Metamaterials Market

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The global Metamaterials Market is valued at USD 315.2 Million in 2022 and is projected to reach a value of USD 2509.8 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 34.5% over the forecast period.

Metamaterials are artificially created materials derived from the structure of constituent materials infused with them. These materials can be of any size, shape, and orientation. They possess several engineered properties and are used in various applications such as windscreens, solar panels, communication antennas, sensors, and medical imaging devices. The global Metamaterials market is expected to grow significantly as they possess traditional materials to enhance efficiency and overall productivity. Additionally, they are utilized heavily within various end-use industries such as automotive, consumer electronics, and medical imaging applications. Metamaterials often help generate electromagnetic waves. This will increase the footprint of the global Metamaterials market during the forecast period.

Increased research is being conducted to assist the utilization of Metamaterials in meeting the increasing demand in the safety and aerospace industry. Rising spending of major economies towards their respective defense budgets is expected to propel the growth of the Metamaterials market during the forecast period. Metamaterials are used for manufacturing radars and antennas as they can help detect obstructed objects and aid with operations in poor visibility conditions. For instance, in January 2021, Kymeta announced that they signed an agreement with Hanwha Systems (HSC) to invest USD 30 million towards developing the next generation of Kymeta's next-generation metamaterial-based antenna. This agreement is expected to gain a foothold of Kymeta within the Low Earth Orbit (LEO) based antenna market.

Rising utilization of Metamaterials within the telecommunication and information industry is driving the growth of the global Metamaterials market during the forecast period. Increased investments by the private and public sectors are further expected to widen the scope of Metamaterials. For instance, in June 2018, Metaboards Limited, a U.K.-based startup, announced that they were raising USD 5 million to fund the development of Metamaterials. Studies indicate a higher demand for Metamaterials from the medical sector. They are used for developing Metamaterials lenses, owing to their rare properties. They can also be used for applications in solar cells and optical sensors, as they can absorb a wide range of light with higher efficiency. This is expected to add immense value to the global Metamaterials market during the forecast period.

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1. 5G Communication on the Rise: 5G connectivity is a new-age technology that allows for the connection of mobile networks in a flexible manner. These networks are expected to grow accustomed to operations and will soon replace the current generation of communication. Studies have indicated that Metamaterials-based antennas or radars can perform better in terms of effectiveness. As a result, 5G based Metamaterials antennas are expected to increase the technology adoption rapidly.

2. Increasing Geriatric Population: Metamaterials are utilized heavily within the healthcare sector for a wide range of imaging solutions. Additionally, studies are indicating an increase in plastic and plastic surgical procedures. This is expected to pave the way for an added revenue stream for the global Metamaterials market.

3. Design Versatility: Because of their valuable and appealing characteristics, Metamaterials are naturally successful. These characteristics are frequently designed into materials and employed in various sectors, including communication, transportation, electronics, and healthcare. The Defense Advanced Research Project Agency (DARPA) and the Department of Defense (DOD) have both made significant investments in the Metamaterials sector as a result of this collection of design variations. These investments are made to support uses in the aerospace and defense sectors. Graphene-based Metamaterials are promoting the expansion of the pharmaceutical industry. In communication-based systems, the most sought-after Metamaterials are those that can absorb light, making them suitable for solar cells and optical sensor applications.

4. Consumer Electronics: The use of Metamaterials in consumer electronics and the healthcare sector has grown during the past few years. Over the next few years, it is anticipated that this consumption tendency will increase rapidly. Metamaterials are very helpful in their respective industries because they can control electromagnetic waves. The scope of the Metamaterials industry is being expanded through considerable research and development because these features still need to be fully uncovered. Metamaterials are increasingly used in radar and antennas to help avoid obstacles and improve operations. These antennas capture 95 percent of the information from a variety of 350 MHz radio signals. They are accommodating in low-light conditions thanks to these skills.

