The new report by Expert Market Research titled, ‘Global Metamaterial Market Growth, Size, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global metamaterial market, assessing the market based on its segments like products, applications, end use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 238.3 million
- Forecast CAGR (2023-2028): 28%
- Forecast Market Size (2028): USD 1728 million
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The metamaterial market is being driven by the aerospace and defence sector. The rising demand for metamaterial can be attributed to the stringent safety standards in the military. The advancement in drone and warfare technologies has increased the demand of metamaterial for tracking purposes.
Furthermore, metamaterial aid secure military communication at different frequencies. Therefore, metamaterial are becoming necessary in the aerospace and defence sector. Meanwhile, the rising application of the product in the medical sector as imaging devices or sensors for the detection of diseases is likely to provide an impetus to the market.
The rising defence budget of US, China, Russia and India is expected to aid the market growth in the forecast period. In post-COVID days, as the various sectors recover from the negative impacts of the pandemic, the product is likely to witness a rise in demand, buttressed by the efforts of government.
Metamaterial Industry Definition and Major Segments
Metamaterial are artificially structured materials designed to possess properties not found in naturally occurring materials. These properties are distinctive and unique because they are derived from the structure of constituent materials that are infused into them, rather than its components.
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The metamaterial market, on the basis of product, can be segmented into:
- Frequency Frequently Selective Surface
On the basis of application, the market can be categorised into:
- Cloaking Device
On the basis of end-use, the market can be segmented into:
- Aerospace and Defence
- Consumer Electronics
- Energy and Power
The regional markets for metamaterial include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Among these, North America represents a substantial share of the global metamaterial market.
Metamaterial Market Trends
The advancement in 5G, communication satellite and fibre technologies are expected to provide an impetus to the metamaterial industry, specifically the antenna segment. The market is further aided by the growing trend of miniaturisation of telecommunication equipment, as well as the increasing use of metamaterial as a result of the growing interest in multiband antennas.
Furthermore, the increased penetration of smartphones and the advent of 4G and 5G technology in emerging economies is expected to augment the industry growth over the forecast period.
Key Market Players
The major players in the market are Metamaterial Technologies Inc., Metaboards Nahsai, Inc. and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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