DELRAY BEACH, Fla., Nov. 7, 2024 /PRNewswire/ -- The Metamaterial market is expected to reach USD 1.38 billion by 2029, up from USD 0.22 billion in 2024, at a CAGR of 44.8% from 2024 to 2029 according to a new report by MarketsandMarkets. The metamaterial market is experiencing significant growth mainly due to a rising demand for advanced materials that can manipulate electromagnetic waves for applications in the sectors of telecommunications, imaging, and defense. The main factors that drive the growth are a sudden increase in demand for efficient sensors and beam steering modules, a rise in the need for advanced high-performance antennas and sensing technologies, advances in design automation using AI and machine learning, plus governmental support for research and development within metamaterial technologies.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=139795737
Browse in-depth TOC on "Metamaterial Market"
160 - Tables
65 - Figures
210 - Pages
Metamaterial Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 0.22 billion |
Estimated Value by 2029 | $ 1.38 billion |
Growth Rate | Poised to grow at a CAGR of 44.8% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Type, Application, End Use, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Scaling up production of metamaterials for mass markets |
Key Market Opportunities | Expansion in renewable energy sector |
Key Market Drivers | Growing demand for enhanced wireless communication systems |
The primary advantage of metamaterials is the demonstration of properties not found in nature, thereby yielding superlenses and, more interestingly, an invisibility cloak within well-defined boundaries of optics. Increased feasibility and stretched applicability in several industries arise through further research into scalable manufacturing processes of metamaterials.
Antenna, Radar, And Reconfigurable Intelligent Surfaces (RIS) to register the largest market share in metamaterial-based product segment during the forecast period.
The antenna, radar, and reconfigurable intelligent surfaces (RIS) segment is expected to account for the largest share of the metamaterial market in the forecast period. These products benefit from the unique capacity of metamaterials to manage electromagnetic waves, enhancing performance across all applications involving telecommunications, aerospace & defense. Metamaterial-based antennas enhance signal strength, bandwidth, and directivity, thus positioned at the forefront of 5G network development and more. The superior advantage in terms of detection accuracy and range for radar systems that metamaterials can achieve finds significance more in military and aviation applications where stealth and signal clarity may tend to surpass other needs.
The new type of application is RIS, which is changing the landscape dynamically by controlling the electromagnetic environment. This can be used in smart cities and the indoor environment to reflect signals, change their direction, and thus optimize wireless communication based on reduced interference and efficiency boosts. It has great potential in improving many communication networks, mainly in urban settings where signal strength may deteriorate. Increased investment in such high-performance applications is likely to spur the growth of antenna, radar, and reconfigurable intelligent surfaces (RIS) segment, as growing demand for more efficient telecommunications and aerospace & defense technologies is only going to accelerate progress during the next few years, with metamaterials contributing significantly to improving the performance of antennas, radar, and RIS.
Photovoltaics to account for the highest CAGR in end use segment during the forecast period.
Photovoltaics market would witness the highest CAGR during the forecast period. This is owing to heavy reduction in the efficiency of solar energy during the implementation process and demand for green energy solutions. The unique properties offered by metamaterials allow light and electromagnetic waves being manipulated in a dimension smaller than the wavelength; therefore, their applications in optimizing photovoltaic systems are immense. For instance, metasurfaces can be engineered to promote light absorption in solar cells so that energy can be captured even with low intensity illumination. This is predicted to facilitate greater efficiency in converting energy-that is, even though it is critical for new solar technologies to have higher conversion efficiency.
The surging investments in clean energy and global concerted efforts to curb carbon emissions are also increasing demand for high-efficiency solar cells. That is what countries and organizations are putting into renewable energy, and metamaterial-based solutions look toward higher efficiency and lower cost-per-watt metrics for solar power generation. Companies are increasingly looking for metamaterials to improve their solar cell designs. And as these technologies mature, they will be paramount in the transition process to global sustainable energy systems, positioning the photovoltaics sector as the essence for growth in the wider market for metamaterials.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=139795737
North America to account for largest market share during forecast period.
North America is expected to hold the largest share of the metamaterial industry because of the region's heavily advanced technological and R&D capabilities, heavy investment in high-tech sectors, and advanced infrastructure. Technological leadership in leading application areas such as telecommunication, aerospace & defense, and medical devices drives adoption of metamaterials due to increasing demand from materials that are expected to offer superior electromagnetic, optical, and mechanical properties. Such major corporations and academic institutions in the region have led innovation in technologies in metamaterials, including so-called cloaking devices, antennas, and advanced imaging systems, among others. Other government-supported initiatives on advanced materials and defense innovation look to add to the development of metamaterials in North America. For instance, the US Department of Defense has expressed considerable interest in adopting metamaterials for stealth technology, radar evasiveness, as well as high-performance antennas, among many others. This increasingly favorable level of huge market presence is even more complemented by such a strong presence of giants in the market, primarily in the US.
The report profiles key players in metamaterial companies such as include Kymeta Corporation (US), Psivotal Commware (US), Echodyne Corp. (US), ALCAN Systems GmbH i.L. (Germany), Metalenz, Inc. (US), Greenerwave (France), Edgehog (Canada), Metamagnetics (US), Fractal Antenna Systems, Inc. (US), Lumotive (US), and TeraView Limited (UK). These players have adopted various organic and inorganic growth strategies such as product launches, expansions, partnerships, collaborations, acquisitions, contracts, and agreements.
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=139795737
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
LiDAR Market Size, Share, Trends by Component (Laser Scanners, Navigation and Positioning Systems, Other Components), Installation (Airborne, Ground-based), Type (Mechanical, Solid-state), Range (Short, Medium, Long), Service, Region - Global Forecast to 2029
Terahertz Technology Market Size, Share, Statistics and Industry Growth Analysis Report by Type (Terahertz Imaging, Terahertz Spectroscopy, Terahertz Communication Systems), Application (Laboratory Research, Medical & Healthcare, Satellite Communication), and Geography - Global Forecast to 2027
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/metamaterials-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/metamaterials.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/metamaterial-market-worth-1-38-billion-by-2029---exclusive-report-by-marketsandmarkets-302298488.html
