Nanotechnology in Energy Applications Market: Scope & Analysis

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Nanotechnology in Energy Applications Market
Scope Analysis According to the International
Energy Agency (IEA) , tripling renewable capacity
to 11,000 GW by 2030 is crucial to achieve
climate goals. This has prompted a significant
shift toward renewable energy sources due to
climate change concerns and rising costs of
conventional sources like crude oil.
Nanotechnology offers transformative
solutions. Nanomaterial possess unique
physical, chemical, and electrical properties
that can significantly improve energy device
and system performance. For instance, they
enhance solar cell efficiency, fuel cell
catalytic activity, battery energy storage
capacity, and energy conversion processes.
Tritons report predicts a 13.36 CAGR
in the global nanotechnology in energy
applications market from 2023 to 2030.
Further, the agency estimates that the global
electricity demand is poised to surge by 80 by
2040, necessitating a combined investment of
around 19.7 trillion to meet this escalating
demand. This has elevated demand for
renewable energy feedstocks, facilitating
nanotechnology to emerge as a vital avenue
to innovative energy conversion methods,
paving the way towards a more sustainable and
secure energy future. Nanotechnology Market Key
Applications across Multiple Industries 1.
Transport In terms of industry vertical,
the transport category is anticipated to
witness the fastest growth at a CAGR of 13.44
over the forecast years 2023-2030.
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Nanotechnology has gained prominence
in vehicles, offering significant
improvements in safety and durability
alongside enhanced efficiency in
(photo)catalysis, optical sensitivity, and
mechanical strength. This controlled size
manipulation at the nanoscale strengthens
components like chassis, tires, windows, and
engines, prolonging their lifespan. Moreover,
nanotechnology applications in transportation
are diverse, offering sustainable vehicle
development, corrosion resistance, and improved
performance in multiple areas, including fuel
cells. Fuel cell is one of the major
applications of nanotechnology, expected to
advance with a CAGR of 13.41 over
2023-2030. Fuel cells are notable for their
high efficiency compared to traditional
combustion engines, resulting in minimal
emissions primarily composed of heat and water.
Recent commercialization of fuel cell EVs and
efforts to advance stationary applications are
poised to drive sales in the next five years,
especially in Asia. A pivotal aspect of fuel cell
research involves the development of new
component materials, with a particular focus on
nanomaterials. Various nanotechnologies,
including solid and hollow nanoparticles,
nanoscale thin films, and nanoscale
monolithic, find practical applications in
fuel cells. This has prompted various strategic
footsteps, for instance - The Chemours Co
partnered with BWT Fumatech Mobility GmbH for
membrane manufacturing in fuel cell technology
and expedite supply to OEMs to meet rising demand
across industries. Therefore, as fuel cells
offer a low-emission alternative to conventional
combustion- based power generation methods,
nations like China, South Korea, and Japan
have introduced initiatives, such as feed-in
tariffs, tax incentives and regulations, to
encourage nanotechnology in fuel cells. This
significantly boosts the Asia-Pacific
nanotechnology in energy applications market,
spearheaded by China. 2. Electrical Nanoelect
ronics finds diverse uses in computing and
electronic devices, including flash memory
chips, antimicrobial coatings for
peripherals, energy storage devices, and
mobile phone covers. Its primary objective
is to process, transmit, and store
information by leveraging unique nanoscale
properties. Its utility also extends to
printed electronics, benefiting RFID, smart
cards, and innovative packaging. Further,
nanotechnology utilizes nanostructured polymer
films called organic light-emitting diodes
(OLEDs) to deliver brighter displays with
extended lifespans. The energy storage device
in the application segment is anticipated
to register a growth rate of 13.20 over
2023-2030. The shift from centralized to
decentralized energy systems fuels the
demand for energy storage solutions,
particularly nanomaterials. These materials
are crucial in high-energy-density metal-air
batteries, where nano catalysts like
platinum or palladium nanoparticles enhance
oxygen reactions. Additionally, companies
are exploring nanotechnology to develop
efficient, cost-effective sodium-ion batteries as
lithium-ion alternatives. For instance, Forge
Nano Inc, in March 2023, unveiled its plan
to implement pilot-scale production of
batteries using atomic armor surface
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technology. The growing application scope of
nanotechnology in energy storage creates
lucrative opportunities for the reviewed market
worldwide. Nanotechnology in Energy Applications
Market Scope in Petroleum Refinement The oil
industry covers exploration, extraction,
refining, and transportation. Recently,
nanotechnology has gained importance, especially
in petroleum refining, which relies heavily on
heterogeneous catalyst processes. Its goal
is to convert crude oil into products like
gasoline, diesel, kerosene, and heating oil.
However, it faces challenges from complex crude
oils and stricter environmental
regulations. In this regard, advancements
in catalysis, particularly nanotechnology,
are crucial to address these challenges.
Techniques like hydro- processing produce
cleaner, low-sulfur fuels, meeting strict
regulations and promoting environmental
sustainability. The expanding use in the refining
process opens new avenues for the nanotechnology
in energy applications market.
FAQs Q1) What are the key applications of
nanotechnology in energy? A Solar PVCs, energy
storage devices, fuel cells, and petroleum
refining are key applications of nanotechnology
in energy. Q2) How big is the global
nanotechnology in energy applications market? A
In 2022, the global market attained
8785.02 million and is anticipated to
acquire 23786.85 million by 2030.