Global Metamaterials Market - Insights
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 global metamaterials market is expected to witness significant growth during the forecast period (2019–2027). 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.
However, 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.
Figure 1. Global Metamaterials Market Share (%), by Region (2018 & 2027)
Source: Coherent Market Insights, 2018-19
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.
Increasing aircraft production is expected to aid in growth of the metamaterials market
Increasing adoption of metamaterials in the aerospace & defense industry for different applications such as in the manufacturing of lightweight components for radar and military communication applications is one of the major factor driving growth of the market. Metamaterials are also used in the manufacturing of drones. Therefore, increasing production of drones for military applications is another factor driving growth of the market. Moreover, increasing aircraft production and upgrading activities is also contributing to growth of the metamaterials market. For instance, according to Coherent Market Insights’, the global aircraft deliveries reached to 1,618 units in 2018, from an estimated 1,498 units in 2017.
Figure 2. Global Metamaterials Market Share (%), By Application (2018)
Source: Coherent Market Insights, 2018-19
Increasing deployment & usage of antennas for communication applications is expected to aid in growth of the market
The use of metamaterial antennas has increased in the recent past. For instance, Kymeta Corporation witnessed continuous growth in the sales of its Ku-band metamaterial antenna in 2018 compared to the previous years. The demand for such antennas is due to their use in vessels, radar, and smart phones. Using metamaterials in antennas enables an individual to focus six times beyond diffraction limit at 0.38 μm. Metamaterials are used in cell phones to provide antennas, which are five times smaller and have a bandwidth range of 700 MHz - 2.7 GHz.
Moreover, scientists are focused on the research of wide angle impedance matching (WAIM) technology. It has been proven that metamaterials can be used to achieve superior wide angle impedance for phased array antennas.
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.
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.
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