Research and Markets has announced the addition of The World Nanotechnology Market 2005 to their offering.
Nanotechnology, the science of minuscule molecule with its continuous developments, is undoubtedly becoming a very important aspect for modern life. Its impact is most felt in sectors like biotechnology, electronics, energy and industrial products. The nano tools of nanostructured materials are used to make items like nanotubes, nanoelectronics, nanocatalysts, nanophotonic devices, nanosensors and other nano devices.
This market research report predicts that nanotechnology would exceed $1,000 billion by end 2010. The increase in demand for nanoscale materials, tools and devices would reach $28.7 billion by 2008. These would help medical scientists, engineers and other researchers to invent and innovate in the fields of health, IT, communications and consumer goods.
To facilitate R&D, government has increased nanotechnology spending to over $3 billion per annum. At the same time, the venture capitalists have also increased their investments six times over the previous two years. For instance, companies like Intel, IBM, DuPont, 3M, General Electric, Samsung and Hitachi have spent $3.8 billion in 2004. This has been divided into 46% by nanotechnology companies in North America, 36% by Asian companies, 17% by European companies and about 1% by rest of the world. The National Nanotechnology Initiative has declared a fund of $982 million for nanotechnology R&D for 2006.
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