Pune, Maharashtra, June 14, 2021 (GLOBE NEWSWIRE) -- The global Metamaterials Market size is projected to reach USD 3.61 Billion in 2027 registering a CAGR of 23.6%, according to a new report by Emergen Research. Key factors influencing the market revenue growth include rapid incorporation of advanced technologies in various applications, such as in manufacturing of absorbers, super lenses, antennas, fast developments in radar and LiDAR for autonomous vehicles, and increasing use of metamaterials in solar power systems.
Metamaterial is a uniquely engineered synthetic structure having outstanding electromagnetic properties, and thus, finds a higher number of use cases and vast potential for usage in various large end-use industries, such as consumer electronics, automotive, medical, and others. Moreover, metamaterials are widely used in controlling and manipulating sound, light, and other physical phenomena. The desired properties of the metamaterials are mainly derived from the inherent properties of their constituent materials, along with their special geometrical arrangements.
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Additionally, this artificially structured material is extensively utilized in numerous devices including sensors, super lenses, cloaking, and light emitting diodes. The steady revenue growth of the global market is further driven by surging demand from the telecommunication industry to use metamaterials in various applications like manufacturing a wide range of devices, such as radars.
The competitive landscape of the global metamaterials market remains quite fragmented with increasing number of small-, medium-, and large-sized companies. Cutthroat competition for technological advancement and higher diversification offers several lucrative opportunities for market players, contributing to the revenue growth of the global market.
Further key findings from the report suggest
- By end-use, the aerospace & defense segment accounted for the largest revenue share in the global market in 2019. The high revenue growth of this segment is attributed to the fast development of aerospace and defense industry, especially in developed and developing economies including the United States, the U.K., Germany, China, India, and Russia.
- In terms of applications, the antenna segment is predicted to register the fastest revenue CAGR in the global market going ahead, owing to growing demand for specialized antennas in a broad array of applications, especially in defense, aerospace, & telecommunications.
- The absorber is generally used in the manufacture of different types of products, such as the cloaking systems, and super lenses. Several advantages of using metamaterials in the antenna and absorber help make these two the higher revenue generation segments than others.
- In September 2019, two renowned firms Caltech and Georgia Tech Zurich collaborated to developing a modern type of architected metamaterial with an additional property of changing shape in a tunable method.
- Leading players operating in the market 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.
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For the purpose of this report, Emergen Research has segmented into the global metamaterials market on the basis of product type, application, end use, and region:
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
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Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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