Global Metamaterials Market - Segmented by Material Type, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global metamaterials market is expected to witness a high growth during the forecast period, majorly driven by the growing preference for wireless mobile communication and increasing demand from the medical industry.
Growing Demand from Antennas and Radars
Metamaterials are composite materials with superior electromagnetic properties. There has been a rapid increase in the demand for metamaterials from the telecommunication sector, owing to their requirement in antennas and radars. The demand for antennas and radars from various end-user industries, including defense, electronics, and automotive, have witnessed a rise. This, in turn, has driven the market for metamaterials to a large extent. Hence, with the growth of these industries in developing countries, such as China and India, the demand for metamaterials is expected to further rise during the forecast period.
Aerospace & Defense Dominates the Market
Aerospace & defense industry is expected to be the largest segment, by application, and is expected to hold nearly 30% revenue of the total metamaterials market in 2018. The rising demand for antennas and radars from the defense and military sectors, as well as for other commercial purposes have benefitted the market for metamaterials. This is majorly because, antennas made up of metamaterials are thin and efficient as they can fit into small spaces and perform better than conventional antennas. Additionally, 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) have been making investments for the development of applications based on these metamaterials. Hence, such factors are expected to augment the growth of the metamaterials market during the forecast period.
Asia-Pacific to Witness the Fastest Growth
Asia-Pacific is expected to witness the fastest growth during the forecast period. This is due to the rapid growth of consumer electronics, aerospace & defense, and medical sectors in the region. The growth in these industries is driven by countries, such as China, India, Malaysia, and Indonesia. Additionally, the rapid increase in investments and advancements in the electronics, as well as healthcare sectors is further expected to augment the growth of the market. For Instance, the Indian medical sector witnessed a slew of investments by global health players, which include the Parkway Group and a host of Middle Eastern players. This has further strengthened India as an attractive healthcare investment destination, which, in turn, is expected to boost the market for metamaterials during the forecast period.
Key Developments in the Market
September 2017: Kymeta shipped first 400 flat-panel antennas developed by Redmond.
Major Players: Echodyne Inc., Fractal Antenna Systems, Kymeta Corporation, NKT Photonics, and Teraview, amongst others.
Reason to Purchase the Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3-month analyst support, along with the Market Estimate sheet (in excel)
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook