Nanotechnology Likely to Become the Future of Renewable Energy Providing a Sustainable Future
Scientific development and innovations in hydrogen fuel cells to store energy from renewable sources remains instrumental in driving growth of the nanotechnology in energy market. Several countries are focusing on building green hydrogen plants to fulfil the growing needs of end users. Rising trend of environment friendly automobile have resulted in the development of hydrogen vehicles in turn triggering need for hydrogen fuel cells.
Moreover, increasing demand for electricity has boosted use of renewable sources for electricity generation, a paradigm shift towards sustainability with a transition from using fossil fuel. This factor has influenced use of nanotechnology in energy as the nanomaterials used can enhance efficiency of devices storing energy. In addition, increasing prices of fossil fuels in wake of rapid urbanization and other geo-political factors has translated to potential opportunities apropos to use of renewable sources of energy, in turn complementing the use of nanotechnology in energy.
Rampant advancements in nanotechnology have resulted in novel nanotech breakthroughs that could be used to solve several energy related challenges. With developing technology, there have been significant innovations in nanomaterials that are used in the energy sector. Since past few years, use of nanotechnology and associated material has transformed the energy space. For instance, manufacturing of efficient solar antennas called nantennas that are microscopic in nature is one of the key developments. Other such developments using nanotechnology in energy include generation of energy from sound, transmission of energy using nanotubes, focusing energy using nanocones and energy storage using nanosponges. Such advancements in this space is expected to bolster growth of the nanotechnology in energy market in the coming years.
Carbon Nanotubes to Largely Contribute towards Growth of the Nanotechnology in Energy Market
With regards to material used, carbon nanotubes are expected to witness increased adoption on the global front. Carbon nanotubes being nanostructured material possess favourable mechanical and electrical properties owing to one dimension confinement. In addition, carbon nanotubes are suited for various applications that require high durability, strength, high thermal conductivity, optimum electrical conductivity and lightweight.
Moreover, nanocomposites containing carbon nanotubes are gaining high traction. They are an apt alternative to conventional composite material owing to their superior thermal, electrical, chemical, mechanical and barrier properties such as high tensile strength, enhanced heat deflection temperature and flame retardancy. This has increased the use of carbon nanotubes across applications such as energy storage devices, electron field emission, nanotransistors, biological sensing devices and actuators. Also, they are cost efficient and can be used in the manufacturing of super capacitors. These factors are expected to push demand of carbon nanotubes, consequently aiding the growth of the nanotechnology in energy market.
Nanotechnology in Energy Market Likely to Witness an Upsurge in Asia Pacific in the Coming Years
Nanotechnology has gained significant importance in various industries in the Asia Pacific region. On the back of increasing inclination towards use of green fuels in order to curb carbon emissions, the demand for renewables has increased. This has resulted in development of novel technology that facilitates reduction in carbon and GHG (Green House Gas) emissions, in turn paving an opportunistic pathway for nanotechnology in the energy sector. In a bid to achieve zero carbon targets dev eloping nations are shifting from use of fossil fuels towards use of cleaner alternatives.
For instance, the development of hydrogen fuel cells that can be used in vehicles is one of the major steps towards reducing carbon footprint. This has accelerated the use of nanotechnology as it can significantly reduce the costs associated with catalysts used in fuel cells. By using nanotechnology, the efficiency of membranes in fuel cells can be significantly improved and it can be used to separate hydrogen from other gases. Moreover, nanomaterials can also reduce weight of the tank, in turn improving operational efficiency of the vehicle. In this backdrop, growing use of renewables and development of green alternatives in the automotive industry is expected to fuel growth of the nanotechnology in energy market in Asia Pacific.
Nanotechnology in Energy Market: Competitive Landscape
Few of the major players in the nanotechnology in energy market include Advanced Nanoproducts, Solarmar Energy Inc., Ablynx, InMat Inc., Z-medica LLC, Rogue Valley Micro, Nano Dimension, APS Material Inc., Solar Botanic Ltd., and Advance Reproductions Corporation.
Global Nanotechnology in Energy Market is Segmented as Below:
By Material Type
By End Use
Key Elements Included In The Study: Global Nanotechnology in Energy Market
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