Global silver nanowires market is anticipated to witness escalating demand from the healthcare sector for molecular diagnostics on account of its anti-microbial characteristics. These properties can be attributed to its robust optical transmittance and conductivity, which will boost product utilization in medical applications, like imaging, over the forecast timeframe. Growing end-user preference towards silver nanowire-based transparent conductive electrodes (TECs) for next generation semiconductor devices, owing to low manufacturing cost and excellent flexibility, will considerably transform the industry trends.
US Silver Nanowire Market Share, By Optical Application, 2018 & 2025, (Kilo Tons)
Increasing deployment of silver nanowires in carbon-based solar cells as well as modern LEDs due to agility and a sturdy mechanical hold will propel product consumption across the globe. These products can be effectively used as a substitute for indium tin oxide used in transparent conductive layers on account of strong electrical conductivity, high aspect ratio and wide surface. However, lack of suitable infrastructure for product manufacturing combined with high investment costs may slightly impede silver nanowires industry growth. However, strong demand for efficient devices in the future will ensure consistent usage of the material.
Indium is routinely integrated into modern consumer electronics and green technologies. The metal, when exposed to tin and oxygen forms indium tin oxide (ITO), which is used for conductive purposes like LCD displays. ITO is a transparent conductive electrode, which makes it suitable for touch screen technologies. Moreover, the product is widely deployed in the solar cell industry. Hiking ITO prices caused by increasing scarcity of Indium will result in surging demand for silver nanowire-based conductive electrode, thereby stimulating product adoption. Depletion of Indium metal sources worldwide is likely to foster silver nanowires market size over the projected timeframe.
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Deployment of solar energy technology across the world has accelerated and over the last decade, the U.S. solar sector has exhibited an average annual growth of about 50%. Moreover, installation cost for solar-based equipment has dropped by over 70% in same period. Growing awareness among the global population and various government initiatives towards the adoption of natural and renewable sources of energy has spiked the demand for solar cells. Silver nanowire is used in designing solar equipment owing to transparent and conductive characteristics, which will generate added revenues for silver nanowires industry.
Light-emitting diodes (LEDs) have become one of the most rapidly advancing lighting technologies on account of superior energy-efficiency. In fact, quality LED bulbs are more durable, last much longer, provide better luminance quality compared to others. In 2018, global residential LED shares accounted for a record 40% of all house lighting sales. Deployment of LEDs in the commercial as well as outdoor applications is also rising, especially for linear LEDs. Extensive use of silver nanowires in fabricating LED devices is set to positively drive silver nanowires market outlook.
Fueled by recent advances in technology and R&D, several silver nanowire-based products have already been unveiled for research and through prototype ideas. One of the most innovative applications is in the wearable electronics segment on account of excellent optical, mechanical an electrical characteristics. Wearable electronics worldwide are facing surging demand and estimates suggest that wrist wearables alone will register 100 million sold units by the end of 2019, while all other wearable electronics will touch 7.3 million units. Growing popularity of wearable electronics will rapidly increase demand for the material, in turn propelling silver nanowires industry share.
Owing to extensive applications in optic and electronics sector in relation to anti-microbial nature, efficiency and low toxicity, silver nanowires industry is poised to accrue remarkable gains. Increased utilization in chemical, photovoltaic and biotech sensors on account of exceptional optical, thermal and electric characteristics will bolster the product penetration. Global Market Insights, Inc. estimates that silver nanowires market size will exceed the USD 1.5 billion mark by 2025.
Author Name : Hrishikesh Kadam