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The global metamaterials market size is estimated to reach USD 2.60 billion by 2030, expanding at a CAGR of 18.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. owing to Increasing demand from various end-use industries, including consumer electronics and medical, is driving the growth of the market. In addition, growing application scope in the aerospace & defense industry is expected to further fuel the demand growth during the forecast period.
Metamaterials are composite materials specially engineered to have properties that are not found in nature and thus is used in formulation processes across various end-use industries. The key end-use industries, include aerospace & defense, medical, automotive, consumer electronics, and energy & power.
In terms of revenue, the aerospace & defense accounted for the largest share of the industry revenues in 2016 and is anticipated to continue its dominance over the forecast period, projected to grow at a CAGR of 15.2%. The increasing need for advanced telecommunications and safety devices in the aerospace and automotive industries is expected to drive the industry growth.
Different types of metamaterials are used in the different application segments depending upon the requirement of the end use verticals. Metamaterials are also being used in the medical and energy & power industries, owing to its superior properties such as the ability to manipulate electromagnetic waves and provide better imaging in medical equipment.
The demand for metamaterials is expected to be primarily driven by the growth of the end-use verticals in the Asia Pacific region. The growth of the consumer electronics and aerospace & defense industries in the region is likely to have positive impacts on the overall industry growth during the forecast period.
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Metamaterials Market Report Highlights
• The medical segment is expected to grow fastest from 2024 to 2030, driven by the increasing adoption of metamaterials in various medical applications.
• The Aerospace & Defense segment dominated the global metamaterials market in 2023, driven by the extensive use of metamaterials in various high-tech applications.
• The antenna segment held the largest revenue share in the global metamaterials market in 2023 primarily due to the increasing demand for advanced communication systems, particularly with the rollout of 5G technology.
• The Asia Pacific region is projected to experience the fastest growth in the metamaterials market over the forecast period. This rapid growth is driven by the increasing adoption of 5G technology and the expanding consumer electronics market.
• Key players of the industry, including Metamaterial Technologies Inc., JEM Engineering LLC, Kymeta Corporation, and Microwave Measurement Systems LLC, are mainly focused on mergers & acquisitions and new product developments for gaining access to higher market shares in the overall industry.
Metamaterials Market Segmentation
Grand View Research has segmented the global metamaterials market based on product, application, end use, and region:
Metamaterials Product Outlook (Revenue, USD Million, 2018 - 2030)
• Electromagnetic
• Terahertz
• Photonic
• Tunable
• Frequency Selective Surface
• Non-linear
Metamaterials Application Outlook (Revenue, USD Million, 2018 - 2030)
• Antenna
• Absorber
• Superlens
• Cloaking Devices
• Others
Metamaterials End Use Outlook (Revenue, USD Million, 2018 - 2030)
• Aerospace & Defense
• Medical
• Automotive
• Consumer Electronics
• Energy & Power
Metamaterials Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
o Argentina
• Middle East & Africa
o South Africa
List of Key Players in the Metamaterials Market
• Metamaterial Technologies Inc.
• JEM Engineering LLC
• Kymeta Corporation
• Microwave Measurement Systems LLC
• Applied EM, Inc.
• Teraview
• Alps Electric Co., Ltd
• PARC
• Echodyne
• Phoebus optoelectronics
Order a free sample PDF of the Metamaterials Market Intelligence Study, published by Grand View Research.
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