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Metamaterials Market Size, Share Global Analysis Report, 2022 – 2028
Metamaterials Market Size, Share, Growth Analysis Report By Technology (Electromagnetic, Terahertz, Photonic (Optical), Tunable, Frequency Selective Surface, Others), By Application (Communication Antenna and Radar (Beam Steering), Sensors, Solar Panels and Absorbers, Display, Medical Imaging, Windscreen, Others), By Vertical (Automotive, Aerospace and Defense, Consumer Electronics, Medical, Energy and Power, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028
Industry Insights
[238+ Pages Report] According to Facts and Factors, the metamaterials market size was worth USD 284.10 million in 2021 and is estimated to grow to USD 1,813.57 million by 2028, with a compound annual growth rate (CAGR) of approximately 36.20% over the forecast period. The report analyzes the metamaterials market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the metamaterials market.
Market Overview
A metamaterial is a composite material with exceptional acoustic, electrical, magnetic, and optical properties. It consists of resonators manipulating electromagnetic waves or sound in ways not normally found in nature. In addition to having exceptional physical properties, metamaterials exhibit negative permittivity and permeability, which are exceptional features. Various arrangements of unit cells can be used in metamaterials to control the propagation of waves. It can be said that metamaterials are artificial and manmade composite materials whose properties are derived from their internal microstructure rather than their chemical composition. Some of the important applications of metamaterials are as follows, the use of metamaterials in antennas is one of the most important applications. The market growth is expected to be boosted by adopting metamaterials in aerospace & defense, and high-end military applications. Metamaterials are inherently valuable and useful because of their unique, engineered properties, such as communications antennas, windscreens, solar panels, sensors, and medical imaging devices.
COVID-19 Impact:
Across the globe, people and businesses have been affected by the COVID-19 outbreak. Business operations were either halted or partially operated, disrupting the world economy. Covid-19 also affected the metamaterials market since all industries, including automotive, defense, aerospace, electronics, and others, were affected, which resulted in the suspension of several ongoing projects and minimal investments in new machinery. As a result, the global metamaterials market experienced slow growth.
Key Insights
- As per the analysis shared by our research analyst, the metamaterials market value is expected to grow at a CAGR of 36.20% over the forecast period.
- In terms of revenue, the metamaterials market size was valued at around USD 284.10 million in 2021 and is projected to reach USD 1,813.57 million by 2028.
- The growth of this market is mainly due to the increased adoption of metamaterials in high-end applications such as aerospace, defense, and military.
- By technology, the electromagnetic category dominated the market in 2021.
- By application, the communication antenna and radar category dominated the market in 2021.
- North America dominated the metamaterials market in 2021.
Growth Drivers
- Variety in design functionalities advances to drive market growth
Metamaterials are inherently valuable and useful because of their unique, engineered properties, such as communications antennas, windscreens, solar panels, sensors, and medical imaging devices. For this reason, federal agencies such as the department of defense (DOD) and the defense advanced research projects agency (DARPA) are heavily investing in metamaterial R&D for aerospace and defense applications. Another factor driving the growth of the metamaterials market during the forecast period is the increased use of metamaterials for communication antennas and small radars. Several sectors, including pharmaceuticals and telecommunications, rely heavily on metamaterials. Their rare properties make them ideal for developing metamaterial lenses, antennas, and sensors. The lenses, antennas, and sensors that use metamaterials are more efficient than conventional ones. In the medical field, graphene-based metamaterials are in high demand, fueling the market for metamaterials. In the telemetry system, sensors and microwave antennas play a vital role because of their electromagnetic properties. Highly efficient metamaterials can absorb a wide range of light, making them suitable for solar cells and optical sensors. Therefore, metamaterials are in great demand for a variety of applications because of the variety of design functionalities
Restraints
- Cost of synthesizing the metamaterial to hinder the market growth
The structure of metamaterials determines their properties, as opposed to their constituent materials. Thus, metamaterials are synthesized differently depending on their application. Getting the right materials to meet an application's requirements is very challenging. In this regard, synthesizing metamaterials is a complex and time-consuming process. Synthesis costs vary according to the fabrication methods used. Various fabrication methods are available based on the design combination and desired application. As a result, metamaterials are expensive to synthesize. Due to the lack of affordable technology, the cost of synthesizing metamaterials is high, holding back the metamaterial market.
Segmentation Analysis
The metamaterials market has been segmented into technology, application, and vertical.
