Global Metamaterials Market
As stated in our extensive report; the Global Metamaterials Market accounted for USD 315.2 Million in 2022 and is forecast to reach USD 2509.8 Million by 2030 at a CAGR of 34.5%.
Metamaterials are a type of material structure, that contains properties like acoustic, electrical, magnetic, and optical properties which are considered exceptional. The physical properties like negative permittivity and permeability of Metamaterials are also remarkable.
These, unique and rare properties of Metamaterials make them very much useful and valuable in various applications, like communication antennas, windscreens, solar panels, sensors, and medical imaging devices. These resulted in heavy investment in the R & D of Metamaterials by the Department of Defense (DOD) and the Defense Advanced Research Project Agency (DARPA) in the Aerospace and Defense vertical. Also, the use of Metamaterials in solar power systems, metamaterial-based radar for drones, and advancements in 5G are the main factors driving the growth of the Metamaterials market.
The demand for Metamaterials in the medical and telecommunication sector is very promising. They are widely useful in the development of metamaterial lenses, antennas, and sensors, due to their special properties. Metamaterials also find application in solar cells and optical sensors, due to their ability to absorb light with high efficiency. The high demand for metamaterial in the automotive sector is one of the main drivers for the market growth.
Key factors influencing Metamaterials Market Growth
The growth of the global Metamaterials market can be attributable to the following:
- 5G is growing rapidly known as new generation technology that provides flexible connectivity. According to the GSM Association, by 2025,5G will account for nearly 1.2 billion connections. Main industry players are working on developing metamaterial-based antennas that could provide better radiation patterns to drive the market.
- In terms of value the electromagnetic segment is estimated for the largest size of the metamaterial market from 2021 to 2026 due to increasing demand in communication antenna and radar applications.
- In 2021 the aerospace and protection section is expected to be the most important metamaterial market length.
- Antennas, protective layers, windscreens, EMC shielding, and cloaking devices are majorly adopted metamaterial-based devices in the aerospace and defense vertical.
- North America will account for the most important marketplace percentage at some stage in the forecast period.
- Covid-19 impacted several businesses worldwide, and these also impacted the business of Metamaterials as all the related industries were affected by the covid-19 crises. hence the global Metamaterials market witnessed slow growth during the pandemic.
North America Region to Lead the Market
North America was the largest region in the global Metamaterials market in 2021-22, it accounts for 34.0% share in terms of market share, which is followed by Europe and Asia Pacific region.
The Metamaterials market in North America is dominant over the forecast period because of increased funding for research and development for utilizing Metamaterials for its various applications. we can take an example of the Defence Advanced Research Projects Agency (DARPA) along with the U.S. Navy and Lockheed Martin Corporation, which Provided funding worth US$ 8 million for the development of Metamaterials in 2017. Asia Pacific Metamaterials market is the fastest growing market.
Increasing adoption of Metamaterials in the aerospace, defense and military high-end applications, are positively influencing the overall Metamaterials market.
Some of the key players in the Global Metamaterials Market include- Acoustic Metamaterials Group Ltd (Hong Kong), Metamagnetics Inc. (U.S.), Echo Dyne Inc. (U.S.), Advanced Research Projects Agency (U.S.), Fractal Antenna Systems Inc. (U.S.), Meta Boards Limited (Oxford) and others.