PORTLAND, Oregon, June 19, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Nanotechnology Market by Type (Nanodevices and Nanosensors) and Application (Electronics, Energy, Chemical Manufacturing, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global serverless architecture market generated $1.05 billion in 2018, and is estimated to reach $2.31 billion by 2025, growing at a CAGR of 10.54% from 2019 to 2025.
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Developing technological advancements in nanotech devices drive the global nanotechnology market. Furthermore, increasing adoption of nanotechnology in medical imaging supplements the market growth to some extent. However, problems regarding deployment of nanotech devices in extreme weather conditions and high cost of the technology restrict the growth of this market. On the other hand, increasing government support and funding with emergence of self-powered nanotech devices offer lucrative opportunities in the global nanotechnology market.
The Nanosensor segment to maintain its leadership status by 2025
The nanosensor segment accounted for more than half of the total market share in 2018, and is expected to maintain its dominance by 2025. Furthermore, this segment is estimated to project the fastest CAGR of 9.60% from 2019 to 2025. The major factor that drives the growth of this segment is the efficiency in detection of minute elements. The key usage of nanosensors include monitoring physical and chemical phenomena in regions difficult to reach, detecting biochemicals in cellular organelles, and measuring nanoscopic particles in the industry and environment
Chemical segment to maintain its dominance throughout the forecast period
Based on types, the segment is bifurcated in to electronics, energy, chemical, aerospace & defense, healthcare, and other types. Among them, the chemical segment held nearly one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period, owing to its efficiency in detecting gas molecules. However, the energy segment is estimated to register the highest growth rate with a CAGR of 13.80% from 2019 to 2025, owing to increasing efficiency in fuel consumption.
Asia-Pacific to grow at the fastest CAGR
The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific would grow at the fastest CAGR of 12.80% from 2019 to 2025, owing to increasing demand for biomedical devices in the region. Their market is largely controlled by government policies and regulations which are encouraging sustainable investments in the sector. However, North America contributed to nearly one-third of the total share in 2018 and is expected to maintain its dominance during the forecast period. This is due to the presence of large number of research lab and centers in the region. They are the key contributors to the global nanotechnology market owing to the advancements in technologies, innovations, and investments in respective industry.
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Frontrunners of the industry
Leading market players analyzed in the research include Nanoics Imaging Ltd., Altair Nanotechnologies Inc., Biosensor International, Applied Nanotech Holdings Inc., Advanced Nano Products, Thermofisher Scientific, eSpin Technologies, Inc., Imina Technologies Sa, Kleindiek Nanotechnik Gmbh, and Bruker Axs. These key players operating in the nanotechnology market have adopted new product launch as their preferred strategy to expand their market foothold.
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