Metamaterial Market is predicted to reach USD 1,011.2 million at a CAGR of 15% during the forecast period

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Metamaterial Market.

Market Synopsis

The global metamaterial market is projected to witness significant growth during the forecast period 2022–2030. In 2021, the global market was valued at USD 305 million. This number is expected to reach USD  1,011.2 million, with a 15% CAGR by the end of 2030. The surging demand for metamaterial in the electronics & telecommunication industry is primarily driving the global metamaterial market.

One of the main drivers for expanding the metamaterial market is anticipated to be the rise in wireless communication services, which is attributable to the rising need for antennas, an essential part of smartphone and satellite communication equipment.

The electronics & telecommunication sector mainly drive the metamaterial market as it exhibits exotic and unique electromagnetic properties compared with traditional composites. North America is likely to dominate the global metamaterial market.

Competitive Landscape

The key players in the global market have large production bases and advanced manufacturing facilities at the domestic and international levels. This helps them supply the product to various end users across the globe within lesser time than the small-scale manufacturers, providing a competitive edge in the global market. Prominent players account for most of the global market share due to their global revenue base, advanced production technologies, brand identity, vast industry experience, integrated production facilities, available raw materials at competitive prices, and wide distribution network. Furthermore, these players compete globally and strive to achieve a strong position in the market. Metamaterial Technologies Inc., Plasmonics Inc., Kymeta Corporation, Phoebus Optoelectronics LLC, Multiwave Technologies AG, MetaShield LLC, Echodyne, Inc., Nano-Meta Technologies, Inc., JEM Engineering, and Acoustic Metamaterials Group, Ltd. are the major shareholders in the global metamaterial market.

Segmentation

By Material Type

• Electromagnetic metamaterial: These electromagnetic metamaterials, composed of conductive traces and particles in a dielectric matrix, have a negative refractive index and zero or negative permeability. These metamaterials are used in the field of microwave and optics, such as beam steerers, antenna randoms, modulators, microwave couplers, lenses, and bandpass filters. Because they have shorter wavelengths than electromagnetic radiation, these forms of metamaterials impact electromagnetic waves.


• Frequency band metamaterial: Frequency-based metamaterials are an alternative to fixed frequency metamaterial. They have applications in telecommunication devices.


• Terahertz metamaterial: Terahertz metamaterials interact at frequencies between 0.1 and 10 THz. Terahertz radiation is found at the far end of the infrared spectrum, just after the microwave band. This equates to mill and submillimeter wavelengths ranging from 3 mm (EHF band) to 0.03 mm.


• Photonic metamaterial: Optical frequencies interact with photonic metamaterial. They are distinguished from photonic band gap structures by their sub-wavelength period.


• Tunable metamaterial:Tunable metamaterials allow for arbitrary refractive index changes in response to frequency changes. By constructing various types of metamaterials, a tunable metamaterial expands beyond the bandwidth limitations of left-handed materials.


• Plasmonic metamaterial: Plasmonic metamaterials use surface plasmons created when light interacts with metal dielectrics. Under certain conditions, incident light couples with surface plasmons, resulting in self-sustaining, propagating electromagnetic waves or surface waves, known as surface plasmon polaritons. Bulk plasma oscillations enable the effect of negative mass.


• Others: Others include bi-isotropic and bi-anisotropic metamaterials, chiral metamaterials, and single negative metamaterials.

By Application

• Antennas: A group of antennas known as metamaterial antennas employs metamaterials to enhance performance. Metamaterials increase an antenna's radiated power. Negative permeability allows for compact antenna size, excellent directivity, and variable frequency. Single-negative metamaterials like meta-grid lines can reduce mutual coupling in densely packed MIMO antenna arrays.


• Solar Panels: Metamaterial displays exceptional photothermal properties and omnidirectional and selective sun absorption. They are exceedingly stable and show sun-to-thermal conversion efficiency of 90.1% and solar-to-vapor efficiency of 96.2%.


