Metamaterial Technologies Market Analysis

Metamaterial Technologies Market Analysis

Global metamaterial technologies market is segmented, based on product types, into photonic, radio & microwave, acoustic, terahertz, and other products such as infrared, ultraviolet (UV), etc. This radio & microwave product segment is expected to occupy a significant share of the metamaterial technologies market during the forecast period owing to the products usage in radar & communication, navigation and spectroscopy applications. In 2016, this segment generated revenue more than USD 250 million and will witness a fast-paced growth at a CAGR of more than 22%.
 

Photonic product segment share of the metamaterial technologies market was more than USD 95 million in 2016 and the segment is projected to grow by more than 20% CAGR during the forecast period. This growth will be chiefly propelled by the employability of the product in various applications including beam steerers, cloaking devices, microwave couplers, and antenna radomes. Extensive research in the product segment by companies such as Nano-Meta Technologies will also be a driving factor for photonic metamaterials market in the future.
 

There are four major application categories in the global metamaterial technologies market which include communication & radar, imaging, solar, acoustic devices, and other applications such as cloaking devices, seismic protection, etc. Solar application segment revenue in 2016 was more than USD 30 million and is expected to grow at a substantial rate in the coming years. The growth of this segment will be propelled by rising clean energy demand and the product’s advantages over other solar panel coating materials.
 

Communication & radar application segment earned a revenue of more than USD 350 million in 2016. This segment is projected to occupy a significant share of the global metamaterial technologies market as they are used for wireless communication, space communication, GPS, satellites and in commercial, civil and defense radar.
 

North America is a major metamaterial technologies market accounting for more than half of the global share in 2016 and earning a revenue over USD 300 million. This region is expected to witness high growth due to generous grants by the U.S and Canadian governments to companies involved in research on radio & microwave, optical, and acoustic products. Demand for the product from consumer, industrial, and defense applications will likely augment the regional market.
 

Asia Pacific metamaterial technologies market was valued above USD 85 million in 2016 and is expected to grow healthily in the forecast spell. China, India, Japan, Singapore, and South Korea will be the chief contributors to the industry growth in this region. Heightened research activity, mostly in the field of medical application of the product, is expected to propel the metamaterial technologies market in Asia Pacific.