The global metamaterial market size is expected to reach USD 4,984.4 Million at a revenue CAGR of 36.7% in 2030, according to latest analysis by Emergen Research. Market revenue growth is primarily driven by rising demand for manufacturing innovative metamaterials and their applications in absorbers, super lenses, and antennas rather than using traditional materials to enhance efficiency and overall productivity across application sectors. In addition, rising demand from the telecommunications sector is also driving revenue growth of the market. For instance, on 11 September 2019, California Institute of Technology, Georgia Institute of Technology, and ETH Zurich formed a collaboration to develop a new metamaterial that can change its shape.
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.
Global expansion of COVID-19 has had a significant influence on metamaterials business. During coronavirus epidemic, global vehicle sales fell significantly, owing to disruptions in global supply chain that remained closed or functioned at reduced capacity throughout the lockdown. Hence, this has hindered metamaterial demand, considering metamaterial’s importance is increasing performance of automobile optical equipment such as sensor systems. However, reopening of supply chains, followed by an increase in smartphone and other electronics deployment, is expected to add to the popularity of optical metamaterial design over the forecast period. However, cost of synthesizing metamaterials and extracting properties from their constituent materials is high.
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The study finds that how on certain account threats and challenges can act as a roadblock for the business. A thorough evaluation of the Metamaterial market in the light of macro-environment such as social, political, economical as well as technological environment add granularity to the overall research. In addition, the study produces real-time data on vital aspects including sales, profits, gross margin and growth prospects to show how going forward the business will witness a substantial upswing.
Further key findings from the report suggest
- 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 report further studies the key companies operating in the industry and their company profiles, product portfolio, expansion strategies, and strategic alliances such as mergers and acquisitions, collaborations, and joint ventures, among others. It also offers insights into their market reach and global position, along with highlights about their achievements and financial standings.
Companies profiled in the global Metamaterial market:
Meta Materials Inc., Fractal Antenna Systems, Inc., NKT Photonics, Echodyne Corp., Multiwave Technologies AG, JEM Engineering, Phoebus Optoelectronics LLC, Kymeta Corporation, MetaShield LLC, Metamagnetics, TeraView Limited, and Nanohmics Inc.
Read more on the global Metamaterial market report at: https://www.emergenresearch.com/industry-report/metamaterials-market
Emergen Research has segmented the global metamaterial market based on material type, application, end-use, and region:
- Product Type Outlook (Revenue: USD Billion; 2019-2030)
- Electromagnetic
- Tunable
- Photonic
- Frequency Selective Surface
- Terahertz
- Others
- Application Outlook (Revenue: USD Billion; 2019-2030)
- Absorber
- Antenna
- Cloaking Devices
- Super Lens
- MRI
- X-ray
- Others
- End-Use Outlook (Revenue: USD Billion; 2019-2030)
- Medical
- Automotive
- Consumer Electronics
- Aerospace and Defense
- Energy and Power
- Others
A closer look at the aspects including but not limited to market segmentation by the end-user, end-use, geography, type, and application forms an integral part of the research report. In addition, in-depth analysis of critical factors such as spending capability, gross margin, business environment and profit for the forecast period 2020 – 2027 holds critical information and is based on curated facts and logical arguments. Importantly, validation of statistics recent acquisitions and mergers, collaborations and product launches serve as testimonials for stakeholders, field marketing personnel, product manufacturers and business evangelists on how a product will be positioned in the real world in years to come.
Major Regions Covered in the Metamaterial Market Report:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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- The report presents a thorough examination of the Metamaterial market, elaborating on its core segments. The report conducts historical and future assessments of the market dynamics and offers precise data in a well-organized order.
- The report evaluates the most prominent market growth potentials, dynamic market trends, driving factors, restraints, investment opportunities, and threats.
- The report is inclusive of an in-depth study of the industry variables, manufacturers’ value chain, sales volume, market share, competitive landscape, and effective business tactics.
- The report further identifies the key regions and segments dominating the market. These regions are foreseen to register fast-paced growth over the forecast duration.
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