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Nanotechnology for the Energy Markets
Cientifica Ltd., Feb 2007
The increasing desire for energy independence in the face of growing global competition for oil, Middle Eastern political instability and concerns over carbon emissions is causing many energy companies to look for technological solutions.
The new report 'Nanotechnologies for the Energy Markets' indicates that the primary impact of nanotechnologies will be in more efficient use of existing resources rather than the creation of new supplies from solar and hydrogen based technologies.
Using a new economic model based on primary research that quantifies the impact and diffusion of nanotechnologies over time, allowing accurate quantification of market impacts the report concludes that
- The most immediate opportunities lie in saving energy through the use of advanced materials and this is already a $1.6 billion dollar market, predicted to rise to$ 51 billion by 2014
- Despite advances in battery technology, hydrogen storage and fuel cells, energy saving technologies will exhibit faster growth, accounting for 75% of the market for nanotechnologies in 2014, up from 62% in 2007
- The adoption of energy generation technologies is highly sensitive to geopolitical factors and consumer acceptance, while energy saving technologies exhibit no such problems
- Solid state lighting, nanocomposite materials, aerogels and fuel borne catalysts will have the greatest impact between now and 2014
- Compound annual growth rates are 64% for energy saving technologies and 90% for energy generation, while energy storage applications show a comparatively lowly 30%.
- Applications in transportation will increase to $50 billion by 2014 with a CAGR of 72%
Tim Harper commented 'by 2014, 75% of the applications of nanotechnology surveyed will be in the transportation sector, with the major benefits being reduced emissions and greater drive train efficiency.'
Our research director Hailing Yu added 'the use of nanomaterials to increase energy efficiency represents a major global opportunity. While nanotechnologies will definitely play a role in the creation of renewable energy resources, the smart money today is on nanomaterials.'
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