Based on technology, the market is classified into electromagnetic, terahertz, photonic (optical), tunable, frequency selective surface and others. In 2021, electromagnetic segments to dominate the metamaterials market. The resulting metamaterials unconventionally emit electromagnetic radiation and possess properties that are otherwise impossible to obtain with conventional materials, such as negative permittivity and permeability. Metamaterial-enabled personal communications satellites and radars have contributed to the growth of this segment.
Based on application, the market is classified into communication antenna and radar (beam steering), sensors, solar panel and absorbers, display, medical imaging, windscreen and others. In 2021, the communication antenna and radar category dominated the global market. Communication antennas are increasingly being used for satellite communication, Wi-Fi routers, radar communications, and 5G communications, fueling growth in the metamaterial market for communication antennas.
The market is classified into automotive, aerospace and defense, consumer electronic, medical, energy and power, and others. The aerospace and defense segment dominated the market in 2021. Customized communication solutions are largely needed in the defense industry vertical. Antennas, windscreens, EMC shielding, protective layers, and cloaking devices are the main metamaterial-based devices used in the aerospace and defense vertical.
Recent Developments
- November 2020: Kymeta Corporation announced that KymetaTM u8 and Kymeta ConnectTM would be available for government and commercial purchase after November 30, 2020. These solutions enable the corporation to meet the growing demand for mobile communications by providing broadband satellite connectivity and cellular networks.
- September 2020: Caltech and Georgia Tech Zurich, a joint venture, developed a modern type of architected metamaterial.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 284.10 Million |
Projected Market Size in 2028 |
USD 1,813.57 Million |
CAGR Growth Rate |
36.20% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Kymeta Corporation, Metamaterial Technologies Inc., Echodyne Inc., Multiwave Technologies AG, Metashield LLC, Multiwave Metacrystal, Plasmonics Inc., Metamagnetics Inc., Nanohmics Inc., Phoebus Optoelectronics LLC, Metaboards, Radi-Cool, Phononic Vibes, Transsip Inc, Multiscale Systems, Mediwise, Metawave, Pivotal Commware, Metasonixx, Sonobex Limited, JEM Engineering LLC, Applied EM, Aegis Technologies, Teraview, Sensormetrix, and Others |
Key Segment |
By Technology, Application, Vertical, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Regional Landscape
- North America dominated the metamaterials market in 2021
In 2021, North America dominated the global metamaterials market because of increased demand from the aerospace and defense industries. Government entities such as the DOD, DARPA, and NASA are heavily sponsoring research universities and industry players to create metamaterial-based antennas. Metamaterials demand has expanded dramatically in recent years, especially in the aerospace & defense, automotive, consumer electronics, medical, and energy & power industries. The US government (DOD, DARPA, US Navy) and private entities (Bill Gates Foundation (US), Lux Capital (US), and Kresge Foundation (US)) are funding research institutes, laboratories, and various companies to improve metamaterial technology or to develop efficient and cost-effective electronic devices and applications.
Competitive Landscape
- Kymeta Corporation
- Metamaterial Technologies Inc.
- Echodyne Inc.
- Multiwave Technologies AG
- Metashield LLC
- Multiwave Metacrystal
- Plasmonics Inc.
- Metamagnetics Inc.
- Nanohmics Inc.
- Phoebus Optoelectronics LLC
- Metaboards
- Radi-Cool
- Phononic Vibes
- Transsip Inc
- Multiscale Systems
- Mediwise
- Metawave
- Pivotal Commware
- Metasonixx
- Sonobex Limited
- JEM Engineering LLC
- Applied EM
- Aegis Technologies
- Teraview
- Sensormetrix.
Metamaterials Market is segmented as follows:
By Technology
- Electromagnetic
- Terahertz
- Photonic (Optical)
- Tunable
- Frequency Selective Surface
- Others
By Application
- Communication Antenna and Radar (BeamSteering)
- Sensors
- Solar Panel and Absorbers
- Display
- Medical Imaging
- Windscreen
- Others
By Vertical
- Automotive
- Aerospace and Defense
- Consumer Electronics
- Medical
- Energy and Power
- Others
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Industry Major Market Players
- Kymeta Corporation
- Metamaterial Technologies Inc.
- Echodyne Inc.
- Multiwave Technologies AG
- Metashield LLC
- Multiwave Metacrystal
- Plasmonics Inc.
- Metamagnetics Inc.
- Nanohmics Inc.
- Phoebus Optoelectronics LLC
- Metaboards
- Radi-Cool
- Phononic Vibes
- Transsip Inc
- Multiscale Systems
- Mediwise
- Metawave
- Pivotal Commware
- Metasonixx
- Sonobex Limited
- JEM Engineering LLC
- Applied EM
- Aegis Technologies
- Teraview
- Sensormetrix.
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