Metamaterial is a synthetic composite metallic or semiconductor material with properties unusual than that of natural materials. Metamaterials have negative refractive index and exceptional physical properties such as negative permeability and permittivity. Also, metamaterials are used for manipulating wave propagation by arranging unit cells in different ways hence finding its application in optical and telecommunication sector.
Major factor driving growth of the global metamaterials market is increasing demand for metamaterials in telecommunication application especially in key products such as antennas and radars. In addition, increasing adoption of metamaterials in various end-user industries such as aerospace, defense, marine, consumer electronics, and automotive are further driving growth of the market globally. Rising investments by venture capital firms is further fueling growth of the global metamaterials market. Moreover, metamaterials are used in solar photo voltaic (PV) cells to increase efficiency of the cells.
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Major factors hampering growth of the global metamaterials market are lack of awareness regarding commercial uses of metamaterials and problems faced in mass production. In addition, high R&D cost is further hampering growth of the global metamaterials market. However, development of graphene based metamaterials and its application especially in sectors such as medical, aerospace, energy, and defense for its superior properties is expected to create opportunities for major players in the global metamaterials market.
North America dominates the global metamaterials market in terms of revenue generation and is expected to register a CAGR of XX% during the forecast period. This growth is attributed to increasing government investments and rising demand from aerospace and defense sector. The market in Asia Pacific is expected to witness highest growth rate during the forecast period owing to rapid growth in medical, consumer electronics, and aerospace & defense sector. The market in Europe is expected to witness significant growth and will account for a CAGR of XX.X% during the forecast period.
The global metamaterials market is segmented on basis of material type, application, industry type, and region.
Key players in the global metamaterials market are Metamaterial Technologies Inc., Kymeta Corporation, Applied EM, JEM Engineering, Metamagnetics Inc., Phoebus Optoelectronics, Echodyne Corporation, NanoSonic Inc., Plasmonics, and TeraView Limited.
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