According to a market research study published by Contrive Datum Insights, North America, which held a market share of 34.0% worldwide, The Asia-Pacific area and Europe finished in second and third, respectively, after the Americas.
Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) — The Metamaterial Market was worth USD 357.00 Million in 2022 and is expected to be worth USD 2058.89 Million by 2030, growing at a CAGR of 21.74% from 2023 to 2030. A metamaterial is an artificial substance with qualities that do not occur in nature. Multiple types of materials, such as metals, polymers, etc., are arranged in repeating patterns to create metamaterials. In contrast to natural composites, this one is manufactured in a laboratory and has a structure not found in nature. It possesses weird and unique features, such as electromagnetic properties.
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The odd physical features of metamaterials, such as negative permittivity and permeability and negative index of refraction, have prompted extensive research and development. A metamaterial is significant because it can alter the propagation of electromagnetic or acoustic waves. This allows engineers to modify the propagation of waves by altering the construction of unit cells. With the advancement of technology, the increasing usage of consumer electronics, and the expansion of the telecommunications industry, the market for metamaterials is projected to have a rapid expansion in the next years.
Metamaterial Market Recent Developments:
- November 2020, Kymeta Corporation announces the availability of KymetaTM u8 and Kymeta ConnectTM for government and commercial purchases after November 30, 2020. This product helps companies meet their mobile communications needs by providing broadband satellite connectivity and cellular networks.
- In November 2020, Metamterial Technologies Inc. started selling directly through its online store. Initially, the company is selling the metaOPTIX family of holographic film notch filters.
- In October 2020, Echodyne Inc released the EchoGuard CR and RadarHub. The EchoGuard CR provides high performance, active beam steering, and 3D radar capabilities in urban and dense environments or locations with reduced range requirements. RadarHub simplifies the deployment and management of multiple radars.
Metamaterial Market Segmentation Analysis:
The market for metamaterials has been segmented into the electromagnetic, tunable, photonic, frequency-selective surface, terahertz, and other markets, each of which is based on a different type of material. The electromagnetic market contributed substantially to the total revenue in the year 2021. The structures that makeup metamaterials utilized in electromagnetic technology are, for the most part, manufactured with microwave and optical uses in mind. This is how metamaterials come to be used in this field. Additionally, countries in Asia-Pacific and the Middle East are devoting more resources to research on metamaterials, which is a significant contributor to the rising sales in this sector.
The global market for metamaterials can be broken down into several categories, such as absorbers, antennas, cloaking devices, super lenses, MRI, x-ray, and other markets, depending on how the materials are put to use. In 2021, the most money was made from the antenna section of the business. Antennas are gaining in popularity as a result of the shift toward nanotechnology that is occurring in the communication equipment industry, as well as the improvement that is occurring in Wi-Fi and communication satellite technology all over the world. Additionally, as digitalization expands in countries that are considered to be in the second or third world, an increase in the use of metamaterials is anticipated as a result of the increased interest in multiband antennas, which is driving the expansion of the market. This indicates that a greater amount of capital will be invested in the manufacturing of mobile phones.
Metamaterial Market Regional Outlook:
In 2021, the market for metamaterials was dominated by North America, which held a market share of 34.0% worldwide. The Asia-Pacific area and Europe finished in second and third, respectively, after the Americas. It is anticipated that the market for metamaterials would be most robust in Europe, followed by North America, during the course of the next few years. This is due to the fact that more money is being invested in research and development with the purpose of utilising metamaterials in a variety of various ways. For instance, in 2017, the Defense Advanced Research Projects Agency (DARPA), the United States Navy, and Lockheed Martin Corporation gave a combined total of US$ 8 million to Doug Werner, John L. McCain, and Genevieve H. McCain, chair professors in the Electrical Engineering department at Penn State, to assist them in their research on metamaterials. The market for metamaterials in the Asia-Pacific region is the one that is increasing at the fastest rate in terms of revenue.
During the period covered by the projection, it is anticipated that Europe would experience significant economic expansion. Several nations in Europe, such as France, Germany, and Sweden, are major hubs for the research and development of various medical devices that are used all over the world. The sector of health care is experiencing rapid expansion across Europe. The expansion of technology capabilities in the healthcare sector is driving growth in the metamaterials industry in Europe. For instance, metamaterials are currently being utilised in the diagnosis of life-threatening diseases like cancer, as well as in the enhancement of the quality of MRI (magnetic resonance imaging) and other imaging techniques used in medicine.
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Scope of Report:
|Growth Rate||21.74% from 2023 to 2030|
|Market Size in 2022||USD 357.00 Million|
|Revenue Forecast by 2030||USD 2058.89 Million|
|By Type||Electromagnetic Metamaterial, Frequency band Metamaterial, Terahertz metamaterial, Photonic Metamaterial, Tunable Metamaterial, Plasmonic metamaterial, Other|
|By Applications||Antenna, Solar panel, Sensors, Absorber, Medical Imaging, Superlens, Seismic protection, Sound filtering, Other|
|By Companies||Metamaterial Technologies Inc., Plasmonics, Inc., Kymeta Corporation, Phoebus Optoelectronics LLC, Multiwave Technologies AG, MetaShield LLC, Echodyne, Inc., Nano-Meta Technologies, Inc., JEM Engineering, and Acoustic Metamaterials Group, Ltd.|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
Metamaterial Market Dynamics:
Use of metamaterials in high-tech applications in aerospace, defence, and the military: For the military, aerospace, and defence industries to be able to communicate well, antenna technology needs to be improved. Communication that is reliable, efficient, and in real-time is essential for network-centric operations on the digital battlefield that needs to send accurate information to the right people. The antenna is an important part of defence, aerospace, and military systems that are sometimes overlooked.
Infrastructure that isn’t good enough to make the products in large quantities: The big players in the industry still get most of their production from research universities. The structure of a metamaterial is what determines its properties, not the materials it is made of. So, metamaterials are made in different ways depending on how they will be used. Finding the right materials to meet the needs of an application can be hard. Because of this, making metamaterials is hard and takes a long time. Synthesis costs different amounts depending on the methods used to make it.
5G’s progress: Antennas that use metamaterials will benefit from the development and use of 5G. People in the industry are working on creating Metamaterials that are based on antennas and could have good radiation patterns. This would make them great for more than just ultra-wideband applications and 5G communications.
Key Segments Covered:
Top Market Players:
Metamaterial Technologies Inc., Plasmonics, Inc., Kymeta Corporation, Phoebus Optoelectronics LLC, Multiwave Technologies AG, MetaShield LLC, Echodyne, Inc., Nano-Meta Technologies, Inc., JEM Engineering, and Acoustic Metamaterials Group, Ltd., among others., And Others.
By Material Type
- Electromagnetic Metamaterial
- Frequency band Metamaterial
- Terahertz metamaterial
- Photonic Metamaterial
- Tunable Metamaterial
- Plasmonic metamaterial
- Solar panel
- Medical Imaging
- Seismic protection
- Sound filtering
By End-Use Industry
- Aerospace & Defense
- Electronics & Telecommunication
- Power plants
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, 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)
- Rest Of the World
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- Nuclear Medicine Imaging Equipment Market – The Global Nuclear Medicine Imaging Equipment Market Is Expected To Grow From USD 2.8 Billion In 2022 And CAGR Of Approximately 4.9% During The Forecast Period 2022-2030. North America will dominate the market with a share of 45.2% in 2021 and is expected to grow at a significant rate during the forecast period. The high market share in the region can be attributed to increasing investments in R&D activities, high usage of nuclear medicine procedures, and strong healthcare infrastructure.
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