WELLESLEY, Mass., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Driven by their increasing use in the fabrication of displays, solar cells and batteries, as well as the launch of new generations of transistors based on nanowire arrays, the global market for nanowire-based devices will likely reach $1.6 billion by the end of 2017 and revenues could top $6 billion by 2022, according to an industry report by BCC Research.
The nanowire-based device market is projected to grow at a robust compound annual growth rate (CAGR) of 30.6% through 2022, according to the report Nanowire-based Devices: Technologies and Global Markets. The optoelectronic devices segment will lead the market in size and is projected to have a 2022 estimated value of $3.4 billion with a CAGR of 29.9% through the period. The use of nanowire will also be strong in energy devices, with a 2022 value estimated at $1.4 billion.
Nanowires are cylindrical and have a diameter of less than 100 nanometers; they are also flexible, have a high surface area and exhibit a quantum confinement effect.
Leading patent holders in the nanowire-based device field include IBM, Taiwan Semiconductor Manufacturing, Commissariat a l’Energie Atomique et aux Energies Alternatives, Intel, Samsung, GlobalFoundries, Regents of the University of California and Alphabet Energy.
Research Highlights
- Optoelectronic devices currently account for the largest share of the market at an estimated 59.3% in 2017. Here, nanowire-based devices are primarily comprised of displays, light-emitting diodes and lasers.
- Energy devices with nanowires—mainly solar cells and batteries—have projected revenues of $389 million in 2017. Sensors and actuators account for 13.2% of the market total in 2017.
- Nanostructured materials represent the largest share of the current nanotechnology market, accounting for 73.9% of the total. Growth is estimated to average 18% annually through 2022.
“Development of nanowires has been primarily driven by the electronics industry,” said report author and BCC Research analyst Margareth Gagliardi. “With increasing device miniaturization, the electronics sector has started looking into the creation of a new generation of devices that could be manipulated at the molecular level, thus creating the new field of molecular electronics.”
Robust Growth Expected Through 2022
Demand for nanowire-based devices is projected remain robust due to:
- Increasing penetration of nanowires in the fabrication of displays, solar cells and batteries
- Healthy growth of flexible, and stretchable devices, including sensors, displays and solar cells
- Launch of new generations of transistors based on nanowire arrays
- Development of new and advanced materials and fabrication processes for nanowires that allow for high-throughput manufacturing of nanowires with low production costs
- Rapidly rising levels of related R&D activities
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.