Global Metamaterials Market is estimated to be valued at US$ 9759.8 Mn by 2030.
Metamaterials are a 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 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 the chemical composition found in natural chemicals.
Global Metamaterials Market: Regional Insights
North America held a dominant position in the global metamaterials market in 2022.
North America held a dominant position in the global metamaterials market in 2022, accounting for 40.1% share in terms of market share, followed by Europe and Asia Pacific region. The metamaterials market in North America is expected to hold a dominant position, followed by Europe, over the forecast period. This is due to increasing funding for research & development for utilizing metamaterials across various applications. Among all the regions, in terms of revenue, the Asia Pacific metamaterials market is identified as the fastest-growing market, due to the growing focus on the 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 the 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 are driving the growth of the metamaterials market in the European region. For instance, as per the reports published by the European Commission in March 2021, M-cube Metamaterials consortium from Europe would develop a disruptive metamaterials antenna technology for ultra-high field MRI.
Figure 1: Global Metamaterials Market Share (%), By Region, 2022
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Global Metamaterials Market - Impact of Coronavirus (Covid-19) Pandemic
The spread of 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 crisis 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.
Global Metamaterials Market- Drivers:
Expansion of Metamaterials in Different Sectors
Increasing use of metamaterial in the medical and telecommunication sector for the development of metamaterial lenses, antennas, and sensors that are more efficient than conventional systems is expected to drive 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 the growth of the market over the forecast period.
Unveiling Extraordinary Properties for Diverse Applications
Metamaterials possess exceptional and rare properties that originate from the arrangement of constituent materials within them, rather than their composition. These constituent materials can have diverse shapes, sizes, geometries, and orientations, and their specific arrangement affects the behavior of electromagnetic radiation in unconventional ways. Consequently, metamaterials exhibit unique characteristics, such as negative permeability and permittivity, which are unattainable with conventional materials. The engineered properties of metamaterials make them highly valuable and applicable in numerous fields, including communication antennas, windscreens, solar panels, sensors, and medical imaging devices. As a result, federal agencies like the Department of Defense (DOD) and the Defense Advanced Research Projects Agency (DARPA) are heavily investing in research and development related to metamaterial applications within the aerospace and defense industries. The wide range of design functionalities offered by metamaterials drives the demand for their utilization across various applications.
Metamaterials Market Report Coverage
|Market Size in 2022:
|US$ 826 Mn
|Historical Data for:
|2017 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 9759.8 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- Opportunities:
Unleashing Market Potential: Metamaterials in Solar Systems, Drone Radars, and Beyond
A lucrative market opportunity is presented by the application of metamaterials in solar systems and by metamaterial-based radars for drones. The market faces a lot of obstacles due to the lack of technology suitable for mass production. Spending by federal agencies on metamaterials research and development for use in the aerospace and defense industries is significant. Because of the variety of design features, there is a high demand for metamaterials in a wide range of applications.
Metamaterial-Based Antennas for Enhanced 5G Communications
Modern technology known as 5G offers seamless and adaptable connectivity. The performance of 5G networks is anticipated to be tailored to the demands of end users and to adapt to applications. Industry participants are working to create antennas based on metamaterials that could offer a much more advantageous radiation pattern with effective impedance matching over a bandwidth of 3-44 GHz, making them particularly well suited for operation at and beyond ultra-wideband applications and 5G communications. Such metamaterial-based antennas or radars can operate at much higher performance and efficiency levels than current products. As a result, metamaterial-based antennas will have a chance as 5G is developed and adopted.
Global Metamaterials Market- Trends:
New Design Adaptability
Metamaterials have valuable and appealing qualities. These qualities are frequently incorporated into materials and used in a variety of industries, such as communication, transportation, electronics, and healthcare. Due to this variety of design options, the Department of Defense (DOD) and the Defense Advanced Research Project Agency (DARPA) have both made sizeable investments in the metamaterials industry. The aerospace and defense industries will benefit from these investments. The growth of the pharmaceutical industry is being aided by metamaterials made of graphene. The most sought-after metamaterials in communication-based systems are those that have the ability to absorb light, making them suitable for solar cell and optical sensor applications.
