Metamaterials are complex materials particularly engineered to possess properties that are not present in nature. These metamaterials are used in formulation processes spanning across varied end-user industries. The key end-user industries, include medical, consumer electronics, aerospace & defense, automotive, and energy & power. The various types of metamaterials are utilized in the numerous application segments based upon the need of the end user verticals. Metamaterials are also being utilized in the medical and energy & power industries, due to its grander properties such as ability to manipulate EM (electromagnetic) waves and provision of better imaging in medical equipment. However, the synthetization cost of metamaterials is a major factor curbing the growth of the metamaterial market.
The global metamaterials market can be classified based on material type, application and region. On the basis of material type, the global metamaterials market is divided into electromagnetic, terahertz, photonic, tunable, and frequency selective service (FSS). Based on application, the global metamaterials market is subdivided into communication antenna, windscreen, solar panel, sensing, display, and medical imaging.
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Among the different market segments, the electromagnetic metamaterial commands the maximum share of the global metamaterial market owing to the improving radar and satellite antenna technology based on these materials. Different government agencies, such as DARPA (Defense Advanced Research Projects Agency), NASA (National Aeronautics and Space Administration), DOD (Department of Defense), and DOE (Department of Energy), are investing and providing major funds to the industry players as well as research laboratories for the development of applications centered on these materials. In the application market segment, the communication antenna is set to register major growth during the future period owing to their usage for major communication applications such as satellite communication, Wi-Fi routers and radar communications.
The global metamaterials is expected to showcase strong growth in the forecast period owing to anti-glare coating applications, rise in concerns for various design functionalities, and invisibility cloak for stealth aircraft. Other factors promoting the metamaterials market growth include high demand from different end-user industries, including consumer electronics and medical. Additionally, the rise in application scope of metamaterials in the aerospace & defense industry is expected to further propel the demand during the future period
Based on regions, the global metamaterials market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the metamaterials market during the forecast period. Factors such as the rise in demand from the aerospace and defense vertical and varied government agencies, like DARPA (Defense Advanced Research Projects Agency), NASA (National Aeronautics and Space Administration), DOD (Department of Defense), are providing funds to the research universities and companies for the development of metamaterial-based antennas.
The major companies that provide metamaterials include Phoebus Optoelectronics LLC, Multiwave Technologies AG, Kymeta Corporation, MediWise Ltd., Metamaterial Technologies, Inc., and MetaShield LLC among others.
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