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Metamaterial Technologies Market to witness remarkable proceeds over 2024, global industry valuation to exceed $ 2.5bn by 2024

Author : Rahul Varpe | Published Date : 2019-03-28 

Metamaterial technologies market size, slated to cross USD 2.5 billion by 2024, with a CAGR projection of 20% over 2017-2024, primarily encompasses radio & microwave, acoustic, photonic, and terahertz devices. Of these, it has been estimated that metamaterial technologies market from radio & microwave products, having held a valuation of USD 250 million in 2016 will carve out a steep growth graph with a CAGR of 22% over the coming years. This growth can be attributed to the extensive usage of metamaterials in navigation, spectroscopy, and radar & communication applications.

The superior properties of metamaterials make them ideal candidates to be used in acoustic devices, imaging, solar applications, and radar & communication. In fact, recent studies depict that metamaterials are being extensively used in solar applications, owing to the massive global demand for clean energy.

The governments of various countries have also been striving to promote solar energy on a huge scale, which will provide further impetus to the growth of this segment. Metamaterial technologies industry from solar applications was valued at USD 30 million in 2016 and is projected to generate substantial valuation by 2024. This is essentially due to the widespread advantages that metamaterials provide, over other solar panel coating materials.

To access a sample copy or view the Metamaterial Technologies Market report in detail along with the table of contents, please click the link below: www.gminsights.com/request-sample/detail/1670

The rapid expansion of Metamaterial Technologies Market can be credited to a flood of parameters, the principal one being the generous funding granted by private investors and regulatory authorities. The latest news about Pivotal Commware raising USD 17 million from prominent investors is an instance of the aforementioned fact.

Elaborating further, Pivotal Commware, a very recent entrant in global metamaterial technologies industry, is reportedly the brainchild of Intellectual Ventures, the renowned private company that caters to the patent licensing of intellectual property. While the number of investors who backed this metamaterial technologies market novice is unknown, what is important is that the investor list includes the Microsoft pioneer, Bill Gates.

The conceptualization and the subsequent expansion of metamaterial technologies industry lies in a number of vital factors, one of the major ones being, the increasing penetration of wireless communication systems. Owing to the excellent electromagnetic and acoustic properties of metamaterials, they are being used excessively in wireless communication. As per estimates, the penetration of mobile wireless communication is anticipated to exceed 99% by 2024, which will be a major driving force behind the growth of metamaterial technologies market.

One of the key regions that has been forecast to be a lucrative ground for the development of metamaterial technologies industry is North America. The region encompasses numerous venture capital firms that readily provide adequate funding to the start-ups that focus on exploiting the projected opportunities in metamaterial technologies market.

Augmented by heavy product demand across the industrial & defense applications, the region accounted for more than 50% of the overall metamaterial technologies industry share in 2016, with a valuation of USD 300 million. The regional governments of U.S. and Canada also provide adequate funding to startups and other entrants in this business space, pertaining to which North America metamaterial technologies market will grow at a profitable rate over 2017-2024.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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