- The global market for proton exchange membrane fuel cell (PEMFC) membrane electrode assembly (MEA) components should grow from $766 million in 2017 to $2.6 billion by 2022, at a compound annual growth rate (CAGR) of 27.9% for the period of 2017-2022.
- The global market for nanocomposites should grow from $2.0 billion in 2017 to reach $7.3 billion by 2022, at a CAGR of 29.5% for the period of 2017-2022.
- The global market for nanofiber products should grow from $927 million in 2018 to $4.3 billion by 2023, at a CAGR of 36.2% for the period of 2018-2023.
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In recent years, nanotechnology has gained popularity across the world with advanced and modernized innovations in various applications including composite materials, nanoparticles, fabrication technologies, small machine equipment manufacturing and many others. Essentially, nanotechnology is deeply integrated in various industrial applications, providing advances in process delivery and costeffective applications in industries such as food and beverage, healthcare and life science, electronics, energy, aerospace, chemical and many others.
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Specifically, nanotechnology is being prominently used in fuel cell applications, as the fuel cell manufacturers applying platinum nanoparticles to lower the amount of platinum in cells for cost reduction. With surge in fuel cell electric vehicle production, nanotechnology application in fuel cell is expected to increase further. U.S. Department of Energy, The National Renewable Energy Laboratory (U.S.), and Union of Concerned Scientists (U.S.) are doing research for hydrogen powered fuel cell to make it more efficient, low cost and commercially viable.
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Moreover, miniaturization in the electronic industry is leading to the introduction of new semiconductor manufacturing processes. For integrated circuits (ICs), comprising of nanofiber are expericing great demand in the industry. Nanofiber can withstand high amount of heat generated in electric power modules and exhibits good conductivity.