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.

Metamaterial Market Overview:

Metamaterial is something that is made in a lab to have properties that don't exist in nature. Metamaterials are made of many different kinds of materials, like metals, plastics, etc., that are put together in patterns that repeat. Unlike natural composites, this one is made in a lab and has a structure that isn't found in nature. It has strange and unique properties, like electromagnetic properties.

Because it has good electromechanical properties, it can be used in many ways in the telecommunications industry. Metamaterials are also used a lot in the medical, automotive, consumer electronics, optics, aerospace, energy and power, and consumer electronics industries. Depending on the properties needed by the end use verticals, different types of materials are used for different applications.

Metamaterials have unusual physical properties, like negative permittivity and permeability and negative index of refraction, which have led to a lot of research and development. Metamaterial is important because it can change the way waves of electromagnetic radiation or sound travel. This lets engineers change the way waves travel by changing the way unit cells are made. With the improvement of technology, the growing use of consumer electronics, and the growth of the telecommunications industry, the market for metamaterials is likely to be a profitable one with a significant growth rate over the next few years.

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Market Drivers

Drivers

Adoption of metamaterials in high-end aerospace, defense, and military applications: Effective communications for the military, aerospace & defense sectors require improved antenna technology. For network-centric operations in the digital battlefield to transmit precise information to the relevant personnel, reliable, efficient, and real-time communications are crucial. The antenna is an essential, albeit occasionally disregarded, component of defense, aerospace, and military systems. Radars also use military antennas to guide missiles for accurate target tracking. Increased border infiltration, terrorist activity, global wars, and attack-prone frontiers are predicted to fuel the market for military antennas.

Rising demand for metamaterials in information & communication technology: One of the main factors driving the growth of the metamaterial market is anticipated to be the expansion of wireless communication services brought on by the increased need for antennas, a crucial component of mobile and satellite communications equipment.

Restraints

Inadequate infrastructure for manufacturing the products in large quantities: The industry players are still relying on research universities for bulk production. In contrast to their constituent materials, metamaterials' qualities are determined by their structure. Thus, depending on their intended use, metamaterials are synthesized in various ways. Finding the appropriate materials to satisfy an application's needs can be difficult. This makes the process of producing metamaterials difficult and time-consuming. The price of synthesis varies depending on the fabrication techniques employed. Various fabrication techniques are possible depending on the desired application and design combination. As a result, creating metamaterials is expensive. The price of synthesizing metamaterials is considerable, which restrains the market for them because there isn't readily available technology to do so.

Opportunity

Advancements in 5G: Metamaterial-based antennas will benefit from the development and adoption of 5G. Industry players are working on developing Metamaterial based on antennas that could provide favorable radiation patterns, making them highly suitable for operations beyond ultra-wideband applications and 5G communications.
Unavailability of technology for mass production of metamaterials: Metamaterial-based products are still in the R&D stage. As a result, industry players rely on research centers or universities to develop techniques.

Metamaterial Market Segmentation Analysis

Based on Material:

In 2021, the electromagnetic segment contributed a notably substantial portion of total revenue.

Based on the type of material, the metamaterial market has been split into electromagnetic, tunable, photonic, frequency selective surface, terahertz, and other markets. In 2021, a big chunk of revenue came from the electromagnetic segment. Metamaterials that are used in electromagnetic technology are mostly made up of structures that are mostly made with microwave and optical applications in mind. Also, research on metamaterials is growing in Asia-Pacific and Middle Eastern countries, which is a big reason why this segment's sales are growing. Also, this segment's revenue is growing because there is a growing global demand for electromagnetic metamaterials to be used in the communication industry and to make solar power.

During the forecast period, the terahertz segment is expected to have the highest revenue growth rate. The segment's revenue is growing because there is more demand for applications of terahertz and submillimetre radiation in fields like spectroscopy, photovoltaics, medicine, pharmacy, quality control, dentistry, communications, astronomy, and more. Terahertz is also being used more for cancer therapy and quality control in the food inspection and testing industries. Aside from this, market players are investing in research and development and putting terahertz imaging system technology to use in industries like aerospace and defence and homeland security, which are important factors driving revenue growth in this segment.

