The global metamaterials market was valued at US$ 238.9 million in 2018, and is projected to reach US$ 4,578.4 million by 2027, exhibiting a CAGR of 39.5% over the forecast period, according to Global Metamaterials Market Report, by Product Type (Electromagnetic, Terahertz, Tunable, Photonic, and Frequency Selective Surface (FSS)), by Application (Antenna and Radar, Sensor, Cloaking Devices, Superlens, Light, and Sound Filtering), by End-use Industry (Healthcare, Telecommunication, Aerospace and Defense, Electronics, and Automotive), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
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Metamaterials are an artificial structural elements, which are designed to achieve advantageous and/or unusual (electromagnetic) properties. Metamaterials are majorly associated with the negative refraction and this property has gained substantial attention because of its potential for cloaking invisibility devices and microscopy with super resolution. Possessing customized dielectric properties and tunable responses they allow for excellent flexibility in a range of applications, their use enabling the manipulation of fields and waves at a subwavelength scale.
Among the end-use industries, aerospace and defense segment is expected to exhibit the highest growth rate during the forecast period. This is owing to superior electromagnetic properties of the metamaterials that facilitate their use in navigation, absorbers, sensors, and spectroscopy.
Among applications, antenna and radar segment is expected to exhibit the highest growth rate over the forecast period. Metamaterials have the property of enhancing radiation and magnetic dipole antennas. Metamaterials increase the radiated power. Furthermore, metamaterials increases the gain of an antenna, owing to its band gap and periodic structure. The metamaterials antenna has structure that stores and re-radiates energy which makes its size small and behaves as larger antenna.
Asia Pacific region is expected to exhibit the highest growth rate over the forecast period. This growth of the market is attributed to growing electronics, power, and telecommunications sectors in the region. Moreover, increasing investment for development and strengthening of aerospace and defense sector by countries such as India and China is also expected to boost the metamaterials market growth in Asia Pacific.
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For instance, according to GSM Association’s 2019 estimates, India is expected to contribute over a quarter of the world’s new mobile subscribers during the period 2018 to 2025. Moreover, the estimates also predict that by 2025, India, China, Pakistan, Nigeria, Indonesia, U.S., and Brazil would contribute over 50% of the world’s mobile subscribers, owing to rapid telecom infrastructure transformation and favorable government initiatives to develop innovative and next generation telecom infrastructure such as telecom towers, baseband units, and radio stations, among others.
Some of the major players operating in the global metamaterials market include, Acoustic Metamaterials Group Ltd., Advanced Research Projects Agency, Echodyne, Inc., Fractal Antenna Systems Inc., JEM Engineering, Kymeta Corporation, Metaboards Limited, Metamagnetics Inc., Metamaterial Technologies Inc., Nano-Meta Technologies, Inc., Palo Alto Research Center Incorporated, and TeraView.
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