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. Triton’s 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
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.
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.
Nanoelectronics 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 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.
Q1) What are the key applications of nanotechnology in energy?
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?
In 2022, the global market attained $8785.02 million and is anticipated to acquire $23786.85 million by 2030.