Global Metamaterials Market Forecast to 2027
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The size of the worldwide metamaterial market is anticipated to reach USD 4,984.4 Million in 2030, with a revenue CAGR of 36.7%. Growing demand for producing novel metamaterials and their use in absorbers, super lenses, and antennas rather than using conventional materials to increase efficiency and productivity generally across application industries is the main factor driving market revenue growth. The market’s revenue growth is also being fueled by the expanding demand from the telecommunications industry. As an illustration, a collaboration between the California Institute of Technology, Georgia Institute of Technology, and ETH Zurich was established on September 11th, 2019 with the aim of creating a novel metamaterial that can change its structure.
Furthermore, widespread usage of metamaterials in consumer electronics and medical industries is expected to grow throughout the forecast period. Usage of metamaterials in electronic and medical product manufacturing has significantly contributed to market revenue growth owing to its capability to regulate electromagnetic waves. Moreover, research is being conducted to assist and broaden the scope of product, so that it may be utilized to meet higher demands, for expanded safety in defense and aerospace industries. This can be further attributed to rising demand for radars and antennas made of metamaterials as these radars help to detect obstructions and aid with operations, especially in poor visibility circumstances.
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The global Metamaterials industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
Metamaterial Technologies, Inc., MetaShield LLC., Kymeta Corporation, MediWise Ltd., Phoebus Optoelectronics LLC, JEM Engineering, LLC, Multiwave Technologies AG, Echodyne, Inc., NKT Photonics AS and Fractal Antenna Systems Inc.
Research Report on the Metamaterials Market Addresses the Following Key Questions:
- Who are the dominant players of the Metamaterials market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Metamaterials market?
- What are the key growth drivers and restraining factors of the Metamaterials market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Metamaterials market and its key segments?
The report bifurcates the Metamaterials market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Frequency Selective Surface
- Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Cloaking Devices
- Super Lens
- End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Consumer Electronics
- Aerospace and Defense
- Energy and Power
Regional Landscape section of the Metamaterials report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights in the Report
- On 30 March 2020, Digital Barriers released a real-time remote fever scanning solution. This fever scanner is made of metamaterials with fever scanning cameras for frontline workers with potential infection risks.
- The terahertz segment is expected to register fastest revenue CAGR over the forecast Market growth is attributable to rising demand for terahertz submillimeter radiation applications in sectors such as spectroscopy, photovoltaic, medical, pharmacy, quality assurance, dentistry, communication, and astronomy. Additionally, increase in terahertz applications for cancer therapy and rising usage of terahertz spectroscopy in food inspection sectors for quality control are driving revenue growth of the segment. Apart from this, market players are investing in R&D activities, as well as implementing terahertz imaging system technology in industries, such as aerospace and defense & homeland security, which are some important factors driving revenue growth of this segment.
- The antenna segment accounted for largest revenue share in 2021. There is an increase in demand for antennas owing to the trend toward nanotechnology of communications equipment, as well as developments in Wi-Fi and communication satellite technology worldwide. Additionally, as digitalization grows in second and third-world countries, usage of metamaterials is expected to increase owing to growing interest in multiband antennas, which is contributing to growth of this segment.
- The Asia Pacific market is expected to register fastest revenue CAGR during the forecast period due to introduction of 5G technology, which has supported market expansion. In addition, the region has a larger population of mobile phone users than North America and Europe. With the rollout of 5G, investments in these countries are expected to surge, creating new growth prospects over the forecast period. On 28 October 2021, Menlo Systems opened a subsidiary in China, Shanghai Menlo Systems Quantum Laser Technology Co., Ltd. in partnership with Thorlabs. This, new office is expected to strengthen the supply chain, thereby having a direct interaction with customers, which is expected to drive revenue growth in the region.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Metamaterials market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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