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Metamaterials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Metamaterials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • March 2021
  • 169 pages
  • ID: 6020204
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Apr 20th 2021

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The market for metamaterials is anticipated to register a CAGR of over 24% during the forecast period. One of the major factors driving the use of metamaterials is increasing R&D activities for various applications in the aerospace and defense, telecommunication, and consumer electronics end-user industries, among others. Increasing wireless mobile communication and antenna applications are driving the market at a faster pace.

- Among the applications of metamaterials, the antenna and radar segment is estimated to occupy the largest share.
- Among the end-user industries, the aerospace and defense segment is estimated to account for the largest share.
- North America dominated the market across the world, with the largest consumption in 2018.

Key Market Trends
Increase in Usage of Antennas for Communication

- Recently, there has been an increased interest in microwave applications across the telecommunication sector. Metamaterials can be engineered to produce exotic electromagnetic signals. These materials exhibits various refractive properties, such as negative refractive index (NRI) and left-handed material (LHM). For this reason, such materials are indispensable in the manufacture of microwave components, and in the design and manufacture of high-functioning antennas.
- A negatively permeable metamaterial shell is utilized to enclose loop antennas in magnetic induction (MI) communication systems. It has been theoretically proved that a communication range of around 20m can be achieved with acceptable data rates, by using metamaterial-enhanced MI communication systems and pocket-sized loop antenna. Thus, the usage of these materials in remote environments can have significant impact on connectivity.
- The usage of metamaterial antennas have been increasing over the past few years. The demand for such antennas is due to their use in vessels, radar, and special smart phones.
- Using metamaterials in antennas enables an individual to focus six times beyond diffraction limit at 0.38 ?m. These metamaterials are used in cell phones to provide antennas, which are five times smaller and have a bandwidth range of 700 MHz - 2.7 GHz.
- Currently, scientists are engaging in the research of wide angle impedance matching (WAIM) technology. It has been proven that metamaterials can be used to achieve superior wide angle impedance for phased array antennas.
- The aforementioned factors are expected to increase the demand for metamaterials, during the forecast period.

Asia-Pacific Region to be the Fastest growing Market

- Although North America dominates the global market, followed by Europe, Asia-Pacific is the fastest growing market and is expected to overtake North America by 2024.
- This growth is majorly due to the increasing investments in the Asian countries’ respective defense sectors.
- In countries, like China, India, South Korea, Pakistan, etc., governments have been increasing the national defense budget regularly.
- In the recently passed budget, China announced an 8.1% increase in its defense budget, amounting to USD 175 billion, the second largest defense budget in the world, after the United States.
- China remained the largest market for antennas in Asia-Pacific followed by India, Japan, and South Korea. In terms of satellite communication, China has recently launched a satellite to establish quantum communications. The organization believes that the launch of more satellites are required in the future, in order to enable secure communications, throughout the world. This is likely to lead to new developments and manufacturing process, which, in turn, is expected to drive antenna market.
- As the number of digital cellular subscribers is witnessing high growth in China, service providers are increasingly concerned with the limited capacities of the existing infrastructure. This has resulted in more deployments of smart antenna systems in China.
- China is expected to strengthen its position among the leading consumers of metamaterials, worldwide, over the forecast period.

Competitive Landscape
The metamaterial market is partially fragmented, with no player having a significant share to influence the market. The market is dominated by manufacturers using metamaterials for antenna and radar applications. Kymeta, JEM Engineering, Metamaterial Technologies Inc., NKT Photonics, TeraView Ltd, Fractal Antenna Systems Inc., and Echodyne Corp., among others, are some of the prominent players present in the market.

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