The metamaterials market is projected to reach USD 4.42 billion by 2027, according to a new report by Reports and Data. The market is driven by crucial factors such as increasing demand for new technologies that can be used in applications such as absorbers, antennas, and superlenses instead of traditional materials to boost the performance of machinery and the reliability of processes across applications.
Metamaterials are uniquely engineered synthetic structures that have superior electromagnetic properties. Such products find a vast potential for use in large end-use verticals such as automotive, medical, consumer electronics, and others. The market is driven mainly by demand from telecommunications applications because of the material's potential to be used in devices such as radars
The increasing safety standards in the defense industry are adding to the increased demand for radars and antennas. Those radars help locate obstacles and assist during operations under low visibility conditions.
The global business landscape of Metamaterial remains a dynamic and fractured environment with increasing numbers of small as well as large companies. Growing competition for technological advancement and expanded diversification offer tremendous opportunities for creative players over the forecast timeframe.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic. Over a couple of months, this crisis has created a direct impact on the metamaterials development rates as the manufacturing units have been disrupted. Also, the disturbances in the regular supply chain have caused the companies to create new supply chain models that are more expensive and takes a lot more time to satisfy the need for catalysts in different areas of the many industries.
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Key participants include Metamaterial Technologies, Inc., MetaShield LLC., Kymeta Corporation, MediWise Ltd., Phoebus Optoelectronics LLC, JEM Engineering, LLC, Multiwave Technologies AG, Echodyne, Inc., NKT Photonics AS and Fractal Antenna Systems Inc., among others.
Further key findings from the report suggest
- The aerospace and defense market is emerging as the largest end-use segment in terms of revenue, and this domination is projected to continue in the forecasting period. This can be due to the fast development of this vertical end-user in core economies such as the United States, Germany, the U.K., China, India, and Russia.
- The antenna segment is expected to witness steady growth over the projected period, primarily due to increased demand for specialized antennas in applications in defense, aerospace, and telecommunications.
- In recent years, all of the significant market players have invested heavily in R&D initiatives, leading to the invention of several innovative products. Major players aim to enhance their product portfolio by strategic mergers and acquisitions of small and medium-scale companies. In the coming years, therefore, an intense rivalry among players is expected.
- In August 2019, Continental Precious Minerals Inc. entered into an amalgamation deal with Metamaterial Technologies Inc., a smart materials and photonics company headquartered in Nova Scotia, and the Continental Precious Minerals Subco Inc.
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For this report, Reports and Data segmented the global metamaterial industry report based on product type, application, end-use, and by Region for this study:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Electromagnetic
- Tunable
- Photonic
- Frequency Selective Surface
- Terahertz
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Absorber
- Antenna
- Cloaking devices
- Super lens
- MRI
- X-ray
- Others
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Medical
- Automotive
- Consumer Electronics
- Aerospace and Defense
- Energy and Power
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europ
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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