Carbon Nanotubes for Electricity Generation Market to Rear Excessive Growth During 2025
Carbon nanotubes have recently emerged as an important nanomaterial with enhanced properties such as high electrical & thermal conductivity, aspect ratio, and toughness. They are considered the ideal candidate for electronic devices, biosensor hydrogen storage cells, electrostatic discharge, and electrical shielding applications. To generate electricity, carbon nanotubes can be used in solar cells, electrochemical capacitors, photo switching energy storage units, and bio-batteries. They are preferred in solar cells owing to their light weight, extraordinary electrical conductivity, and light absorption properties. Carbon nanotubes are found to be effective in electrochemical capacitors as they can provide a strongly entangled network which allows metal oxide deposition. They are used in photo switching energy storage units because of their ability to store and use solar energy. Thanks to advancements in the medical technology, implantable biomedical devices such as biocathodes employ carbon nanotubes in their design.
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Growing demand for composites which find application in the electrical & electronic and energy sectors is the key driver of the global carbon nanotubes for electricity generation market. Similarly, the need for lightweight materials for energy storage in the aerospace, defense, and electronics sectors is also propelling the market for carbon nanotubes for electricity generation. The developments in various industries in Asia Pacific are another significant trigger for this market. Advancements in science and technology coupled with research & development activities are also considered to be major drivers of the global carbon nanotubes for electricity generation market.
In terms of product type, the global carbon nanotube market for electricity generation can be segmented into the multi-walled and single-walled categories. The efficiency of single-walled carbon nanotubes is significantly higher than that of multi-walled ones. However, the cost of the former is extremely high which is expected to hinder this segment. Multi-walled carbon nanotubes are cost-effective and constitute a significant share in the global carbon nanotubes market for electricity generation. Carbon nanotubes are generally used as a material in its composite form in order to achieve enhanced properties. They have also significantly penetrated the energy storage sector. Applications of the product can be segmented into the following groups: solar cells, electrochemical capacitors, photo switching storage units, and bio-batteries
The global carbon nanotubes market for electricity generation expanded significantly in 2016. This trend is estimated to continue during the forecast period. On the basis of demand for the product, Asia Pacific has been dominating the carbon nanotubes market for the past few years. The rising demand for carbon nanotubes in the composites, energy, electrical & electronics, and various industrial end-user segments is an important trend boosting the usage of carbon nanotubes for electricity storage in Asia Pacific.
North America is considered a key region for the development of the carbon nanotubes market due to the demand for electricity storage in the aerospace and defense sectors. U.S. is expected to drive the market growth for carbon nanotubes over the coming years. Technological advancements coupled with research & development activities in Europe make it an attractive market for carbon nanotubes and a growth opportunity in electricity generation. The presence of emerging economies both in Latin America and Middle East & Africa is also projected to drive the global carbon nanotube for electricity generation market.
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Key players operating in the global carbon nanotube market for electricity generation include Arkema S.A, Carbon Solutions Inc, and CNano Technology.
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