Based on Application:

In 2021, the antenna segment brought in the most money for the global metamaterial market.

Based on how they are used, the global market for metamaterials is divided into absorbers, antennas, cloaking devices, super lenses, MRI, x-ray, and other markets. In 2021, the antenna segment brought in the most money. Antennas are becoming more popular because communication equipment is moving toward nanotechnology and Wi-Fi and communication satellite technology are getting better all over the world. Also, as digitalization grows in second- and third-world countries, the use of metamaterials is expected to rise because of growing interest in multiband antennas, which is driving market growth. This means that more money will be put into the business of making mobile phones. For example, on October 6, 2021, Japan Aviation Electronics Industry, Ltd. (JAE) released a high-performance antenna called "AN01ML27C00" that works with "Wi-Fi 6E" from the 6th generation of wireless LAN. This wireless device with a wide bandwidth is meant to meet the growing need for wireless communication in homes, businesses, and public places. Also, Huawei launched 5G products and solutions for "1+N" 5G target networks on June 28, 2021. These products should help spread multi-antenna technology so that the best 5G networks can be built.

Regional Insights:

During the Forecast period, North America is anticipated to be the largest market by region.

North America led the global market for metamaterials in 2021, with a 34.0% market share. Europe and the Asia-Pacific region came in second and third, respectively. Over the next few years, North America is expected to have the biggest market for metamaterials, followed by Europe. This is because more money is being spent on research and development for using metamaterials in many different ways. For example, in 2017, the Defense Advanced Research Projects Agency (DARPA), the U.S. Navy, and Lockheed Martin Corporation gave US$ 8 million to Doug Werner, John L. McCain, and Genevieve H. McCain, chair professors of Electrical Engineering at Penn State, to help them work on metamaterials. In terms of revenue, the Asia-Pacific metamaterials market is the one that is growing the fastest. This is because more and more attention is being paid to developing new metamaterials for use in the telecommunications and power industries.

During the period of the forecast, Europe is expected to grow a lot. Several countries in Europe, like France, Germany, and Sweden, are important centres for the development of medical devices around the world. In Europe, the health care industry is growing quickly. The metamaterials market in Europe is growing because of technological advances in the medical field. For example, metamaterials are being used to find serious diseases like cancer, improve the quality of MRI (magnetic resonance imaging), medical imaging, and other things. For example, according to reports published by the European Commission in March 2021, the M-cube Meta Materials consortium from Europe would create a new type of antenna technology for ultra-high field MRI that would be very different from what has been done before.

Scope Analysis

Recent Development

• November 2020, Kymeta Corporation announces 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.
• In August 2020, Kymeta received $85 million in funding led by Bill Gates and members of the leadership team. This funding is primarily used for key executive appointments, new product launches, and market momentum in the areas of defense, public safety and land mobility.
• In July 2020, Metamaterial Technologies Inc. partnered with ADI Technologies, Inc. to access defense markets in the US, UK, Europe and Israel. ADI Technologies provides marketing and consulting services to multinational corporations that sell products and services to government agencies.

The Global Metamaterial Market has been segmented into:

By Material Type

• Electromagnetic Metamaterial
• Frequency band Metamaterial
• Terahertz metamaterial
• Photonic Metamaterial
• Tunable Metamaterial
• Plasmonic metamaterial
• Other

By Application

• Antenna
• Solar panel
• Sensors
• Absorber
• Medical Imaging
• Superlens
• Seismic protection
• Sound filtering
• Other

By End-Use Industry

• Aerospace & Defense
• Electronics & Telecommunication
• Automotive
• Power plants
• Medical
• Others

By Companies

• Metamaterial Technologies Inc.
• Plasmonics, Inc.
• Corporation
• Phoebus Optoelectronics LLC
• Multiwave Technologies AG
• MetaShield LLC
• Echodyne, Inc.
• Nano-Meta Technologies
• , JEM Engineering
• Acoustic Metamaterials Group, Ltd