Metamaterials are type of composite material structures, which contain exceptional material properties such as acoustic, electrical, magnetic, and optical properties. They comprise arrays of resonators that manipulate electromagnetic waves or sound in ways not normally found in nature. The physical properties metamaterials exhibit are exceptional such as negative permittivity and permeability. The metamaterials permit engineers to control the wave propagation by arranging the unit cells in various ways. In other words, metamaterials are artificial or manmade composite materials, which derive their properties through their internal microstructure rather than chemical composition found in natural chemicals.
The market growth is attributed to increasing adoption of metamaterials in the aerospace, defense, and military high-end applications is also expected to boost the market growth. Furthermore, increasing demand for metamaterials for different information & communication technology applications such as communication antennas and small radars is another factor driving the growth for metamaterials market during the forecast period. Furthermore, increasing investment by public and private sources is expected to drive the market growth. For instance, in June 2018, Metaboards Limited (a metamaterials start-up based in U.K.) raised US$ 5 million in funding for development of metamaterials. Metamaterials are in high demand in the medical and telecommunication sector. They are widely used in the development of metamaterial lenses, antennas, and sensors, owing to their rare properties. Metamaterial lenses, antennas, and sensors are more efficient than the conventional systems. Increasing demand for grapheme-based metamaterials in the medical field is fueling growth of the metamaterials market. Sensors and the microwave antennas are the prime components of the telemetry system, owing to their electromagnetic properties. Metamaterials also find application in solar cells and optical sensors, owing to the ability of metamaterials to absorb a wide range of light and that too with high efficiency.
Metamaterials have found prominent use in all sectors such as healthcare, automotive, aerospace, and others. As, demand for metamaterial products is expected to increase in the forecast period, the only restrain that could hamper growth of the global metamaterial market is that there is no adequate infrastructure for manufacturing the products in large quantity and meet market requirements. The industry players are still relying on research universities for bulk production.
|Base Year:||2021||Market Size in 2021:||US$ 633.31 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||41.6%||2030 Value Projection:||US$ 14,265.56 Mn|
Acoustic Metamaterials Group Ltd, Advanced Research Projects Agency, Echodyne, Inc., Fractal Antenna Systems Inc., JEM Engineering, Kymeta Corporation, Metaboards Limited, Metamagnetics Inc., Metamaterial Technologies Inc., Nano-Meta Technologies, Inc., Palo Alto Research Center Incorporated, and TeraView.
|Restraints & Challenges:||
Global Metamaterials Market- Impact of Coronavirus (Covid-19) Pandemic:
The spread of the COVID-19 has had an impact on people and businesses across the globe. Lockdowns were imposed across the globe. This disrupted the world economy as businesses were either shutdown or operated partially. This also impacted the business of metamaterials as all the industries such as automotive, defense, aerospace, electronics, and others were affected by the covid-19 crises and hence, they suspended several ongoing projects and made low investments in new projects and new machinery. Hence the global metamaterials market witnessed slow growth during the pandemic.
North America held a dominant position in the global metamaterials market in 2021
North America held a dominant position in the global metamaterials market in 2021, accounting for 34.0% share in terms of market share, followed by Europe and Asia pacific region.
Figure 1: Global Metamaterials Market Share (%), By Region, 2021
The metamaterials market in North America is expected to hold dominant position, followed by Europe, over the forecast period. This is due to increasing funding on research & development for utilizing metamaterials across various applications. For instance, in 2017, the Defense Advanced Research projects Agency (DARPA) along with the U.S. Navy and Lockheed Martin Corporation, provided funding worth US$ 8 million to chair professors of Electrical Engineering (Doug Werner, John L., and Genevieve H. McCain) at Penn State for the development of metamaterials. Among all the regions, in terms of revenue, Asia Pacific metamaterials market is identified as the fastest growing market, due to growing focus on development of new metamaterials for applications in telecommunication and power industries.
Europe is expected to witness significant growth over the forecast period. Several European countries such as France, Germany, and Sweden are major hubs for global medical device development sector. The healthcare sector is growing rapidly in the European region. Technological advances in the medical field with the use of metamaterials for detecting severe diseases such as cancer, improving the quality of MRI (magnetic resonance imaging), medical imaging and others is driving growth of the metamaterials market in the European region. For instance, as per the reports published by European commission in March 2021, M-cube MetaMaterials consortium from Europe would develop a disruptive metamaterial antenna technology for ultra-high field MRI.
Antenna and Radar Segment is expected to drive the Global Metamaterials Market growth during the forecast period.
Among applications, antenna and radar segment is expected to exhibit the highest growth rate over the forecast period. Metamaterials have the property of enhancing radiation and magnetic dipole antennas. Metamaterials increase the radiated power. Furthermore, metamaterials increases the gain of an antenna, owing to its band gap and periodic structure. The metamaterials antenna has structure that stores and re-radiates energy which makes its size small and behaves as larger antenna. Patch antenna with metamaterial cover has increased directivity. Flat horn antenna with flat aperture constructed of zero index metamaterial has the advantage of improved directivity. Moreover, zero-index metamaterials can be used to achieve high directivity antennas. Metamaterials can enhance the gain and reduce the return loss of a patch antenna. Moreover, the use of artificial materials and surfaces increases the antenna features such as impedance matching, gain bandwidth, efficiency, front-to-back ratio, etc.
Figure 2: Global Metamaterials Market (US$ Mn) Analysis and Forecast, 2017 - 2030
Global metamaterials market was valued at US$ 633.31 Mn in 2021 and is expected to reach US$ 14,265.56 Mn by 2030, growing at a CAGR of 41.6% between 2022 and 2030.
Major players operating in the global metamaterials market include Acoustic Metamaterials Group Ltd, Advanced Research Projects Agency, Echodyne, Inc., Fractal Antenna Systems Inc., JEM Engineering, Kymeta Corporation, Metaboards Limited, Metamagnetics Inc., Metamaterial Technologies Inc., Nano-Meta Technologies, Inc., Palo Alto Research Center Incorporated, and TeraView.
Metamaterials are also called as left handed materials, i.e. the periodic materials resonant structure that can exhibit both negative permittivity and permeability. Metamaterials are specifically engineered composite materials, which possess a superior electromagnetic property compared to conventional composite materials found in the nature. The metamaterial is arranged in a repeating pattern, of materials which are for manufacturing of metamaterial. Due to shape, geometry, size, orientation, and arrangement, metamaterials possess the property that can manipulate the electromagnetic waves by blocking, absorbing, enhancing, or bending waves, to achieve benefits that go beyond what is possible with conventional materials
Increasing use of metamaterial in medical and telecommunication sector for the development of metamaterial lenses, antennas, and sensors that are more efficient than the conventional systems is expected to drive the market growth over the forecast period. Furthermore, sensors and microwave antenna are the prime components of telemetry systems and metamaterials consist of electromagnetic properties, due to which the metamaterials are majorly adopted in the telecom sector.
Moreover, the demand for antennas and radars is expected to increase over the forecast period, owing to increasing safety requirements in the defense sector. Radars are used to detect any aerial obstacle and guide the aircraft. Metamaterials are majorly adopted for antenna and radars. These factors are expected to fuel demand for antennas and radars, thereby propelling growth of the market over the forecast period.
Lack of awareness about the benefits of metamaterials and technical complications associated in terms of suitability for different applications with them is expected to hamper the market growth. Furthermore, high cost of raw materials is another major factor restraining the growth of market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.