Nanotechnology is expected to be worth $27 billion in five years time, according to a report issued by BCC Research. Worth an estimated $11.6 billion in 2007, the market is forecast to increase to $12.7 billion in 2008, reaching a value over double this amount in the next five years at a compound annual growth rate (CAGR) of 16.3%.
The market comprises the applications of nanomaterials, nanotools and nanodevices, with nanomaterials accounting for 87% of the market. This segment is predicted to be worth $10.8 billion in 2008, rising to $18.7 billion in 2013 for a CAGR of 11.7%.
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