Metamaterials Market to Reach Valuation of USD 2509.8 Million by 2030 – Increasing Adoption of Metamaterials in the Aerospace, Defense and Military High-End Applications is Expected to Lead the Market Growth

In terms of revenue, the Global Metamaterials Market is expected to reach USD 2509.8 Million by 2030, growing at a CAGR (Compound Annual Growth Rate) of 34.5% from 2023 to 2030.

Metamaterials are a type of material structure that contain acoustic, electrical, magnetic, and optical properties that are considered unique. Physical properties such as negative permittivity and permeability of Metamaterials are also unusual. These unique and rare properties of Metamaterials make them very useful and valuable for a variety of applications such as communication antennas, windshields, solar panels, sensors, and medical imaging devices.

This has led to significant investments in Metamaterials research and development by the Department of Defense (DOD) and the Defense Advanced Research Projects Agency (DARPA) in the aerospace and defense industry. Additionally, the use of Metamaterials in solar power systems, metamaterial-based radars for drones, and advances in 5G are major drivers of metamaterial market growth. The demand for Metamaterials in the fields of medicine and telecommunications is very promising. Due to their special properties, they are widely used in the development of lenses, antennas and sensors from Metamaterials.

Metamaterials are also used in solar cells and optical sensors due to their ability to absorb light with high efficiency. The high demand for Metamaterials in the automotive sector is one of the main drivers of the market growth.

Key Highlights from the Report

· Based on the Technology, the marketplace is segmented into Electromagnetic, Terahertz, Tunable, Photonic, FSS, and Other Technologies. The Electromagnetic segment is responsible for a significantly high market share in 2021. The Metamaterials that find application in electromagnetic technology are composed of structures that are mainly manufactured with optimizations for usage in microwave and optical applications. In addition to these research and development in Metamaterials in the Asia Pacific and middle eastern countries is increasing and is a significant driver for revenue growth of this segment. The terahertz segment is expected to register the fastest revenue CAGR over the forecast period.

· Based on Application, the marketplace is segmented into Communication Antenna & Radar (Beam Steering), Sensors, Solar Panel & Absorbers, Superlens, Mild & Sound Filtering, and Other Applications. The Communication Antenna & Radar (Beam Steering) segment is responsible for the largest revenue share in the year 2021. The demand for the antenna segment is high because of the trend toward nanotechnology of communications equipment, as well as developments in Wi-Fi and communication satellite technology worldwide.

· The North America marketplace accounted for the most important sales percentage in 2022, accounting for 34.0% share in terms of market share. Due to increased expenses on R&D in this region. Although North America dominates the global market, followed by Europe, Asia-Pacific is the fastest-growing market and is expected to overtake North America by 2024.

Market Dynamics

Impact of COVID-19 on the global Metamaterials market

The market has grown steadily in recent years. The spread of COVID-19 is affecting people and businesses around the world. This has disrupted the global economy as businesses have closed or partially operated. This has also affected the metamaterial sector as all industries such as automotive, defence, aerospace, electronics and others have been affected by the Covid-19 crisis and therefore suspended several on-going projects and small investments in new projects and new machinery ;have transacted. As a result, the global Metamaterials market has been growing slowly during the pandemic.

While North America dominates the Metamaterials global market, followed by Europe, Asia Pacific is the fastest growing market and is expected to overtake North America by 2024. This increase is mainly due to higher investments in the defense sector of Asian countries. In countries like China, India, South Korea, Pakistan, etc., governments are constantly increasing their national defense budgets. The recent surge in defense spending in China is a clear signal that the country remains committed to completing the modernization of the People's Liberation Army (PLA) by 2035 and transforming the PLA into "world-class" by 2049 and creating an army technology sector. As the number of digital mobile subscribers in China grows rapidly, service providers are increasingly concerned about the limited capacity of existing infrastructure. This has led to increased acceptance of smart antenna systems in China. China is expected to cement its position among the world's largest consumers of Metamaterials over the forecast period.