The global metamaterials market is likely to gain significantly from the rapid progression of the telecom industry. The primary report findings suggest an impressive growth outlook for the market in years to come.
Market Analysis in Brief
This study intends to analyse diverse aspects of the global metamaterials market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline. In 2021, the market reflected stable growth and per industry figures, it stood at around US$300 Mn in terms of value. According to preliminary study carried out by Fairfield Market Research, the metamaterials industry will continue to grow at a bullish CAGR in the next eight years.
Key Report Findings:
Rising Demand from Aerospace and Defense Sectors
The aerospace and defense industry is one of the primary end users of metamaterials. Growing need for radars and antennas in military and defense sectors and commercial aircraft is poised to drive the growth of the metamaterials market. Using metamaterials, design wise thin and efficient antennas can be developed that can be fitted in small spaces, thus reducing overall weight and costs. This factor remains instrumental in driving the need for metamaterials in the aerospace industry.
Rampant Growth in Telecommunication Sector, and Advent of 5G
The metamaterials market remains influenced by growing investments in the telecommunication industry. Metamaterials are widely used in medical and telecommunications sectors owing to their unique properties with respect to phase manipulation or subwavelength operation. In addition, they are also used in the development of metamaterials lenses, sensors, and antennas. This factor coupled with expanding telecommunication industry is expected to bolster the growth of the metamaterials industry.
Furthermore, the emergence of 5G has played a vital role in driving the demand of metamaterials. An emerging application of metamaterials is aiding the deployment of telecommunications with high frequencies such as mmWave 5G. That said, they are an apt choice in different 5G communication systems.
Current and future 5G devices have high demands apropos to high data rate, high efficiency, compact size, cost effectiveness, low power consumption and computational capabilities. By utilizing metamaterials, these demands can be fulfilled and reconfiguration with regards to polarization and frequency can be obtained using intelligent metasurfaces. That said, progressive growth in telecommunications and 5G technology is expected to open new avenues for the metamaterials market on the global front.
Overview of Key Segments
Electromagnetic Metamaterials to Reign Supreme
The demand for electromagnetic metamaterials is expected to increase at an unprecedented rate in the coming decade. With respect to type, the electromagnetic segment accounted for a significant revenue share in the metamaterials market and is expected to maintain the status quo going forward. This is mainly owing to their increased adoption across a multitude of applications.
Electromagnetic metamaterials are widely used in applications such as in microwave couplers, electromagnetic invisibility cloaks, beam steerers and other microwave and optical uses. In addition, they are also used in manufacturing of radomes, smart antennas, band pass filters, and lenses. This is expected to augment the revenue growth of the metamaterials market in the forthcoming years.
Photonic Counterparts Gain Steam
On the other hand, photonic metamaterials are also gaining traction. They are increasingly deployed in the manufacturing of transformation optics and various cloaking devices. Also, owing to their rich physical properties, they can be engineered to develop useful features, making photonic metamaterials an apt choice in commercially vital applications such as optical transmission filters, optical reflectance filters, light extractors, and meta lenses. This is likely to complement the overall growth of the metamaterials market on the global front.
Growth Opportunities Across Regions
Asia Pacific to Spearhead
The Asia Pacific region is projected to emerge as a key revenue pocket for the metamaterials market. This can be attributed towards increasing investments in the end use sectors such as aerospace and defense, telecommunication, and healthcare. Government bodies have consistently increased their budgets for national defense in respective nations such as China, India, and Japan. For instance, in India, the Ministry of Defence was allocated a budget of INR 4,78,196 crores in 2021-22 which was increased significantly to touch INR 5,93,537.64 crores in 2023-24. This represents around 13.8% of the total budget allotted for the financial year.
Likewise, the military budget of approximately US$225 Bn was declared by the government of China for the 2023-24 period. This represents a hike of 7.2% as compared to the previous financial year of the country. Metamaterial are used to enhance the radar antenna performance used in defense and used as radar absorbers and cloaking. Thus, increasing investments in defense are expected to offer ample opportunities of growth for the metamaterials market.
In addition, the aerospace sector in the region is also expected to witness momentous growth, thus supporting the demand for metamaterials. Also, remarkable growth in the electronics industry coupled with increasing production of portable computing devices, smartphones, gaming systems and personal electronic devices continue to influence the metamaterials market. For instance, according to the India Brand Equity Foundation, electronics industry in India is expected to cross US$520 Bn by end of 2025, thus opening potential avenues with regards to the use of metamaterials in this sector.
Metamaterials Market: Competitive Scenario
Few of the major players in the metamaterials market include Kymeta Corporation, TeraView Limited, Meta Materials Inc., Echodyne Corporation, NKT Photonics A/S, JEM Engineering, Harris Corporation, Newport Corporation, Applied EM, and Phoebus Optoelectronics.
Recent Notable Developments
Regional Classification of the Global Metamaterials Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Metamaterials Market
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