According to a research report titled ‘Global Metamaterial Market – Analysis By Product Type, Application, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global metamaterial market was worth USD 599.75 million in 2019 and is touted to record unprecedented growth over the forecast period 2020-2025.
 

Report findings suggest that increasing R&D activities to bridge existing gaps in product offerings, surging demand from end-use segments, and frequent strategic alliances by leading companies through mergers, collaborations, and acquisitions are boosting global metamaterial market demand.
 

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Furthermore, continual growth of automotive, aerospace & defense, energy & power, medical, and telecommunication industries is likely to add substantial traction to the overall market remuneration.
 

Despite the positive outlook, stringent lockdown measures imposed by governments during the COVID-19 pandemic has led to temporary stoppage or slowdown in manufacturing activities of several end-use industries with limited workforce and shortage of raw materials, thus restraining market growth to some extent.
 

Considering the product gamut, worldwide metamaterial market is classified into electromagnetic, terahertz, tunable, photonic, non-linear, and frequency selective surface. Among these, electromagnetic segment is slated to record healthy growth in the upcoming years, mainly due to its suitability for microwave and optical applications, such as electromagnetic invisibility cloaks, microwave couplers, and beam steerers.
 

Based on application segment, the business vertical is arrayed into antenna, super lens, absorber, cloaking devices, and others. The antenna segment captured a significant chunk of the market share in 2019, driven by augmenting use of the product in radars and radio wires.
 

Moving on to end-user spectrum, the industry segmentation comprises aerospace & defense, automotive, energy & power, medical, and consumer electronics. Of these, aerospace & defense, followed by consumer electronics and medical sectors currently account for a major market share. Metamaterial is employed in touch screen, augmented reality, transparent EMI shielding, and others.
 

Citing the geographical landscape, North America held a significant industry share in 2019 and is expected to follow a similar trend in the upcoming years. This can be credited to mounting demand from aerospace & defense vertical, and inflowing investments from government agencies, such as DARPA (Defense Advanced Research Projects Agency), DOD (Department of Defense), and NASA (National Aeronautics and Space Administration) for development of metamaterial-based antennas.
 

Prominent players in global metamaterial industry sphere are Echodyne Corp., Phoebus Optoelectronics LLC, Jem Engineering LLC, Fractal Antenna Systems Inc., Kymeta Corp., Multiwave Technologies AG, Newport Corp., Metamagnetics Inc., L3Harris Technologies Inc., and Metamaterial Inc. (META®)