Segmental Review 

Material types covered in the MRFR study include Frequency band Metamaterial, Electromagnetic Metamaterial, Photonic Metamaterial, Terahertz metamaterial, Plasmonic Metamaterial, Tunable Metamaterial, and others.

The main applications of metamaterials are Solar panels, Antennas, Absorbers, Sensors, Superlens, Medical Imaging, Sound filtering, Seismic protection, and more.

Major End-Use Industries are Medical, Electronics & Telecommunication, Aerospace & Defense, Power plants, Automotive, and others.

Market Scope

The Metamaterial Market could anticipate touching USD 305 million by 2030 while garnering a growth rate of 15% between 2022 and 2030.

Major Boosters and Restraints

To create shields and bend electromagnetic spectrums, military technology is investing in metamaterials. Through absorption and manipulation, metamaterials are designed to control an object's overall energy flow. It is utilised in windshields for EMI shielding and defogging purposes. As a result, the market for metamaterials will expand. Metamaterial-based lightweight devices for self-cooling and cover are weaved into troops' uniforms. A contemporary broadband antenna with effective power efficiency, high bandwidth, and low latency is also required for army aircraft. The physical diminution keeps the aerodynamics of the aeroplane and lessens surface clutter. For military aircraft, a metamaterial-based antenna satisfies all performance requirements.

Compact antenna designs are in demand as 5G communication devices and radars become more common. For downsizing and multi-functionality, metamaterials are being included into 5G antennas. Mobile phones, tablets, wireless internet devices, and GPS receivers are just a few examples of the numerous gadgets that have ingested consumers' daily lives. The global market for metamaterials will increase more quickly as a result. Integration of telecom equipment and support for multifrequency band operation are essential. This helps to both decrease the size and increase the bandwidth generation rate.

As a result of their improved heat transmission capabilities and well-designed artificial structures, thermal metamaterials are becoming increasingly popular. The capacity to control heat flow at whim is provided by its application in practical consumer electronics. They minimise thermal crosstalk and local hotspots by dissipating heat within a predetermined framework. In the upcoming years, this will accelerate the market for metamaterials. By reflecting solar light through an atmospheric infrared transparency window, the passive cooling design releases heat to the chilly sky while providing thermal shielding.

Regional Insight

Due to the strong growth of key end-use industries including electronics and telecommunication, automotive, military, and defence, the US ranks first in the North American market. Between 2022 and 2030, North America's metamaterial market will hold the largest share worldwide due to growing demand from the aerospace and defence industries. Government agencies including the DOD, DARPA, and NASA are providing major funds to research universities and commercial companies to create metamaterial-based antennas. The need for metamaterials has significantly increased in recent years, driven mostly by sectors like aerospace & defence, automotive, consumer electronics, healthcare, and energy & power.

The Asia Pacific’s thriving electronics and telecommunications sector, spurred by significant foreign investment and advancements in 5G, will bolster the use of metamaterials in the coming years. Additionally, experts believe that the metamaterial market in the Asia Pacific would expand backed by robust contributions from nations, like China and India, and their strong efforts in constructing and enhancing their fleets.

Renowned Firms

Multiwave Technologies AG, Kymeta Corporation, Phoebus Optoelectronics LLC, Nano-Meta Technologies, Inc., Plasmonics, Inc., MetaShield LLC, Metamaterial Technologies Inc., Acoustic Metamaterials Group Ltd., Echodyne, Inc., JEM Engineering are some of the renowned companies active in the metamaterial industry.

There are many tier-1 firms in the market, along with a few local suppliers who can boast of broad product offerings. Companies like Plasmonics, Inc., MetaShield LLC, Metamaterial Technologies Inc., are dominating the global market thanks to their distinctive products, great brand recognition, and stable financial standing.

The majority of the competitors invest a lot of money on R&D while simultaneously being concerned about reducing their environmental impact. Along with these tactical actions, they develop new products, form partnerships, and make acquisitions to strengthen their market position and expand their customer base.

To illustrate

In April 2022, Plasma App Ltd., a company that created PLASMAfusion, a technology that enables high-speed coating of any solid material, was bought by Meta Materials Inc., a business that creates high-performance functional materials and nanocomposites. Meta Materials Inc. anticipates using PLASMAfusion during the metallization phase of its roll-to-roll production process for KolourOptik security films as well as NANOWEB films.