Metamaterials Market is forecast to reach $1.63 billion by 2025, after growing at a CAGR of 28% during 2020-2025. A macroscopic composite that possesses periodic cellular architecture which is three dimensional and is man-made specially designed to produce optimized combination which is unavailable in nature and has two or more responses to specific excitation is called as metamaterials. Metamaterials that have a negative index of refraction for particular wavelengths are known as negative-index metamaterials. Plasmonic metamaterials exploit surface plasmons, which are produced from the interaction of light with metal-dielectrics. An acoustic metamaterial is a material designed to direct, control and manipulate sound waves as these might occur in solids, liquids and gases. These various types of metamaterials are mainly used in end-use industries like aerospace and defense, telecommunication and others due to which the market is expected to grow during the forecast period. The report covers Metamaterials Market size by type and applications, Metamaterials Market Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Photonic metamaterials are gaining importance due to the increasing use in the manufacturing of transformation optics and cloaking devices. A few photonic metamaterials exhibit magnetism at very high frequencies, which result in strong magnetic coupling.
Increasing demand for metamaterials for different information & communication technology applications such as communication antennas and small radars are major factors driving the growth of the metamaterials market during the forecast period.
Increasing focus on developing efficient solar power solutions are one of the major growth factors of the metamaterials market.
By Type – Segment Analysis
Electromagnetic metal materials segment held a significant share of the metamaterials market in 2019. Electromagnetic metamaterials are made up of structures, which have specially engineered properties for applications in microwave and optical applications, including microwave couplers, electromagnetic invisibility cloaks and beam steerers. Due to these properties exhibited by this electromagnetic metal, there is an increasingly widening scope in several end-use verticals. The products are incorporated in the manufacturing of microwave couplers, antennas, lenses, band-pass filters, and beam steerers. The growing usage of electromagnetic metal in various applications is expected to drive the metamaterials market over the coming years.
By Application – Segment Analysis
Antenna and Radar segment held a significant share of the metamaterials market in 2019. Due to the increasing safety requirements in the defense sector, the demand for antennas and radars is increasing. These radars help in detecting any obstacles and help during activities conducted in low visibility conditions. To establish quantum communications, China has recently launched a satellite. In order to enable secure communications throughout the world, the organization believes that the launch of more satellites is required in the future. This is expected to lead to new developments and manufacturing processes, which, in turn, is expected to drive the antenna market.
Usage of metamaterials in antennas enables an individual to focus six times beyond diffraction limit at 0.38 ?m. Currently, scientists are engaged in the research of wide-angle impedance matching (WAIM) technology which has proven that metamaterials can be used to achieve superior wide-angle impedance for phased array antennas. These factors together are expected to fuel the demand for antennas and radars, which in turn is driving the metamaterials market during the forecast period.
By End-User – Segment Analysis
Aerospace and Defense segment held a significant share of the metamaterials market in 2019. The increasing need for antennas and radars in the military and defense for commercial purposes is expected to drive the market growth during the forecast period. Thin and efficient antennas, built using metamaterials, can be fit into small spaces and perform better than conventional antennas.
In addition, metamaterials are also being used in the medical industry in sensors and imaging devices on an account of its various properties, such as the ability to provide better images required for the detection of certain diseases and to manipulate electromagnetic waves.
Geography – Segment Analysis
North America dominated the metamaterials market with a share of more than 40% during the forecast period. The increasing demand for the products from various end-use industries, including aerospace and defense, is expected to drive the regional market growth over the forecast period. Asia Pacific is the fastest-growing market due to the increasing investments of major players in various end-use industries. In countries like China and India government has been increasing the defense budget regularly. In the recently passed budget, China announced an 8.1% increase in its defense budget, amounting to USD 175 billion, the second-largest defense budget in the world, after the United States.
Drivers – Metamaterials Market
R&D investments made by major players in telecommunications and medical sectors.
Capital investment that is made by private and public sectors is major growth factor of the metamaterials market. The metamaterials are in huge demand in the telecommunication and medical sector. Owing to the rare properties that the metamaterials inherit they are widely used in the development of antennas, metamaterial lenses, and sensors which are more efficient than the traditional systems. The increasing demand for the graphene-based metamaterials in the medical field is propelling the growth of the metamaterials market. Microwave antennas and sensors are the prime components of the telemetry system. Metamaterials consist of electromagnetic properties which attract the microwave engineers and physicist thus fueling the demand of the metamaterials market. Metamaterials will find a wide range of applications in the solar cells and optical sensors owing to the fact that metamaterials absorb a wide range of light and that too with high efficiency.
Challenges – Metamaterials Market
Lack of awareness of a product and strict regulations
Lack of awareness, high research and development cost for successful integration of metamaterials in real-time applications, and complications related to design and fabrication are the major factors that act as restraints and hamper the growth of metamaterials market. Certain regulations are expected to deter the usage of metamaterials in certain application segments. For instance, The National Archives and Records Administration describes several conditions that control the use of metamaterial surface scattering antennas.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the metamaterials market. In 2019, the market of metamaterials has been consolidated by the top five players accounting for xx% of the metamaterials market share. Major top 10 companies of metamaterials market Sandvik Materials Technology AB, Nanosteel Company Inc., Fianium Ltd., Opalux Inc., Colossal Storage Corporation, Newport Corp., NEC, Opalux, Photeon Technologies, Raytheon, Sandvik Materials Technology, Alight Technologies ApS among others.
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