The global metamaterials market size was evaluated at USD 0.9 billion in 2022 and is projected to attain around USD 14.5 billion by 2032, growing at a CAGR of 32.01% during the forecast period from 2023 to 2032.
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Metamaterials are a type of compound material structure, containing exceptional material parcels similar to aural, electrical, glamorous, and optic parcels. They include resonators manipulating electromagnetic swells or sound in ways not typically set up in nature. The physical parcel metamaterials parade is exceptionally similar as negative permittivity. The metamaterials permit masterminds to control the surge propagation by arranging the unit cells in colorful ways.
5G is a new-age technology allowing connecting the digital network in a flexible manner. 5G networks are anticipated to acclimatize to operations and will be acclimated to the requirements of end druggies. Metamaterial-based antennas or radars can perform exceptionally better than conventional systems in terms of effectiveness. As a result, metamaterial antennas will profit from the rapid acceptance of 5G. This will give tremendous openings to metamaterial requests in the coming future.
The request growth is attributed to adding relinquishment of metamaterials in the defense, aerospace, and military high-end operations is also anticipated to boost the request growth. Moreover, the growing demand for metamaterials from communication antenna manufacturers is another factor that will drive the growth of metamaterials during the forecast period.
In addition, extensive investments by private and public stakeholders are anticipated to drive the request growth. Metamaterials are also high in demand from the telecommunication and medical sector. They're extensively used in the production of metamaterial lenses, detectors, and antennas, owing to their rare parcels. Adding demand for grapheme-grounded metamaterials in the medical field is fueling the growth of the metamaterials request.
Report Scope of the Metamaterials Market
|Market Size in 2022||USD 0.9 Billion|
|Market Size by 2032||USD 14.5 Billion|
|Growth Rate from 2023 to 2032||CAGR of 32.01%|
|Forecast Period||2023 to 2032|
|Largest Market||North America|
|Segments Covered||By Product, By Application, By End Use|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East & Africa|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
The electromagnetic segment captured more than 30% revenue share in 2022 and is anticipated to hold the highest metamaterials market size during the forecast time period in terms of value. The growth can be attributed to the growing use of electromagnetic metamaterials for communications applications, including new forms of metamaterial-enabled personal communications radars and satellites.
The antenna & radar segment holds the highest share of around 43% in 2022. Rising demand for communication antennas for applications such as satellite communications, Wi-Fi routers, radar communications, and 5G communications is a key factor driving the growth of the metamaterials market.
End Use Insights
The aerospace and defense segments captured more than 34% revenue share in 2022. The defense industry needs customized solutions for communication. In the defense industries, the most widely used metamaterial devices are antennas, shields, windshields, EMC shields, and cloaking devices. Antennas can be used for secure communications in the defense sector, as they can be tuned according to required frequencies. The growth of the metamaterials market for aerospace and vertical defense is driven by the growing demand for bandwidth and the need for secure communications.
North America holds the largest position in the global market with a revenue share of around 42.8% in 2022. The North American market is expected to hold the dominant position, followed by Europe, during the forecast period. This is due to an increase in research and development funding for the use of metamaterials in various applications.
For example, in 2017, the Defense Advanced Research Projects Agency (DARPA) in partnership with the U.S. Navy invested USD 8 million in grants to professors of science and technology Among all regions, in terms of revenue, the Asia-Pacific market is expected to grow with the fastest CAGR, due to increasing focus on developing new metamaterials for applications in the telecommunications and energy industries.
Key Market Players
Segments Covered in the Report
By End Use
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