As cited by the research report titled ‘Global Nanotechnology Market Size study, by type (Nano Devices and Nano sensors), By Application (Electronics, Chemical Manufacturing, Energy, Aerospace & Defense, Healthcare and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global nanotechnology market was worth USD 1165.90 million in 2019 and is anticipated to  expand at10.5% CAGR over 2020-2027, subsequently reaching a valuation of USD 2591.50 million by the end of the analysis timeframe.
 

As per the report findings, rising adoption of nanotechnology in medical imaging & diagnosis, technological advancements, and introduction of self-powered nanotechnology devices are augmenting the industry size. Moreover, favorable government initiatives, inflowing investments, and increasing research & development activities in this field will enhance the global nanotechnology market remuneration scope.
 

Additionally, surging demand for nanotechnology from semiconductor manufacturers for miniaturization as well as performance enhancement of their products, along with launches of innovative product, and strategic alliances by major players are positively swaying the market dynamics.
 

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For those uninitiated, nanotechnology refers to the study and usage of nanoparticles for production of devices which are utilized across numerous fields of science, predominantly material sciences, mechanics, chemicals, and biomedical. Owing to its ability to precisely manipulate atoms and molecules for fabrication of macroscale products, nanotechnology is gaining popularity across various industrial domains including consumer products, manufacturing, transportation, energy, and medicine.
 

On the contrary, global nanotechnology industry growth is likely to be hindered during the forecast period due to high technology cost of and issues pertaining to the deployment of nanotechnology devices in harsh weather conditions.
 

Based on application spectrum, the market is bifurcated into healthcare, aerospace & defense, energy, chemical manufacturing, and electronics among others. With regards to type, the industry is split into nano sensors and nano devices.
 

Speaking of the regional scope, global nanotechnology market is divided into Latin America, Europe, North America, Asia-Pacific, and rest of the world. Among these, Europe marketplace is touted to emerge as a lucrative growth avenue for the overall industry during 2020-2027. Rapid development in modern medicine on account of expansion of fields such as regenerative medicine and nanotechnology, along with favorable government collaborations with organizations for nanotechnology development are fostering the regional market growth.
 

Prominent firms impacting the worldwide nanotechnology market trends are Applied Nanotech, Inc., Thermo Fisher Scientific, Inc., Altair Nanotechnologies, Inc., Advanced Nano Products Co., Ltd (ANP), Biosensors International Group, Ltd., Bruker Corp., eSpin Technologies, Inc., Kleindiek Nanotechnik GmbH, Imina Technologies SA, and Nanonics Imaging Ltd.