According to the latest report by TechNavio, aerogel has huge scope for growth in various sectors, industries and applications, including use as a shock absorber in safety and protective devices, as insulation in technical textiles for use in extreme weather conditions and as fire extinguishers. Use of aerogel in cold packaging technology is also being studied by various market players, with many new patents on the horizon.
“The high number of patents being filed for new uses of aerogel and the development of new aerogel-based products will contribute to market growth in the coming years,” says Faisal Ghaus, Vice President of TechNavio.
The TechNavio report also emphasizes growing investments in research and development as vendors are keen to commercialize aerogel, and develop products with special properties.
“Aerogel is expected to have a significant impact on sustainable and green development with governments of many countries supporting the aerogel industry through grants and subsidies,” says Ghaus.
Furthermore, aerogel is replacing fiberglass as an alternative to traditional insulation material, which is expected to fuel market growth over the forecast period.
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TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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