April 22, 2024

Silver Nanowires is Estimated to Witness High Growth Owing to Growing Application in Photovoltaics

Silver nanowires are very thin metallic wires with diameters in the range of 30-200nm. They have high electrical and thermal conductivity and are finding increasing application in transparent electrodes used in solar panels, touchscreens and other optoelectronic devices. The global silver nanowires market demand is driven by the growing adoption of solar energy. Silver nanowires are used as transparent conducting electrodes in solar cells due to their broadband transparency and good electrical conductivity. They provide an economical alternative to ITO used in traditional solar panels.

The global silver nanowires market is estimated to be valued at US$ 170.57 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in The Silver Nanowires Market include Quantum Profile Systems Ltd., Amstep Products, Novaproducts Global, Optimum Technologies, Inc., Tarkett S.A., MEISHUO Building Materials Co. Ltd., Kinesik Engineered Products, Spectrum Floors, C.A.T. LTD. and Litokol.

The key opportunities in the market include rising demand for flexible and printed electronics, touch panels and photovoltaic cells. Silver nanowires can replace ITO as transparent electrodes in these devices due to their flexibility, tunable optical properties, low temperature processing and cost-effectiveness.

Growing investment in research and development of advanced manufacturing technologies has led to scaled-up production of silver nanowires. Continued innovation in wet chemical synthesis and dry transfer printing techniques will make silver nanowires more commercially viable for various optoelectronic applications.

Market Drivers
Rising demand for renewable energy is a key driver for the silver nanowires market. The rapid adoption of solar energy globally is propelling the need for efficient transparent conducting materials for solar panels. Silver nanowires can fulfill this need cost-effectively. Additionally, the mechanical flexibility and process versatility of silver nanowires make them suitable for the emerging flexible and wearable electronics industry. Growth in consumer electronics and automotive glass with touch panel and display integration will also boost silver nanowires demand.

Current Challenges in Silver Nanowires Market
The silver nanowires market faces some challenges including high production costs and shortage of raw materials. Producing silver nanowires requires extensive research and development which leads to high initial investment costs. There is also a lack of standardized production processes which further increases costs for manufacturers. Sourcing raw materials like silver, which is a precious metal, can also be difficult at times leading to supply issues. Environmental regulations around nanomaterials also impose compliance challenges. Overall, bringing down costs through economies of scale and ensuring sustainability in raw material sourcing are some of the key challenges in this market currently.

SWOT Analysis
Strength: Silver nanowires have high electrical conductivity and thermal stability which makes them suitable for applications in touch screens, solar panels and flexible displays. They provide advantages over other nanomaterials.
Weakness: Production processes are complex and costly. Raw material supply can be inconsistent at times.
Opportunity: Growing demand for touch screens, wearables and Internet of Things devices is opening new application areas. Advancing production technologies may help address cost challenges over time.
Threats: Stringent regulations around nanomaterials. Competition from graphene and other emerging nanomaterials.

Geographical Regions
Currently, North America dominates the silver nanowires market in terms of value share largely due to concentration of touch screen, solar panel and display manufacturers in the region. Asia Pacific is also a major contributor driven by the presence of large electronic hubs like China, South Korea and Taiwan.

The fastest growing regional market for silver nanowires is expected to be Asia Pacific as adoption of nanomaterials increases across applications in the energy, electronics and automotive sectors. Countries like China, Japan and South Korea are major manufacturing hubs boosting demand. Widening application scope beyond displays and strengthened domestic industries will fuel market revenues.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it