LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global metamaterials market to grow to USD 1.79 billion by 2021, at a CAGR of more than 22% over the forecast period, according to their latest report.
The research study by Technavio on the global metamaterials market for 2017-2021 provides a detailed industry analysis based on the applications (communications, imaging, solar, and acoustic) and geography (the Americas, EMEA, and APAC).
Metamaterials are materials developed using a combination of elements ranging from plastic to metals to impart them with unique and superior properties that cannot be exhibited by any conventional material. The major advantage of metamaterials is that their atoms can be arranged as per specific applications, which makes it user-friendly and also extends the functionalities beyond standard materials and alloys.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global metamaterials market:
- Advent of IoT driving the exponential growth of wireless computing devices
- Growing number of internet users
- Increased investments in R&D
Advent of IoT driving the exponential growth of wireless computing devices
Many end-users across the globe require high-performance devices with reliable and highly portable computing platforms, with connectivity options such as Wi-Fi, 3G, 4G, and Bluetooth for easy data exchange and transfer. The market for the Internet of Things (IoT) is growing at a rapid pace with an estimated 30 billion connected devices by 2020.
“The IoT technology enables devices to collect and transmit data using sensors, antennas, and actuators from wireless computing devices to a central location on a real-time basis. These devices need high-quality antennas, which requires metamaterials,” says Sunil Kumar Singh, a lead analyst at Technavio for embedded systems research.
Growing number of internet users
The number of internet users increased almost seven-fold from 6.5% to 43% of the global population in between 2000 and 2015. 3G mobile broadband networks are expanding into rural areas as well to ensure high-speed internet access to all population demographics. It is expected the internet user penetration in rural areas will expand rapidly during the forecast period. This growing wireless infrastructure worldwide is leading to the increased use of metamaterial antennas that are needed to support the wireless networks.
Increased investments in R&D
A majority of the revenue in the metamaterials market is generated from the R&D divisions of the end-users as the technology is yet to be commercialized on a large scale. As metamaterials exhibit exotic properties, its potential application areas are vast. In 2016, metamaterials were being researched in several electromagnetic applications including microwave applications and optical regime applications.
“The research for metamaterials is on the rise due to its superior characteristics such as permittivity and permeability. Metamaterials are used in radiating and scattering systems where the size, efficiency, bandwidth, and directivity can be manipulated using these materials,” says Sunil.
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