The Russian nanotechnology market is rapidly growing and is expected to contribute 3% to the global nanotechnology industry by 2015.
Sergei Ivanov, First Deputy Prime Minister, Russia, said that the Russian contribution to the global nanotechnology industry is expected to surge to around 3% by 2015, as reported by RBCnews.
Ivanov also disclosed that the sales of nanotechnology products manufactured in Russia are expected to be somewhere around RUB 900 Billion ($3805 Billion) by 2015. Ivanov unveiled that approximately RUB 180 Billion ($7.65 Billion) would be utilized in the development of nanotechnology while Russian Venture Company and VIB (first international financial organization from Russia) are given additional opportunities to transform nanotechnology products into more profitable products.
One of the chief contributing factors for the boom in the Russian nanotechnology market is hike in knowledge of this technology. Besides, the country is promoting the technology by using it in various departments. By using nanotechnology on a wide range, Russia develops radiological medicines and as a result, nano products are increasing in the country. Also, integration of nuclear power generation with nanotechnology is also pushing the demand for nanotechnology in the country.
Furthermore, the Russian government’s efforts to promote the technology, such as approval of a bill to encourage State Corporation that will give financial support to R&D in the nanotechnology field, are giving enough impetus to the use of technology. Russian President, Vladimir Putin in April 2007 called for creating a corporation with a funding of $5 Billion and said that nanotechnology is the key for the development of science and technology in modern times.
Moreover, officials at the Russian nanotechnology industry said that the country is pursuing dominance in five big industries, civil and military aviation, nuclear energy, space, nanotechnology and shipbuilding. Also, the nanotechnology industry would support the Russian economy as nuclear and space industries did in the Soviet era.
According to a Research Analyst at RNCOS, “The Russian nanotechnology industry is growing strongly due to various initiatives taken by the government to promote its use in diverse fields. This is facilitating Russian companies to manufacture cheap products and many other industries will be benefited from the nanotechnology in future to develop wide range of products including weapons, medicine, electronics, and various other items.”
Related Market Research Reports:
Nanotechnology Market Forecast to 2011
The World Nanotechnology Market (2006)
The World Nanotechnology Market (2005)
