For all of those people kicking themselves for not investing early in computers and other hot technology, investing in nanotechnology may be your second chance. This emerging area has the potential to revolutionize our daily lives, making many machines and devices smaller, safer, and less costly. Some experts compare the potential changes with nanotechnology to the big changes that happened with the Industrial Revolution.

Nanotechnology involves using atoms and molecules to create machines, devices, and other items. More than 600 companies world wide have begun research and development in this area, attesting to its potential for change and profit. The technology is already being applied to areas like semiconductors, automobiles, radioactive waste processors, and high-tech sensors, just to name a few areas.

The potential for this field can also be seen in other areas. In recent years, 15 Nobel Prizes have been awarded for work in nanotechnology. Most universities with science programs have either started departments and research or have been applying for money to get one. In addition, over $4 billion dollars has been pumped into the area just last year.

Some scientists are working on using nanotechnology to meet growing energy needs globally. In the next twenty years, energy consumption could triple. Solar panels using nano-engineering could store the sun’s energy in efficient fuel cells. These might be used to power homes, vehicles, and machines.

If you’re thinking of investing in nanotechnology, there are four different areas that you may want to investigate:

§ Nanomaterials: these items are the basic building blocks and are used to create machines and other nanotechnology items.

§ Nanointermediates: these are larger and more complex components than nanomaterials. As one example, medical researchers have been using nanointermediates to create artificial bones. Other nanoparticles are already being used in sunscreens.

§ Nano-Enabled Products: this category includes all items that use nanomaterials and nanotechnology. Currently, this would include automobiles, computers, appliances, processed foods, and next generation Lithium-ion batteries.

§ Nanotools: these devices, tools, and machines allow researchers and manufacturers the ability to manipulate nanomaterials and incorporate them into various items. Some examples include atomic-force microscopes and molecular modeling software.

The area of nanotechnology appears bright. If you’re thinking of investing in this area, you should consider doing so as soon as you can. Nanotechnology is already earning money for investors and that will only grow as scientists find more and more uses for the technology.

Investing in nanotechnology carries the same risk that you’d find with investing in other areas, but due to the uses already in place, you have some assurance that your investment will pay off. Don’t wait too long, however, or more investors will realize the potential growth of this area and jump in.