Published on : May 20, 2021
Albany, New York, May 20, 2021: Growing demand for advanced materials to substitute conventional materials in field of aerospace and defense, telecommunication, optics, and automotive is anticipated to a key driving factor in the global metamaterial market.
Metamaterial is specifically engineered composite material and has superior electromagnetic properties, when compared to the conventional composite material. The materials are major used in manufacturing radar, antenna, and absorbers among others. The material has wide array of application in the field of telecommunications.
The newly added report “Global Metamaterial Market Analysis by Product, 2026” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of the global metamaterial market during the forecast period.
The report consists of several chapters, each chapter depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.
The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several enterprises, stakeholders, and other key operators of the global metamaterials makret to get an idea of possible growth rate in coming years.
Demand for Metamaterial is Attributed to Electromagnetic Property
Owing to rare property of metamaterials, they are widely deployed in development of the antennas, sensors, and metamaterial lenses. Application of metamaterials make them more efficient when compared to use of that of conventional materials for manufacturing purpose. As a result, the metamaterials are high in demand in the telecommunication and medical sector. This, in turn, is also resulting in the investment inflow in the global metamaterials market.
Further, growing demand for the grapheme-based metamaterials in the medical field is boosting metamaterials market. Microwave antennas and sensors are the primary components of the telemetry system. Demand for metamaterial is attributed to its electromagnetic properties.
In addition, physicist are deploying metamaterials in optical sensors and solar cell, as metamaterials absorb wide range of light with high efficiency.
On the other hand, limited awareness regarding the properties of metamaterials, restricted application and technical complications, altogether, are expected to hamper growth of the global metamaterials market.
Nevertheless, key players in the metamaterial market are focusing on development of new products. Innovations and launch of new product is likely to provide higher competitive edge to the companies present in the global market.
Some of the prominent companies operating in the global metamaterials market are Metamaterial Technologies Inc., JEM Engineering, Kymeta Corporation, Echodyne, Applied EM, Harris Corporation, Phoebus Optoelectronics and Newport Corporation.
Furthermore, these companies are also undertaking inorganic growth strategies such as mergers and acquisitions, partnership, and strategic alliance to strengthen their foothold in the makret.
The global metamaterial market is, further, divided into regional basis.
North America Regional Market Hold Prominent Share
On regional basis, North America metamaterial market held prominent share in recent years and the trend is likely to be continued in forthcoming years. Prominence of the region is attributed to growing demand for metamaterials bases product from various end-user segment including aerospace and defense.
European market is estimated to witness substantial growth rate in forthcoming years. This is due to growing demand for consumer electronics and energy and power sectors in the region. Moreover, increase in innovation rate in the medical sector is also projected to contribute to expansion of the metamaterials market in the region in coming years.
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Meanwhile, Asia Pacific regional metamaterial market is predicted to grow at progressive rate during the forecast period. The growth rate is attributed to rapid growth of various end-user segment such as aerospace & defense, medical, and electronics sector among others.