tackle the evolving energy-related challenges. This collaborative procurement approach involves securing top-notch silicon-based anode materials specifically designed for enhancing EV battery performance and energy storage potential. For example, in December 2023, Panasonic Energy Co. Ltd. – a battery manufacturing company from Japan, teamed up with Sila Nanotechnologies Inc., a battery maker from the US. Sila Nanotechnologies' Titan Silicon content, incorporated into Panasonic Energy's EV lithium-ion batteries, stands as a momentous technological leap in managing silicon expansion during the charging phases, thereby ensuring an increased capacity and superior performance. This partnership symbolizes a crucial leap in nanotechnology for energy applications, pledging to meet the global EV demand sustainably while minimizing emissions and advocating for local manufacturing.
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 2024. 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.