Increasing investment in research and development activities will help grow the metamaterial market

Date: 8 May 2020

According to a research report published by Azoth Analytics in April 2020, the Global Metamaterial Market was valued at USD 599.75 Million in the year 2019. With the progressive growth of aerospace and defense, automotive, medical, energy & power and telecommunication industries, the global metamaterial market is expected to witness growth at a rapid pace in the coming years.

Increasing investment in research and development activities, in order to manufacture efficient products will offer conducive growth opportunities for metamaterial market. For instance, in 2017, the Defense Advanced Research projects Agency (DARPA) along with the U.S. Navy and Lockheed Martin Corporation, provided funding worth USD 8 million to chair professors of Electrical Engineering (Doug Werner, John L., and Genevieve H. McCain) at Penn State for the development of metamaterials.

Also, increasing investment by public and private entities is expected to be a major factor driving the market growth. Also, there are now over 25 metamaterials product developers worldwide, who have received more than USD 300 million in recent investment as the metamaterials market picks up again after a sluggish few years. For instance, in June 2018, Metaboards Limited (a metamaterials start-up based in U.K.) raised USD 5 million in funding for development of metamaterials. While during the year 2020, the metamaterials market year-on-year growth rate is expected to fall, as the global spread of COVID-19 is challenging the overall logistics, distribution and value chains.

Among the Product Type segment in the Metamaterial market (Electromagnetic, Terahertz, Photonic, Tunable, Frequency Selective Surface, Non-linear), Electromagnetic product type segment has been gaining popularity among various other segments and is expected to keep major market share in the forecast period. Antenna segment among the application segment holds the majority market share in year 2019. The expanding use in radio wires and radars have prompted expanding effectiveness of these final products, for the most part by virtue of the predominant properties offered by metamaterials.

Based on End-User segment, Aerospace & Defense segment holds the major share in the Metamaterial market followed by Consumer Electronics and Medical segment. Metamaterials are used in consumer electronics in a variety of ways such as transparent antennas, touch screen, transparent EMI shielding and augmented reality.

The Azoth Analytics Research Report GlobalMetamaterial Market has been analysed By Product Type (Electromagnetic, Terahertz, Photonic, Tunable, Frequency Selective Surface, Non-linear), By Application (Antenna, Absorber, Superlens, Cloaking devices, Others), By End-User (Aerospace & defense, Medical, Automotive, Consumer Electronics, Energy & Power), By Region, By Region (North America, Europe, APAC,) and By Country (US, Canada, Germany, France, United Kingdom, Spain, China, Japan, India).