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The metamaterial market is expected to be valued at USD 4,634.8 Million by 2025, at a CAGR of 63.1% between 2017 and 2025. The major factors driving the growth of this metamaterial market include increasing concern for variety in design functionalities, anti-glare coating applications, and invisibility cloak for stealth aircraft.
This report segments the metamaterial market on the basis of material type, application, vertical, and geography. The metamaterial market for communication antenna is expected to witness a significant growth during the forecast period. The significant growth of this segment can be attributed to the usage of antenna for major communication applications such as satellite communication, Wi-Fi routers and radar communication.
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The electromagnetic metamaterial accounted for the largest share of the metamaterial market in 2016. This growth can be attributed to the developing radar and satellite antenna technology based on these materials. Government agencies, such as DARPA (Defense Advanced Research Projects Agency), DOD (Department of Defense), NASA (National Aeronautics and Space Administration), and DOE (Department of Energy), are providing major funding to the industry players and research laboratories for the development of applications based on these materials.
The metamaterial market for the automotive vertical is expected to grow at the highest rate between 2017 and 2025. This high market growth rate can be attributed to the growing usage of communication antenna applications in the connected cars concept.
The Americas accounted for the largest share of the overall hardware encryption market in 2016. This growth can be attributed to the increasing demand from the aerospace and defense vertical. Government agencies, such as DOD (Department of Defense), DARPA (Defense Advanced Research Projects Agency) and NASA (National Aeronautics and Space Administration) are funding research universities and industry players for the development of metamaterial-based antennas.
The cost of synthesization of metamaterials is one of the factors inhibiting the growth of the metamaterial market. Metamaterials are the materials that extract their properties from their structure rather than the material that they are composed of. Therefore, the synthesization of metamaterial varies according to the application. It is very difficult to synthesize the right combination of materials to get the desired application. Therefore, synthesization of metamaterial is a time consuming and critical process. Hence, the cost of synthesization of metamaterial is high. As the cost of synthesization of metamaterials is a restraint for the growth of the metamaterial market, there is a need for further innovation in the mass production of metamaterials.
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The key players in this metamaterial market are Kymeta Corporation (US), Metamaterial Technologies, Inc. (Canada), Phoebus Optoelectronics LLC (US), Multiwave Technologies AG (Switzerland), MediWise Ltd. (UK), and MetaShield LLC. (US). These players adopted various strategies, such as partnerships, acquisitions, new product launches, agreements, contracts, alliances, and collaborations, to grow in the metamaterial market.
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