July 03, 2020
According to the 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 LLC, global metamaterial market was worth USD 599.75 million in 2019 and is expected to record significant gains through 2025
Expansion of an array of industrial verticals like aerospace & defense, medical, energy & power, and telecommunication is expected to sustain the growth of global metamaterial market over the forecast duration. Moreover, increasing mergers, collaborations, and acquisitions undertaken by major players, along with escalating R&D activities for new product development are other rationales contributing to the market growth.
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On the contrary, lockdown imposed by governments across the world in the hind of COVID-19 pandemic has impacted all economic activities. With end-user industries like aerospace & defense, medical, automotive, consumer electronics and energy & power at a standstill, most of the manufacturing plants are inactive, whereas the active ones are functioning with less workforces and facing lack of raw materials. Limited availability of metamaterials owing to pandemic situation will restrain the market growth.
Based on the product terrain, electromagnetic segment is expected to hold a significant portion of global metamaterial market share over the forecast duration. Electromagnetic metamaterials are specifically designed for optical and microwave applications such as microwave couplers, beam steerers, and electromagnetic invisibility cloaks, which are proliferating the product demand in some end-use verticals.
Speaking of the application segment, antenna segment held the largest market share in year 2019. Widespread use of antenna in radio wires and radars to improve the efficacy of the final products will continue to foster the segment growth in the upcoming years.
Based on end-user spectrum, aerospace & defense accounted for majority share of global metamaterial market in the recent past. Likewise, consumer electronics segment share is expected grow modestly in the coming future, owing to extensive use of metamaterials in several appliances in the form of transparent antennas, transparent EMI shielding, touch screen, and augmented reality among others.
As per the regional analysis, North America dominated global metamaterial market in 2019 and is anticipated to the leading contributor over the forecast timeframe. Escalating product demand majorly from aerospace & defense vertical, in tandem with increasing funding by government firms such as DOD (Department of Defense), NASA (National Aeronautics and Space Administration), and DARPA (Defense Advanced Research Projects Agency) in research universities and leading players for development of metamaterial-based antennas are driving the regional market growth.
Key players operating in global metamaterial market are Echodyne Corporation, Phoebus Optoelectronics LLC, Jem Engineering, Fractal Antenna Systems Inc., Kymeta Corporation, Newport Corporation, Metamagnetics, Harris Corporation, and Metamaterial Technologies Inc.