SEATTLE--(BUSINESS WIRE)--According to the Coherent Market Insights, the global metamaterials market was valued at US$ 238.9 million in 2018, and is projected to exhibit a CAGR of 39.5% over the forecast period (2019 – 2027).
Key Trends and Analysis of the global metamaterials market:
Increasing investment by public and private entities is expected to be a major factor driving 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 for application in medical and telecommunication sector. These are widely used in the development of metamaterial lenses, antennas, and sensors, owing to its rare properties. Metamaterial lenses, antennas, and sensors are more efficient than conventional systems. Increasing demand for grapheme-based metamaterials for application in the medical field such as medical imaging, radiation shields, microwave hyperthermia, and wireless strain sensing is fueling growth of the metamaterials market. Sensors and microwave antennas are the prime components in telemetry system, owing to their electromagnetic properties. Metamaterials also find application in solar cells and optical sensors, owing to its ability to absorb light.
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Among end use industry, the aerospace & defense segment is expected to be the most dominant industry in the metamaterials market globally owing to increasing adoption of lightweight and advanced materials such as composites for manufacturing of different components of aircraft and drone enclosures. Moreover, growing adoption of lightweight drones with advanced features such as solar powered systems for defense ISR (intelligence, surveillance, & reconnaissance) applications propelled by increasing defense expenditure by government of different countries is also expected to drive the market growth for metamaterials in the aerospace & defense sector. For instance, the military budget announced by the U.S. government in 2017 was US$ 583 billion, which increased to US$ 640 billion in 2018. Furthermore, aerospace & defense is also expected to be the fastest growing end-use industry for metamaterials in the global market during the forecast period. This is owing to increasing global aircraft production. For instance, according to Coherent Market Insights, Airbus delivered 688 commercial aircraft in 2016, and the deliveries further reached to 800 units in 2018.
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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 in 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 the fastest growing market, due to growing focus on development of new metamaterials for applications in telecommunication and power industries. In addition to this, increasing adoption of renewable energy such as solar in smart city initiatives in emerging economies such as India and China is expected to create growth opportunities for market players in the region. For instance, in 2018, Tricky Corporation received approval to establish 2.5 megawatts (MW) solar park under the Smart Cities Mission in India.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 39.5% during the forecast period (2019–2027), and this is attributed to increasing adoption of composite materials for different applications in end-use industries such as aerospace & defense, healthcare, automotive, and energy sectors
- Furthermore, increasing demand for metamaterials for different information & communication technology applications such as communication antennas and small radars is another factor driving growth of the metamaterials market during the forecast period
- Some of the 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.
Global Metamaterials market, By Product Type:
- Frequency Selective Surface (FSS)
Global Metamaterials market, By Application:
- Antenna and Radar
- Cloaking Devices
- Sound Filtering
Global Metamaterials market, By End Use Industry:
- Aerospace and Defense
- Global Metamaterials market, By Geography:
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