The Europe Metamaterial Technologies Market is expected to surpass USD 600 million. Improved investments by the European Commission for R&D of metamaterial technologies in optics and solar applications will propel the regional market. Latin America product market is probable to generate revenue over USD 30 million in the forecast period particularly due to growing regional telecommunications and IT sector.
The metamaterial technologies market is likely to be primarily driven by the growing demand for enhancing solar photovoltaic (PV) cells efficiency, owing to its capability to enhance absorption capacity of the solar cells. Also, metamaterial thin film coating substantially reduces the price of solar cells. Increasing demand for conventional energy sources such as hydro, solar, tidal and wind have led to a mounting necessity to increase the efficiency of solar cells. Global solar PV cell is projected to rise at a significant rate driving the overall market in the forecast timeframe.
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Robust increase in the mobile wireless communication systems will also drive the product market in the coming years. Global mobile wireless penetration is probable to reach beyond 99% by 2024. The electromagnetic and acoustic characteristics in wireless communications are developed from metamaterial molecular structures and thus feature brighter demand aspects for the product market. Also, the incapability of the conventional antennas in fulfilling modern communication systems requirements has also propelled the metamaterial technologies market significantly.
Metamaterial Technologies Market By Product:
- Radio & microwave
Terahertz product segment is estimated to surpass USD 500 million in the forecast period. The product is likely to witness high demand in medical imaging and security applications, which feature significant market growth aspects by 2024. The acoustic segment will likely have CAGR over 20% by 2024. The growth is attributed to its applications in soundproofing coatings, audio systems, thermal insulators, sonar technologies, vibration dampers, heat exchangers, etc.
Metamaterial Technologies Market By Application
- Communication & radar
- Acoustic devices
Imaging segment is projected to rise by CAGR over 21% in the forecast period, thereby gaining share more than one fifth of the overall market. The segment growth will be primarily driven by its benefits over other materials in industrial and medical imaging.
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The key players in metamaterial technologies market are:
- Kymeta Corporation
- Metamagnetics Inc.
- Evolv Technologies
- Applied EM Inc.
- Alight Technologies
- Colossal Storage Corporation
- Fractal Antenna Systems
- Echodyne Corporation
- Medical Wireless Sensing Ltd.
- Inframat Corporation
- Luminus Devices Inc
- Sandvik Materials Technology
- Opalux Inc.
- Nanosteel Company
The metamaterial technologies market is likely to have certain restraints to its growth in the coming years. The product technologies are in the prototype stage, involve several development challenges and might need years of research and development for commercialization. Lack of cognizance among consumers about the benefits of these product is likely to have a negative impact on the product market growth market in the forecast period.
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