The global metamaterials market size was valued at USD 416.94 Million in 2022 and is projected to reach USD 6.95 Billion by 2031, expanding at a CAGR of around 36.7% during the forecast period, 2023 – 2031. The growth of the market is attributed to the surging antenna applications and wireless mobile communication.
Metamaterials are artificially engineered materials that can achieve electromagnetic properties such as electromagnetic clocking and negative index of refraction. These materials are the novel class of functional materials built around micro and nano structures, which helps in easy interaction of material with light and any other form of energy. A metamaterial generally consists of a meta-units, which are the multiple individual elements. Each element is built from conventional materials especially dielectrics, which include plastic and metals. Plasmonic metamaterials, negative index metamaterials, photonic metamaterials, and chiral metamaterials are some key examples of the metamaterials widely used in numerous applications.
The COVID-19 pandemic outbreak had caused negative impact on the market. During the pandemic, the emergency lockdown imposed by government bodies across countries has resulted in the disruption of global supply chain, limited availability of workforce, and halted operations of manufacturing plants. The market is expected to recover soon with an uptrend operation due to gradually decline in COVID cases across the globe.
Metamaterials Market Trends, Drivers, Restraints, and Opportunities
-
Increasing R&D activities for various applications in the consumer electronics, telecommunication, and aerospace & defense sector is a key factor driving the market.
-
Rising demand for metamaterials-based radar drones and solar power systems across the globe is projected to boost the market during the forecast period.
-
High cost for manufacturing of metamaterials acts as a major challenge that can restrict the market growth in the coming years.
-
Strict government regulations on the use of materials in various applications is expected to hamper the market growth during the projected timeline.
-
Surging advancements in 5G technology worldwide is anticipated to create significant growth opportunities for the market.
Scope of Metamaterials Market Report
The report on the global metamaterials market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Metamaterials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Applications (Superlens, Antenna & Radar, Cloaking Devices, Light & Sound Filtering, Sensors, and Others), Types (Photonic, Electromagnetic, FSS, Tunable, Terahertz, and Others), and End-users (Aerospace & Defense, Healthcare, Telecommunication, Electronics, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
JEM Engineering LLC; NKT Photonics A/S; Fractal Antenna Systems Inc.; Kymeta Corp.; Echodyne Corp.; Metamaterial Technologies Inc.; and TeraView Ltd.
|
Metamaterials Market Segment Insights
Antenna & radar segment to grow at high CAGR
On the basis of applications, the market is segregated into superlens, antenna & radar, cloaking devices, light & sound filtering, sensors, and others. The antenna & radar segment is estimated to grow at high CAGR during the forecast period owing to surging demand for communication antennas for applications such as 5G communications, satellite communication, radar communication, and Wi-Fi routers. On the other hand, the sensors segment is anticipated to register significant growth during the projected period attributed to the rising use of this sensors in the healthcare sector as it is more sensitive for change detection.
Electromagnetic segment to grow at rapid pace
In terms of types, the global metamaterials market is fragmented into photonic, electromagnetic, FSS, tunable, terahertz, and others. The electromagnetic segment is expected to grow at a rapid pace during the forecast period owing to the extensive use of product type into various items including microwave couplers, antennas, lenses, beam sterrers, radoms, and band-pass filters. On the other hand, the terahertz segment is expected to expand at a substantial growth rate in the coming years attributed to the growing use of the product for interaction at terahertz frequencies and in remote sensing and spectroscopy technology.
Aerospace & defense segment to expand at robust growth
Based on end-users, the market is divided into aerospace & defense, healthcare, telecommunication, electronics, and others. The aerospace & defense segment is projected to expand at robust growth rate during the forecast period due to the growing need for radar and antennas for commercial purpose and in the military sector. Additionally, the segment growth is further accelerated as the metamaterial-based antennas are thin, efficient, and can perform better than conventional antennas. However, the healthcare segment is anticipated to expand at a substantial CAGR during the forecast period owing to use of metamaterial-based products in medical devices such as imaging devices and sensors.
North America to constitute a key market share
In terms of region, the global metamaterials market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the rising demand for metamaterial-based products by various end-users such as the aerospace & defense sector. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the increasing investment in the defense sector by major economies in the region. Moreover, key factors such as rapid growth in medical, telecommunication, and consumer electronics sector are driving the regional market growth further.
Segments
The global metamaterials market has been segmented on the basis of
Applications
- Superlens
- Antenna & Radar
- Cloaking Devices
- Light & Sound Filtering
- Sensors
- Others
Types
- Photonic
- Electromagnetic
- FSS
- Tunable
- Terahertz
- Others
End-users
- Aerospace & Defense
- Healthcare
- Telecommunication
- Electronics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- JEM Engineering LLC
- NKT Photonics A/S
- Fractal Antenna Systems Inc.
- Kymeta Corp.
- Echodyne Corp.
- Metamaterial Technologies Inc.
- TeraView Ltd.
Competitive Landscape
Key players competing in the global metamaterials market are JEM Engineering LLC; NKT Photonics A/S; Fractal Antenna Systems Inc.; Kymeta Corp.; Echodyne Corp.; Metamaterial Technologies Inc.; and TeraView Ltd. Companies are focusing on investment in R&D for development for advancements in materials to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in November 2020, Metamaterial Technologies Inc., a Canada-based manufacturer and distributor of nano composite and optical solutions started direct sales of families of metaOPTIX Holographic Film Notch Filters through an online store on digital platform. In December 2020, Hanwha Systems invested a USD 30 million in Kymeta, a US-based satellite communication company to boost the development of its next-generation solutions namely Kymeta Connect and Kymeta u8. This initiative was to support the metamaterial-based antenna technology of Kymeta and build up a strong position in the low earth orbit antenna market.
Request For Customization
Enquiry Before Buying
Speak With Analyst
