The Metamaterial
Market is expected to be valued at USD 4,634.8 Million by 2025, at a
CAGR of 63.1% between 2017 and 2025. The major factors driving the growth of
this market include increasing concern for variety in design functionalities,
anti-glare coating applications, and invisibility cloak for stealth aircraft.
This report segments the
metamaterial market on the basis of material type, application, vertical, and
geography. The market for communication antenna is expected to witness a
significant growth during the forecast period. The significant growth of this
segment can be attributed to the usage of antenna for major communication
applications such as satellite communication, Wi-Fi routers and radar
communication.
The electromagnetic metamaterial
accounted for the largest share of the metamaterial market in 2016. This growth
can be attributed to the developing radar and satellite antenna technology
based on these materials. Government agencies, such as DARPA (Defense Advanced
Research Projects Agency), DOD (Department of Defense), NASA (National
Aeronautics and Space Administration), and DOE (Department of Energy), are
providing major funding to the industry players and research laboratories for
the development of applications based on these materials.
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The metamaterial market for the
automotive vertical is expected to grow at the highest rate between 2017 and
2025. This high market growth rate can be attributed to the growing usage of
communication antenna applications in the connected cars concept.
The cost of synthesization of
metamaterials is one of the factors inhibiting the growth of the metamaterial
market. Metamaterials are the materials that extract their properties from
their structure rather than the material that they are composed of. Therefore,
the synthesization of metamaterial varies according to the application. It is
very difficult to synthesize the right combination of materials to get the
desired application. Therefore, synthesization of metamaterial is a time
consuming and critical process. Hence, the cost of synthesization of
metamaterial is high. As the cost of synthesization of metamaterials is a
restraint for the growth of the metamaterial market, there is a need for
further innovation in the mass production of metamaterials.
The key players in this market
are Kymeta Corporation (US), Metamaterial Technologies, Inc. (Canada), Phoebus
Optoelectronics LLC (US), Multiwave Technologies AG (Switzerland), MediWise
Ltd. (UK), and MetaShield LLC. (US). These players adopted various strategies,
such as partnerships, acquisitions, new product launches, agreements,
contracts, alliances, and collaborations, to grow in the market.
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