Metamaterials in Consumer Electronics and Healthcare Expanding Possibilities and Rapid Growth
The utilization of metamaterials in consumer electronics and the healthcare sector has witnessed significant growth in recent years. This trend is expected to accelerate in the coming years as the potential of metamaterials continues to be explored. The unique ability of metamaterials to manipulate electromagnetic waves makes them invaluable in Healthcare industry. Extensive research and development efforts are expanding the scope of the metamaterials industry, as there is still much to uncover regarding their capabilities. In applications such as radar and antennas, metamaterials play a crucial role in obstacle avoidance and operational improvements. These antennas have the capability to capture an impressive 95 percent of information from a wide range of 350 MHz radio signals. Additionally, their adaptive properties make them highly suitable for low-light conditions, further enhancing their utility in various applications.
Global Metamaterials Market- Restraints:
Expanding Applications of Metamaterials across Industries with Infrastructural Challenges
Metamaterials have found prominent use in all sectors such as healthcare, automotive, aerospace, and others. As demand for metamaterial products is expected to increase during the forecast period, the only limitation that could hamper the growth of global metamaterial market is that there is lack of adequate infrastructure for manufacturing the products in large quantities and meet market requirementsThe industry players are still relying on research universities for bulk production.
Lack of Technology
The R&D stage is still ongoing for products based on metamaterials. Therefore, industry players rely on research institutions or universities to design techniques. Metamaterials are therefore produced in very small quantities. The mass production of metamaterials may not always be a good fit for these techniques. The price of metamaterials is high because there isn't a reliable technology for mass production. The biggest obstacle facing the market is finding low-cost manufacturing processes for the mass production of metamaterials.
Figure 2: Global Metamaterials Market Share (%), By Application, 2023
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Global Metamaterials Market- Segmentation:
Global Automotive Repair and Maintenance market report is segmented into product type, application & end use industry.
By Product Type: Electromagnetic, Terahertz, Tunable, Photonic, Frequency Selective Surface (FSS)
By Application: Antenna and Radar, Sensors, Cloaking Devices, Superlens, Light, Sound Filtering
By End Use Industry: Healthcare, Telecommunication, Aerospace, and Defense, Electronics, Automotive
Global Metamaterials Market: Key Developments
Major market players are focusing on product launches in order to enhance their product portfolio. For instance,
In April 2022, Meta Materials Inc., a company that develops high-performance functional materials and nanocomposites, acquired Plasma App Ltd., a company that develops PLASMAfusion, a technology that enables high-speed coating of any solid material. Meta Materials Inc. expects to apply PLASMAfusion to the metallization step in its roll-to-roll production process for NANOWEB films as well as KolourOptik security films.
In November 2022, Meta Materials Inc., a producer of high-performance functional materials and nanocomposites, declared the opening of its new Dartmouth, Nova Scotia, headquarters and Centre of Excellence. The 68,000-square-foot cutting-edge facility is the only one in Canada that combines cutting-edge semiconductor packaging, distinctive materials, chemistry research, and the design and production of holographic and other optical products.
In June 2022, Echodyne Corp., a developer of meta materials-based radar technology, recently announced the start of a US$D 135 million fundraising round led by Baillie Gifford and Bill Gates to ramp up production, announced the plans to test metamaterials-based radars for defense, security, and autonomy applications .
In October 2021, HUBNER Photonic, a supplier of a wide range of high-performance lasers and terahertz systems, announced the acquisition of Germany-based VALO Innovations GmbH, expanding its technology portfolio. VALO Innovations' fiber laser technology consists of single-frequency CW and Q-switched lasers, C-FLEX laser couplers, and has broad applications in bioimaging, spectroscopy, and micromachining.
In November 2020, the KymetaTM and u8 Kymeta ConnectTM will be available for purchase by the government and businesses, according to a statement from Kymeta Corporation, a satellite communications company based in the U.S. These goods are anticipated to assist the business in enhancing mobile cellular networks and providing broadband satellite connectivity.
Global Metamaterials Market: Key Companies Insights
Some of the key 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.
*Definition: Metamaterials market designates the area of the global economy that includes the creation, transfer, and consumption of metamaterials. Metamaterials are synthetic materials that have been designed to have special electromagnetic properties that are not present in naturally occurring substances. Instead of relying solely on their composition, these materials are created by modifying the structure and arrangement of their individual components.
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