A breakthrough in nanotechnology by researchers at Boston College and MIT could lead to increased economic interest in solar panels. Researchers have improved the efficiency of solar-thermal flat panels by seven to eight times using nanonstructured thermoelectric materials to create a better light absorbing surface. The material was then placed within an energy-trapping, vacuum-sealed flat panel.

The combination of these two changes resulted in the improved overall efficiency of electricity production, and opens the door to expanding the technology's economic potential. Another exciting advance is the development of a flat panel hybrid that is capable of generating hot water and electricity in the same system. The ability of this new technology to generate electricity by improving existing technology at a minimal expense makes it an appealing option from a cost standpoint.

Experts are of the opinion and belief that Nanotechnology (also known as nanotech) is going to be principal sunrise industry of the 21st Century. Although Nanotechnology is a recent development in the field of scientific research, innumerable primary and ancillary business modules have been developed around the wide ranging applications of Nanotechnology.

Singapore Institute of Manufacturing Technology presented a report recently, in which it estimates the Nanotechnology based products industry to register an impressive growth rate of 19% between 2011 & 2013. The report further forecasts the Nanotechnology industry to reach revenues of $2.4 trillion by 2015.

This Industry has been able to sustain such phenomenal growth as a result of the huge investments in research and development by government agencies and leading corporate across the globe. This is a clear indication and testimony of the immense growth potential of the Nanotechnology industry

A company specializing in energy conserving solutions is making nanotechnology news by declaring its intentions to start a number of pilot projects in association with universities and hospitals across the US to make steam processing equipment more efficient using the company's Nansulate thermal insulation and corrosion prevention coatings.

The company, called Industrial Nanotech, is working to introduce universities and hospitals to their energy-saving coatings, which can bring significant energy-saving benefits to these organizations. The company had earlier assisted Erenko Textile company in reducing its energy consumption y 20%, which ended up saving them a total of 10% in production costs. It also allowed another sports apparel producing company to cut down its level of liquid natural gas consumption to 20%. The total savings for this company amounted to around $852,000 in 2007 and 2008.