According to the research report titled ‘Global Metamaterial Market – Analysis By Product Type, Application, End-User, By Region, By Country : 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 expected to record a considerable over 2020-2025.
 

Increasing business-centric activities such as collaborations, research & development, mergers and acquisitions in order to develop innovative products is a major factor driving the metamaterial market growth. The product is widely used across telecommunication, power, energy, medical, automotive, defense and aerospace sectors and robust expansion of these industries will further augment the market size.
 

However, novel COVID-19 pandemic has compelled governments of numerous countries to impose lockdown resulting in economic slowdown, which in turn is hindering the market growth. Additional factors such as shortage of raw material and availability of limited labor owing to the pandemic will further inhibit the market expansion. 
 

As per the product type, electromagnetic segment is presumed to expand substantially during the estimated timeframe. Electromagnetic metamaterial offers superior properties for microwave and optical applications such as beam steerers, microwave couplers and electromagnetic invisibility cloaks.
 

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The metamaterial market share from antenna application is expected to register a significant growth rate through 2019, on account of rising adoption of metamaterial in radars and radio wires.
 

Citing the end-use landscape, aerospace & defense accounts for the highest market share, which is trailed by consumer electronics as well as medical sector. The product is used in consumer electronics for numerous applications such as augmented reality, transparent EMI shielding, touchscreen and transparent antennas.
 

Considering the geographical landscape, North America metamaterial market is reckoned to register strong CAGR through 2025. Growing demand for metamaterials in aerospace & defense sector in the U.S. along with increasing investments towards R&D of advanced metamaterial-based antennas are promoting the business scenario in the region.
 

The major contenders in global metamaterial market are Echodyne Corp., Phoebus Optoelectronics LLC, Jem Engineering, Fractal Antenna Systems Inc., Kymeta Corp., Newport Corp., Metamagnetics, Harris Corp. and Metamaterial Technologies Inc.