Metamaterials Market to Reach USD 22950 Million by 2028 at a CAGR of 57.3% | Valuates Reports

BANGALORE, India, Aug. 25, 2022 /PRNewswire/ -- Metamaterials Market is segmented By Type (Electromagnetic Metamaterial, Optical Metamaterial, Acoustic Metamaterials, Others), By Application (Military and Defense, Communication Antenna, Thermal Imaging, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.

Metamaterials Market  is projected to reach USD 22950 million by 2028, from USD 934.4 million in 2021, at a CAGR of 57.3% during 2022-2028.

Major Factors Driving the Growth of Metamaterials Market

The increasing R&D activities for various applications in the military and defense industry, telecommunication, and thermal management electronics will fuel the growth of the market during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE METAMATERIALS MARKET

Military technology is investing in metamaterials for developing protective shields and bending electromagnetic spectrums. Metamaterials are engineered in such a way that it controls the overall energy flow of an object through absorption and manipulation. It is used in windshields for defogging and EMI shielding. This will bolster the growth of the metamaterials market. Lightweight devices made from metamaterials are woven into soldiers' uniforms for cover and self-cooling. Moreover, army aviation needs a modern broadband antenna with effective power efficiency and high bandwidth with low latency. The physical miniaturization maintains aircraft aerodynamics and reduces surface clutter. A metamaterial-based antenna meets all the desired performance requirements for defense aircraft.

The advent of 5G communication systems and radars has led to the demand for compact antenna designs. 5G antennas are incorporating metamaterials for achieving miniaturization and multi-functionality. A large number of devices have penetrated the very life of consumers such as mobile phones, tablets, wireless internet devices, and GPS receivers. This will surge the growth of the global metamaterials market. The support for multifrequency band operation and integration of telecommunication equipment is a must. This not only aids in reducing the size but also develops the bandwidth generation rate.

Thermal metamaterials are gaining widespread popularity as their well-designed artificial structures allow for superior heat transfer properties. Its use in functional consumer electronic devices provides the capability to manipulate heat flow at will. They dissipate heat in a defined structure and prevent thermal crosstalk or local hotspots. This will augment the growth of the metamaterials market in the forthcoming years. It provides thermal shielding and the passive cooling architecture radiates heat to the cold sky by reflecting the solar light through an atmospheric infrared transparency window.

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METAMATERIALS MARKET SHARE ANALYSIS:

Based on type, the electromagnetic metamaterial segment will dominate the metamaterials market share with a penetration of 50% due to increasing use in communication applications like satellites, radar, etc.

Based on application, the military and defense segment will be the most lucrative with a market share of 64% due to the rising adoption of metamaterials-based devices such as EMC shielding, antennas, cloaking devices, protective layers, windscreens, etc.  Metamaterials-based antennas promote secure communication and provide high bandwidth.

Based on region, North America is expected to witness considerable growth with a market share of 50% as several government agencies are funding research initiatives for developing metamaterial technology to use in end-user industry verticals. It is followed by Europe and China.

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Key Companies:

• Applied Metamaterials
• Kymeta
• Metamagnetics
• Metamaterial Inc.
• Kuangchi Science
• Xi'an Tianhe
• MetaShield LLC.
• Metaboards Limited

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