In the coming years, nanotechnology is set to play a pivotal role in various industry segments. The evolving technology has already influenced a large number of industrial segments, and the economic activity generated from it has been high in magnitude and wide in scope, according to a IT Online News. The nanotechnology based products, which have had a huge impact on almost each industrial sector, are now entering the consumer market in a big way. As per the findings of the report, increased applications of the technology in sectors like electronics, cosmetics, and defence, would propel the growth of the global nanotechnology market, which is anticipated to expand at a CAGR of about 19 per cent during 2011-2014.
According to “Nanotechnology Market Forecast to 2014”, electronic companies are finding new ways of incorporating nanotechnology into consumer products like music systems and mobile phones in order to improve their processing capabilities. Similarly, the technology could help improve cosmetics by changing their physical properties. It has also been observed that the use of nanotechnology in defence technologies provides enhanced performance at lower cost. Besides, the budding technology has revolutionalised dental care as it decreases the healing time and improves the Osseo-integration during dental implant.
Though nanomaterials would continue to dominate the nanotechnology market in the coming years, nano devices, comprising nanolithographic tools for manufacturing the next generation semi-conductors, are estimated to grow at a much faster rate than nanomaterials in near future. The crucial country level analysis, included in the comprehensive research, identified that the US is the world’s most prominent nanotechnology market and will continue to enjoy the biggest pie of the global industry in the years to come, despite developing economies like China, Korea, India, and Brazil investing huge sums in the nanotechnology R&D.