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, according to a reported entitled, "Nanotechnologies for the Energy Markets" from London-based Cientifica.
"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," said Cientifica CEO Tim Harper.
Highlights from the report, which used an economic model based on primary research that quantifies the impact and diffusion of nanotechnologies over time, include:
- The most immediate opportunities lie in saving energy through the use of advanced materials. Currently this market is at $1.6 billion, and is predicted to rise to$ 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.
- Solid state lighting, nanocomposite materials, aerogels and fuel borne catalysts will have the greatest impact between now and 2014.
- Compound annual growth rates (CAGR) 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%
"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," said Cientifica research director Hailing Yu.