COVID-19 Impact on Nanotechnology in Energy Market
- The COVID-19 outbreak is hampering the demand for nanotechnology in the energy industry. To curb the spread of coronavirus, many governments across the globe enforced lockdown measures. This resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are hampering the demand for nanotechnology in the energy industry.
- Key players operating in the nanotechnology in energy market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic.
- The COVID-19 outbreak has directly affected the production and demand for nanotechnology in the energy industry. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Nanotechnology in Energy Market
- During the forecast period, rapid innovation and scientific development of hydrogen fuel cells for storing excess energy from renewable energy sources is expected to drive the nanotechnology in energy market. Many countries, including Australia and those in Europe, have begun to construct green hydrogen production plants. Demand for hydrogen fuel cells has increased as the demand for electricity and environmentally friendly automobiles such as electric and hydrogen vehicles has risen. Recent increase in demand for hydrogen fuel cells has fueled demand for nanotechnology in the energy market. Electricity demand has risen as a result of rapid technological advancements.
- Demand for renewable energy sources such as wind, solar, and geothermal has increased. Major investments in renewable energy from various countries around the world prompted global energy behemoths to invest in the sector, resulting in a slew of nanotechnology-based innovations, primarily in design and material aspects, to improve the efficiency of energy storage devices. Throughout the forecast period, rapid urbanization, industrialization, and an increase in the price of fossil fuels are expected to be major factors driving the growth of the nanotechnology in energy market. Rise in usage of nanotechnology in energy applications is expected to boost the market during the forecast period.
Restraints of Nanotechnology in Energy Market
- Scalability of production is the most difficult aspect of the nanotechnology market. The scalability factor is acting as a major challenge in the growth of the nanotechnology market size, despite the fact that nanomaterials provide outstanding functional performance in the laboratory or prototype stage. However, significant developments in nanotechnology are expected in the future, such as miniaturization without compromising product efficiency and various others, with profitable commercialization in automotive, aerospace, and sporting goods industries.
North America to Constitute Significant Share of Global Nanotechnology in Energy Market
- In terms of region, the global nanotechnology in energy market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific, followed by North America, accounted for more than a third of the global nanotechnology in energy market in 2020. North America was one of the largest nanotechnology markets in 2020, largely due to the region's significant investments in R&D of nanotechnology.
- Europe is also one of the key consumers of nanotechnology in the energy industry. Europe is expected to display moderate growth as the nanotechnology is significantly used for several applications in the energy industry.
Competitive Landscape of Global Nanotechnology in Energy Market
Major players operating in the global nanotechnology in energy market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Nano Dimension
- N.V. Ablynx
- Advance reproductions corporation
- Z-medica LLC
- InMat Inc
- Solarmar energy, Inc
- APS material, Inc.
- Solar Botanic Ltd
- Advanced Nanoproducts
- Rogue Valley Micro
- Advanced Nanoproducts
Global Nanotechnology in Energy Market: Research Scope
Global Nanotechnology in Energy Market, by Type
- Carbon Nanotubes
- Nanostructured Material
Global Nanotechnology in Energy Market, by Application
- Photovoltaic Film Coating
- Fuel Cells and Batteries
- Thermoelectric Materials
Global Nanotechnology in Energy Market, by End-use Industry
- Renewable & Non-renewable Energy
Global Nanotechnology in Energy Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Nanotechnology in Energy Market Introduction
- Through innovative technological solutions and applications, nanotechnologies have the capacity to boost energy efficiency in all industries and economically capitalize renewable energy production. Breakthroughs in nanotechnology are being made. Applied to each of the value-added components, there is a supply chain in the energy sector.
- Nanotechnologies play a critical role in the increased use of solar energy via photovoltaic systems, in particular. Through catalysts in fuels, lighter, stronger materials, and more efficient batteries, nanotechnology may enable more efficient transportation. Other components of the electric transmission infrastructure may benefit from nanotechnology applications, potentially reducing environmental impacts.