• Sensors: Metamaterial absorber-based sensors show great promise in terms of high sensitivity, quality factor, cost, and ease of manufacture. The wide range of uses for metamaterial-based sensors, including in biomedicine, the chemical industry, food safety testing, and agriculture, has made them particularly well-liked.


• Absorbers: To efficiently absorb huge volumes of electromagnetic radiation, a metamaterial absorber modifies the materials' permittivity and magnetic permeability loss components. For photodetection and solar photovoltaic applications, this property is beneficial. Although sometimes overlooked in these applications, loss components are equally important in negative refractive index (photonic metamaterials, antenna systems) and transformation optics (metamaterial cloaking, celestial mechanics) scenarios.


• Medical Imaging:A very efficient tool that can precisely locate an aberration within the human body can be created by creating microwave devices and combining them with structures derived from metamaterials. The fundamental idea underlying cancer detection is that even a small change in the water content of tissues can result in adjustments to their permittivity and conductivity values.


• Superlens: A superlens is a two- or three-dimensional device that employs metamaterials, typically having negative refraction properties. The capacity of double-negative materials to produce negative phase velocity enables such behavior. Inherent in typical optical devices or lenses is the diffraction limit.


• Seismic protection:Seismic metamaterials protect man-made structures from the damaging effects of seismic waves.


• Sound filtering: Nanoscale wrinkling on the surface of metamaterials could be used to manipulate sound or light signals, altering the material's color or enhancing ultrasonic clarity. Uses for this technology include sound suppression, medical diagnostics, and nondestructive material testing. The materials can be created using a multi-layer, high-precision deposition method. Each layer's thickness can be adjusted to within a wavelength or so. The material is then squeezed, resulting in precisely spaced wrinkles that can scatter some frequencies.


• Other: Others include Guided mode manipulations, RCS (Radar Cross Section) reducing metamaterials, and Cloaking devices.

By End-Use Industry

• Aerospace & Defense: The metamaterials elude sensors, including the human eye. Metamaterials control the electromagnetic spectrum and have the potential to produce "invisible" tanks and armored vehicles, sonar-resistant submarines, and missiles with enhanced seeker and guidance systems.


• Electronics & Telecommunication: Wireless communication, space communications, GPS, satellites, space vehicle navigation, and airplanes all use metamaterial antennas. A smaller payload makes it simpler to launch a smaller satellite and less expensive to plan and construct. Smaller military gadgets and security systems are further examples of metamaterial use.


• Automotive: Transparent antennas are useful for integrating antenna functionality in surfaces while maintaining visibility, such as vehicle windshields and windows.


• Power plants: Thermal metamaterial regulates radiation emission at high temperatures, paving the way for devices that can efficiently harvest waste heat from power plants and factories.


• Medical: The metamaterial antenna is designed to operate at frequencies ranging from 0.5 to 3.0 GHz, making it suitable for biomedical applications such as wireless patient movement monitoring, telemetry, and telemedicine, as well as micro-medical imaging and Magnetic Resonance Imaging.

By Region:

• North America: North America is expected to dominate the metamaterial market with a high growth rate over the forecast period, driven by the increase in demand from the aerospace & defense industry.


• Latin America: Latin America is expected to show healthy growth with advancement in defense.


• Europe: The metamaterial market is predicted to increase steadily in Europe due to the expansion of the automotive and power industries and the rising demand for sophisticated materials.


• Asia-Pacific: Asia-Pacific is expected to have a high demand for metamaterials attributed to the growing electronics & telecommunication industry driven by advancement in 5G. Additionally, it is anticipated that the Asia-Pacific region's metamaterial market will grow as more countries, like China and India, increase their investments in developing and bolstering their aerospace and defense.


• The Middle East & Africa: The Middle East & Africa is expected to show sustainable growth in the metamaterial market due to advancements in the telecommunication sector.