New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Metamaterials are synthetic materials with unique and distinctive properties resulting from the structure of the constituent materials, as opposed to their chemical composition. The component sizes, shapes, geometries, and orientations are variable. These components can be arranged in any configuration, which affects the electromagnetic radiation of the resulting metamaterial in an atypical manner and gives the metamaterial exceptional properties, such as negative permeability and permittivity, that are impossible to achieve with conventional materials. Due to their enhanced electromagnetic properties, metamaterials are used in various end-use applications, including automotive, consumer electronics, medical, and other areas. In addition, the expanding use of metamaterials in the consumer electronics and healthcare industries is predicted to boost the market growth.
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High Demand from Aerospace and Defense Industry Spur the Market for Metamaterials
According to Straits Research, "The global metamaterials market size was valued at USD 645 million in 2021. It is estimated to reach an expected value of USD 5,700 million by 2030, registering a CAGR of 31.3% during the forecast period (2022–2030)." Reliable aerospace, defense, and military communications depend on improved antenna technologies. The effectiveness of network-centric operations in the digital battlefield demands dependable, efficient, and real-time communications to convey accurate information to the relevant personnel. The antenna is vital, if not sometimes disregarded, a component of military, aerospace, and defense systems. Additionally, military antennas are employed in radars to offer missile guidance for accurate target tracking. Factors such as a rise in border infiltration, terrorism activities, inter-country conflicts, and attack-prone frontiers are projected to fuel the demand for military antennas, which is expected to further enhance the need for metamaterials in aerospace and defense applications.
Furthermore, all countries have invested in their defense sectors to ensure peace and security. Moreover, every year, in their budgets, governments allocate a set amount toward the country's defense industry. Now, the aerospace and military industry is in a "supercycle," partly due to substantial order backlogs, which may drive production in the industry over the next decade. Hence, all the above factors are increasing the demand for metamaterials from this industry, which will be a significant driver for the market in the latter part of the projected period.
Demand for Wireless Mobile Communication Creates Fruitful Opportunities for Metamaterials
The need for wireless mobile communication systems has increased in the past decade. Since the International Telecommunications Union approved IMT-Advanced (IMT-A) standards in 2010, the fourth generation (4G) of wireless communication has been implemented globally. Based on the Internet Protocol Architecture of 4G communication systems, it is anticipated that the number of smart and heterogeneous wireless devices accessing the internet will increase exponentially as internet traffic continues to expand perpetually. Utilizing metamaterials in wireless communication systems results in improved spectrum and energy efficiencies.
With the proliferation of the Internet of Things (IoT), mobile media, and autonomous vehicles, the sheer number of metamaterial applications in wireless communication systems is likely to expand during the projection period. The components employed in these mobile communications must be compact without sacrificing efficiency, and metamaterials excel in this regard. The utilization of metamaterial components will transform all wireless and mobile technologies, propelling the industry forward.
Regional Insights
North America accounts for the largest market share and is estimated to grow at a CAGR of 31.9% during the forecast period. The United States owns the world's largest aerospace industry. The Federal Aviation Administration (FAA) projects that the aircraft fleet will reach 36,500 by 2030 due to the increased air freight. Due to the aging of the current fleet, the US mainliner carrier fleet is scheduled to grow at a rate of 54 aircraft each year. Solid exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, are driving the manufacturing activities in the aerospace industry.
Asia-Pacific is estimated to grow at a CAGR of 31.7% by 2030. China has the most significant defense spending in the world. Its recent rise in defense spending sends a clear message that the nation remains dedicated to completing the modernization of the People's Liberation Army (PLA) by 2035 and transforming it into a "world-class" military by 2049, offering opportunities in the military technology industry. Moreover, China has the greatest electronics production base in the world. In addition to satisfying domestic demand for electronics, the nation also sells its electronic products abroad. The output of electronics is anticipated to increase due to the rising disposable income of the middle class and the rising demand for electronic items in nations that import electronic products from China. Consequently, the market for metamaterials is anticipated to experience healthy growth over the forecast period.
Key Highlights
- By type, the global metamaterials market includes Electromagnetic, Terahertz, Tunable, Photonic, FSS, and Others (Chiral, Nonlinear, etc.). The Electromagnetic segment accounts for the largest market share and is estimated to grow at a CAGR of 31.9% during the forecast period.
- By application, the global metamaterials market includes Antenna & Radar, Sensors, Cloaking Devices, Super Lens, Light & Sound Filtering, and Others (Solar, Absorbers, etc.). The Antenna & Radar segment accounts for the largest market share and is estimated to grow at a CAGR of 31.8% during the forecast period.
- By end-user, the global metamaterials market includes Healthcare, Telecommunication, Aerospace & Defense, Electronics, and Others. The Aerospace & Defense segment accounts for the largest market share and is estimated to grow at a CAGR of 34% during the forecast period.
Competitive Landscape
Key players in the global metamaterials market are Echodyne Corp., Evolv Technologies Inc., Fractal Antenna Systems Inc., JEM Engineering LLC, Kymeta Corporation, Metamaterials Technologies Inc., MetaShield LLC, Multiwave Technologies AG, Nanohmics Inc., NKT Photonics, Plasmonics Inc., TeraView Ltd, SpeCom Oy, Proteomics GmbH, and SensorMetrix.
Market News
- In August 2022, FirstEnergy Stadium used Evolv Technology's systems, data, and analytics to improve public safety and fan experiences. Evolv Technology (NASDAQ: EVLV, "Evolv") is the world leader in AI-powered weapons detection security screening.
- In February 2022, Echodyne announced a new strategic agreement with Northrop Grumman Corporation (NYSE: NOC) that expands upon existing efforts to integrate Echodyne radars into select Northrop Grumman advanced defense and security solutions.
Global Metamaterials Market: Segmentation
By Type
- Electromagnetic
- Terahertz
- Tunable
- Photonic
- FSS
- Others (Chiral, Nonlinear, etc.)
By Application
- Antenna & Radar
- Sensors
- Cloaking Devices
- Super Lens
- Light & Sound Filtering
- Others (Solar, Absorbers, etc.)
By End-user
- Healthcare
- Telecommunication
- Aerospace & Defense
- Electronics
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- SAMEA
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