Nanotechnology involves manipulating matter at the nanoscale for various industrial applications. Highly featured electrochemical, optical, and mechanical properties of nanomaterials promote their application in the fields of agriculture, medicine, drug discovery, environment, and renewable energy production. The development of nanocatalysts has redefined the landscapes of biofuels production from green biomass. There have been approximately 764,279 experimental studies conducted in the field of nanotechnology during the last 15 years. The current status of nanotechnology reflects its ability to meet increasing global demands. Reports indicate that since 2001, the incorporation of nanotechnology across seven major economic sectors generated an estimated $1 trillion in profits by 2015, of which $284 billion was attributed to the United States. The US had approximately 33% ($110 billion) of global nanotechnology revenue in 2010, and maintained 33% in 2011, 28% in 2013, and 25% ($750 billion) of global nanotechnology revenue of almost 3 trillion in 2020. In addition to the United States, numerous nanotech companies from different states including Japan, China, Switzerland, and France are also playing pivotal roles in the manufacture of nanoscale-based products. There is a need for global cooperation to harness the actual benefits of nanotechnology applications.