Rockville, MD, Nov. 21, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global optical metasurface market is estimated to reach a valuation of US$ 141.1 million in 2024 and is expected to grow at a CAGR of 16.4% during the forecast period of (2024 to 2034).
The optical metasurface market is growing very fast, as the emergence of nanotechnology has created a huge demand for new optical solutions across industries. Optical metasurfaces can manipulate light with very high precision and efficiency, hence offering unmatched advantages over traditional optical devices due to their nanostructured materials. These metasurfaces can control the path of propagation, phase, amplitude, and polarization of light, hence being highly useful in AR and VR, sensing, imaging, and communication.
Critical industries, such as consumer electronics, healthcare, automotive, and telecommunications, are gradually using metasurfaces to enhance the efficacy of devices while reducing dimensions and expenditure. Metasurfaces within the healthcare industry provide a good platform for diagnostic imaging and biosensing technology, while in the automotive industry, they extend benefits by furthering LiDAR systems for autonomous vehicles. Also, the use of metasurfaces in the fields of telecommunications and defense is enhancing signal transmission capabilities, facilitating satellite communications, and developing new generations of sensing systems.
The increasing demand for compact and light optical elements, energy-efficient, has attracted major funding in research and development. Various companies continue to release new products and applications, further enhancing the application of metasurfaces.
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Key Takeaways from Market Study
- The global Optical Metasurface market is projected to grow at 4% CAGR and reach US$ 644.1 million by 2034
- The market created an opportunity of US$ 503.1 million between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 7 % in 2024
- Dielectric Metasurfaces under material type segment is estimated to grow at a CAGR of 8% creating an absolute $ opportunity of US$ 248.0 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 314.4 million collectively
"The optical metasurface market is set for robust growth, driven by advancements in AR/VR, autonomous vehicles, and healthcare imaging. With rising demand for compact, energy-efficient optical solutions, companies are investing heavily in R&D, positioning metasurfaces as a critical component in next-generation technologies." says a Fact.MR analyst.
Leading Players Driving Innovation in the Optical Metasurface Market:
Key players in the Optical Metasurface market are Metalenz, Inc., Nanohmics Inc., STMicroelectronics, Lumotive, Inc, NKT Photonics A/S, Kymeta Corporation, Jabil Inc., and Hamamatsu Photonics K.K.
Market Development
These companies are dedicated to R&D investments to address industry-specific challenges and deliver tailored solutions that enhance competitiveness and customer satisfaction.
On May 2024, Nanohmics Inc. was working with defense agencies to develop metasurface enabled optical systems for next-generation night vision goggles.
Optical Metasurface Industry News:
- On February 2024, Lumotive, Inc. announced a novel solid-state LiDAR system with optical metasurfaces that increases the resolution and expands the detectable range for an automobile's autonomy.
- On June 2022, major technological developments reached a whole new level when the introduction of the first ever optical metasurface technology for consumer electronics was made. Realization of this development was able to be made with combined working of two major companies, Metalenz and STMicroelectronics.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Optical Metasurface market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of Type of Optical Metasurface (Passive Metasurfaces and Active Metasurfaces), Material (Dielectric Metasurfaces, Metallic Metasurfaces, and Hybrid Metasurfaces), Application (Optical Imaging, Sensing & Detection, Optical Communication, LiDAR (Light Detection and Ranging), Holography and Displays, Photonic Computing, Solar Energy, and Security & Encryption), End-Use Industry (Consumer Electronics, Automotive, Healthcare & Medical Devices, Telecommunications, Defense & Aerospace, Energy, Research Institutes & Laboratories) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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