Manufacturers have advanced their technology portfolio while entering a new era of technology. This era has emerged with major technological advancements, such as Nanotechnology, for the benefit of consumers. Nanotechnology can reduce the size of the molecule dimensions and tolerances to less than 100nm and reduce the size of the product without affecting its performance.
This technology will help to massively increase manufacturing production at significantly reduced costs. Nanotechnology has a variety of applications ranging from nano-medicine, and oil & gas extraction, to the reduction of chip size, making mobile devices sleeker. Many governments believe Nanotechnology market growth will bring a new era of productivity and wealth, which is reflected in how investments toward nanotechnology R&D have risen during the past decade.
A survey suggests that from 2018-2024, the global nanotechnology market is projected to grow at an estimated CAGR of 17%. Market Opportunity Analysis reveals, the top three applications of nanotechnology are electronics, energy, and biomedical, which account for over 70% share of the global nanotechnology market. A separate budget is also allocated by the US government every year towards the research of the technology, which could lead to technological breakthroughs in the future.
Nanotechnology has contributed to major advances in computing and electronics, leading to faster, smaller, and more portable systems that can manage and store a larger amount of information. With the help of this technology, the chipset size is getting reduced, without affecting the performance of a device.
E.g., A chipset is made of several transistors, and the more transistors, the higher will be the processing, thus increasing the efficiency. A smaller chipset size will make the device sleek, while a higher number of transistors will make it more efficient and faster. The use of nanomaterial in sensors has significantly increased the accuracy and sensitivity of the devices to the extent that a small amount of the desired material can be detected at short notice.
Technology has had a positive impact on society, government, and business, with improved productivity and close monitoring of nearly every aspect within these segments. IBM, TSMC, AMD, Intel, and other competitors are working aggressively towards miniaturization of the chipsets and are planning to bring down the size to 3nm by 2022, compared to 5nm in 2019.
Nanotechnology will be helpful not only to manufacturers or consumers, but it will also help the government in maintaining peace within society. It will be used in medical science to cure many diseases, in electronics, by reducing the size of the internal components and improving the performance, and in many other aspects, which are described in the below whitepaper.
By Jaydeep with contributions by Pramod Kolhapur and Kiran Nandavarapu
Get a comprehensive overview of cross-industry applications of nanotechnology, the scale of things in nanometers, growing miniaturization, global funding, and evolving implications of nanotechnology for government and business.
Sign up to get the latest perspectives on analytics, insights, and AI.