Metamaterial Market Worth USD 1,011.2 Million by 2030 Witnessing a CAGR of 15% - Report by Market Research Future (MRFR)

Market Research Future
Market Research Future

Metamaterial Market Insights and Industry Analysis by Material Type (Electromagnetic Metamaterial, Frequency band Metamaterial, Terahertz metamaterial, Photonic Metamaterial, Tunable Metamaterial, Plasmonic Metamaterial, Other) By Application (Antennas, Solar panels, Sensors, Absorbers, Medical Imaging, Superlens, Seismic protection, Sound filtering, Other) By End-Use Industry (Aerospace & Defense, Electronics & Telecommunication, Automotive, Power plants, Medical, Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030

New York, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Metamaterial Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Metamaterial Market Information by Type, Application, End Use, And Region - Forecast till 2030”, the market is estimated to grow at a 15% CAGR to reach USD 1,011.2 Million by 2030.

Market Synopsis

Metamaterials are composite material structures with unique magnetic, acoustic, electrical, and optical characteristics. They are made up of collections of resonators that can manipulate sound or electromagnetic waves in ways that are unusual for nature. Metamaterials have unique physical characteristics, including permeability and negative permittivity. Engineers can manipulate wave propagation using metamaterials by arranging the unit cells differently. Metamaterials are synthetic or man-made composite materials that receive their qualities from their interior microstructure rather than the chemical makeup of natural molecules. It is an ideal material for various applications in the telecommunications industry due to its superior electromechanical capabilities.

Numerous end-use industries, including healthcare, automotive, consumer electronics, optical, aerospace, and energy & power, also heavily utilize metamaterial. Depending on the qualities the end-use verticals need, many materials are employed for various purposes. Metamaterials have drawn much attention for their extraordinary physical features, including negative permittivity, permeability, and index of refraction. The relevance of metamaterial is that it can modify unit cells in many ways, allowing engineers to manipulate sound or electromagnetic wave propagation.

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Report Scope:

Report Attribute

Details

Market Size in 2030

USD 1,011.2 Million

CAGR

15% (2022–2030)

Base Year

2021

Forecast Period

2022–2030

Historical Data

2020

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Application, End Use, And Region

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Drivers

Adoption of metamaterials in high-end aerospace, defense, and military applications

Rising demand for metamaterials in information & communication technology

Market Competitive Landscape:

The well-known contenders in the metamaterial market are:

  • Metamaterial Technologies Inc.

  • Phoebus Optoelectronics LLC

  • Multiwave Technologies AG

  • MetaShield LLC

  • Echodyne, Inc.

  • Plasmonics, Inc.

  • Kymeta Corporation

  • Nano-Meta Technologies, Inc.

  • JEM Engineering

  • Acoustic Metamaterials Group, Ltd.

Market U.S.P. Covered:

Market Drivers:

Reliable, effective, and real-time connectivity are essential for network-centric operations on the digital battlefield to deliver accurate information to the pertinent troops. The growing emphasis on using materials in different healthcare and biomedical applications, passive radiative cooling systems for power plants, electronically scanned array self-driving vehicles and drones, smart metamaterial antenna for 5G networks, and satellites are just a few industries increasingly focusing on using metamaterials. However, the rising cost of producing metamaterials and a lack of understanding could limit the market's expansion.

People are ignorant of the advantages and benefits of metamaterials and products, which might negatively impact market expansion. Due to its better electromagnetic properties, the metamaterial has potential applications in spectroscopy, sensors, absorbers, and navigation. These and other uses are predicted to propel the metamaterial market's expansion at a quick rate. Additionally, it is anticipated that rising demand for clean energy sources, including solar, wind, and tidal energy, would fuel the market for the metamaterial.

Market Restraints:

Metamaterials are widely used in various industries, including healthcare, the automobile, and aerospace. The sole factor that could limit the growth of the global metamaterial market is the lack of a suitable infrastructure for producing the products in sufficient quantities to satisfy consumer demand, which is anticipated to rise over the forecast period. For mass production, the industrial participants continue to rely on research universities. In contrast to their constituent materials, Metamaterials' properties are governed by their structure. Metamaterials are therefore created in various methods based on their intended function. It might be challenging to locate the right materials to meet the requirements of an application. Because of this, creating metamaterials is a challenging and time-consuming procedure. Synthesis costs vary based on the fabrication techniques employed.

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COVID 19 Analysis

The COVID-19 pandemic had little effect on the market. In recent years, the market has been expanding at a steady rate. Growing R&D efforts for diverse applications in the defense and aerospace communications, and consumer technology end-user industries, among others, are among the key drivers influencing the use of metamaterials.

Market Segmentation

By end-use industry, the market comprises electronics & telecommunication, automotive, power plants, aerospace & defense, and medical. By material type, the market comprises terahertz metamaterial, photonic metamaterial, electromagnetic metamaterial, frequency band metamaterial, tunable metamaterial, and plasmonic metamaterial. By application, the market comprises antennas, seismic protection, absorbers, medical imaging, superlens, solar panels, sensors, and sound filtering.

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Regional Insights

Because of the rising demand from the aerospace and military industries, North America is anticipated to have a dominant position in the metamaterial market with a high growth rate throughout the projected period. Asia-Pacific is predicted to have a strong demand for metamaterial because of the region's expanding electronics and telecommunications sector, fueled by rising foreign investment and a better quality of living. Additionally, it is anticipated that the Asia-Pacific region's metamaterial market will grow as more countries, including China and India, increase their investments in developing and bolstering their navies. The limited capacities of the current infrastructure are a growing concern for service providers in China as the country experiences rapid growth in the number of digital cellular subscribers.

As a result, China has increased the introduction of smart antenna systems. The region's growing electronics and telecommunications industry, spurred by significant foreign investment and advancements in 5G, is projected to have a considerable need for the metamaterial. In addition, it is projected that the metamaterial market in the Asia-Pacific region will expand as additional nations, including China and India, boost their efforts in constructing and enhancing their fleets. The metamaterial market is predicted to increase steadily in Europe due to the expansion of the automotive and power industries and the rising demand for sophisticated materials. It is anticipated that the European metamaterial market will grow steadily due to the growth of the automotive and energy plants and the increased need for advanced materials.

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