Market Segmentation

The global Metamaterials market can be categorized on the following: Technology, Application, Vertical, and Regions. Based on technology, the market can be categorized into electromagnetic, terahertz, photonic (optical), tunable, frequency selective surface, and others. By application, the market can be segmented across communication antenna and radar (beamsteering), sensors, solar panel and absorbers, display, medical imaging, windscreen, and others. By vertical, the market can be fragmented across automotive, aersopace and defense, consumer electronics, medical, energy and power, and others. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Technology

Electromagnetic to Dominate Largest Market Share Owing to Wider Applications of Metamaterials

The electromagnetic segment is expected to account for the largest market share in revenue and share. Metamaterials have various applications within various electromagnetic technologies manufactured with optimization in microwave and optical applications. Additionally, increased research in Metamaterials from emerging economies such as the Asia Pacific and the Middle Eastern countries will propel electromagnetic segmental growth. Increasing demand for electromagnetic Metamaterials is expected to grow significantly owing to increased utilization within the communication industry and solar power generation operations. These factors are expected to increase the electromagnetic Metamaterials footprint. Terahertz is expected to grow with the fastest growing CAGR during the forecast period owing to increasing demand for terahertz submillimetre radiation applications in a wide range of sectors such as spectroscopy, photovoltaic, medical, and pharmacy.

Based on Application

Communication Antenna and Radar (Beamsteering) to Account for Largest Market Share Owing to Increasing Telecommunication Sector

The communication antenna and radar are expected to register the largest market share for the global Metamaterials market during the forecast period. Rising demand for antennas is likely to rise due to an ongoing trend of inclining towards nanotechnology and increasing development in Wi-Fi technology. Additionally, the rising trend towards communication satellites worldwide and increasing digitalization are expected to increase the footprint of communication antennae and radar (beamsteering). Rising mobile phone manufacturing investments are further expected to add value to the Metamaterials market. Solar panels are expected to grow with the fastest growing CAGR during the forecast period owing to the rising integration of solar energy within the general population.

Based on Vertical

Aerospace & Defense to Hold Largest Market Share Owing to Increased Spending on Defense

The aerospace and defense sector is expected to register the largest market share during the forecast period in revenue and sales. The defense industry constantly requires customized solutions for communication needs. Additionally, studies have indicated that Metamaterials are frequently used for various applications within antennas, shields, windshields, EMC shields, and cloaking devices. Antennas are often used for securing communications within the defense sector. The growth of the Metamaterials is expected to increase further due to increasing bandwidth demand. These factors will add to the segmental growth. Medical applications will grow with the fastest growing CAGR during the forecast period owing to rising applications and heavy investments within the research and development departments.

Based on Region

North America to Occupy Largest Market Share Owing to Rising Utilization Within Aerospace & Defense Applications

The global Metamaterials market is expected to be dominated by the North American region owing to various government agencies such as the Department of Defense (DoD) and the National Aeronautics and Space Administration (NASA) investing heavily within institutions and manufacturing firms for developing Metamaterials-based antennas. Additionally, increased utilization of Metamaterials within the aerospace and military sector, automotive, consumer electronics, medical, and energy & power industries will add to the North American Metamaterials market. In the US, numerous players are investing in research facilities to create effective and reasonably priced electronic devices and applications. For instance, in November 2020, Metamaterials Inc. announced that they were starting direct sales in the US of 12 models of holoOPTIX Holographic Film Notch Filters.

Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to the introduction of 5G technology combined with a more extensive mobile population among the general population. Additionally, increasing investment towards better mobile connectivity and a rising number of startups catering to Metamaterials is expected to widen the market's growth in the region.

Competitive Landscape

The global Metamaterials market is consolidated due to the presence of a few large and medium-sized players. These players occupy most of the market share by developing a more comprehensive product portfolio. Additionally, heavy investments are being made into their consequent research and development departments for creating products with advanced features. Players also focus on developing various strategies, such as mergers and acquisitions, developing, testing, and introducing an efficient and viable product.

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), Tera View (U.K.), Nano-Meta Technologies Inc. (U.S.), Metamaterial Technologies Inc. (Canada), Palo Alto Research Centre Incorporated (U.S.) among others.

Recent Market Developments:

· October 2021: HUBNER Photonic announced they were expanding their technological portfolio by acquiring VALO Innovations GmbH, a German-based organization. The fiber laser technology of VALO Innovations consists of single-frequency CW and Q-switched lasers, C-FLEX laser combiners, which have a wide range of applications in bioimaging, spectroscopy, and micro-machining.

· March 2020: Digital Barriers announced that they released a real-time remote fever scanning solution. This fever scanner comprises Metamaterials with fever scanning cameras for frontline workers with potential infection risks.

· November 2020: Kymeta Corporation announced the availability of the KymetaTM and u8 Kymeta ConnectTM for government and commercial purchases after November 2020. These products are expected to help the company provide broadband satellite connectivity and improve cellular networks for communications on the move.

Segmentation of the Global Metamaterials Market