R&D funding fuels nanotechnology activities

New research from RNCOS says with increasing funding in R&D, the global nanotechnology market is forecasted to grow at a CAGR of 20% through 2013.

The report entitled Nanotechnology Market Forecast to 2013 says the global market for nanotechnology is projected to grow from an estimated $14.5 billion in 2009 to more than $30 billion by 2013, representing a CAGR of around 20% during the period.

It states, “The nanotechnology market currently remains in its developing stage and with the nanotechnology-based products gaining acceptance worldwide, the future prospects for the same looks bright."

The report reveals that currently, the nanotechnology market is dominated by the US, followed by Europe and Asia-Pacific region.

However, initiatives undertaken by EU as part of its Seventh Framework Programme (FP7) will help the region emerge as a dominant player on the global nanotechnology map by 2013.

The EU FP7 will be contributing approximately €600 million ($806.4 million) per year until 2013 towards nanotechnology.

Japan, South Korea, China and India will also foster highest growth in the Asia-Pacific region over the forecast period.