Surging investments in R&D activities will be one of key factors driving Metamaterial Technologies Market, pertaining to the fact that this market is still at the nascent stage. Major corporations and venture capital firms have been providing sufficient funds for start-ups that are operating in metamaterial technologies industry, especially across North America. These products are essentially used in RFID systems and wireless communication applications. In 2014, the University of Central Florida (UCF) tapped on the products’ ability to control the light path and derive negative refractive index and has created the world’s first large-area invisibility cloak. This was primarily developed for aerospace and military companies that find extensive usage for such cloaks. High demand for such metamaterial products will augment the metamaterial technologies market, which is slated to grow at a rate of 20% over 2017-2024.
The robust demand for these products to replace conventional antennas in modern communication systems will lead to a massive expansion of metamaterial technologies industry. As per estimates, mobile wireless systems will observe a penetration of more than 99% by 2024, a factor which is slated to contribute immensely toward the industry growth. As broadband antennas are gradually being substituted by metamaterial antennas, it should come as no surprise that metamaterial technologies market size will cross USD 2.5 billion in 2024, after having held a valuation of USD 500 million in 2016.
U.S. Metamaterial Technologies Market size, by Application, 2013 – 2024 (USD Million)
Companies accumulating a chunk of global metamaterial technologies industry have been facing constant challenges regarding the application of backward integration in supply chains. This is primarily because the field is relatively new and encompasses a host of expensive activities. Pertaining to the expense, manufacturers have also been depending excessively on external funding. An instance of this would be the funding received by Kymeta Corporation. This Washington-based spin-off company received USD 12 million from the Lux Capital, an investment firm, Liberty Global, and the prestigious Bill & Melinda Gates Foundation to develop the metamaterial surface antenna technology.
Speaking along the same lines, global metamaterial technologies market comprises major companies such as Echodyne, Luminus Devices Inc., Evolv Technologies, Nanosteel Company, Fractal Antenna Systems, Applied EM Inc., Metamagnetics Inc., Kymeta Corporation, Sandvik Materials Technology AB, Metamaterial Technologies, Alight Technologies, Fianium, Medical Wireless Sensing Ltd., Colossal Storage Corporation, Opalux, and Inframat Corporation.
Metamaterial technologies find applications in imaging, acoustic devices, radar & communication, and solar energy. It is a well-known fact that the cost of solar-powered electricity is nearly five times the cost of coal generated electricity. This is primarily due to the silicon layers that solar cells comprise, which, if replaced with metamaterial coatings, will reduce the cost of solar cells significantly. Pertaining to this fact, metamaterial technologies market from solar applications, which was worth more than USD 30 million in 2016, will experience a massive surge over 2017-2024. The robust demand for clean energy and the advantages provided by metamaterial-based solar panels will drive the segment growth.
Metamaterial products are heavily deployed in acoustic applications such as architectural acoustics, acoustic hyper lenses, stealth technology, and sonar avoidance, pertaining to which metamaterial technologies industry from acoustic devices is anticipated to grow at a rate of 20% over 2017-2024.
Metamaterial technologies encompass photonic, acoustic, terahertz, and radio & microwave products. Experts state that in the years ahead, wireless communication and radar will gain increased prominence. On these grounds, radio & microwave metamaterial technologies will earn a valuation of more than USD 250 million by 2024. This product is massively utilized in navigation, spectroscopy, and radar applications, owing to which metamaterial technologies market from radio & microwave products will generate a CAGR of 22% over 2017-2024. Other metamaterial products are also anticipated to garner substantial returns across various geographies.
North America, being the forerunner in the implementation of most advanced technologies, will also establish its position in global metamaterial technologies industry. The governments of the U.S. and Canada have been generous enough to provide massive funds for the development of this market, owing to which North America held more than 50% of the overall metamaterial technologies market share in 2016. The increasing demand for these products from defense and industrial applications will stimulate North America metamaterial technologies industry over 2017-2024.
Europe is touted to be another lucrative region depicting massive growth in metamaterial technologies market. The European Commission is renowned to provide extensive funding for the research and development in the metamaterial business space, subject to which Europe metamaterial technologies market is likely to surpass USD 600 million by 2024. Market players across this region are expected to undertake extensive research activities in optics and solar applications, thereby boosting the regional revenue.
Photonic products are popularly used in applications such as microwave couplers, beam steerers, antenna radomes, and cloaking devices. Renowned companies such as Nano-Meta Technologies have been undertaking R&D projects to delve deeper into the application scope of this product, which will lead photonic metamaterial technologies industry to register a CAGR of 20% over 2017-2024, having held a revenue of USD 95 million in 2016.
Metamaterial technologies market is characterized by heavy R&D activities, pertaining to the fact that it is still in the initial stages of development. Manufacturers have been facing numerous technical challenges subject to the practical deployment of metamaterial products. As per experts, products manufactured from such materials can depict successful functionality only if they are compact and closely packed. For this, manufactures need to invest in technologies that are able to modify the properties of such materials. On these grounds, it is likely that even the prototype models of these products may take many years before they are completely commercialized. In addition, lack of understanding and awareness regarding this business may hamper metamaterial technologies market. While the above constraints may act as restraints for the future, companies have been striving to develop innovative products with compatible functionality to be used in various applications, which will impel metamaterial technologies market share over the coming years.