(EMAILWIRE.COM, April 10, 2020 ) The metamaterial market is expected to have a high growth during the forecast period. The overall market is expected to be valued at USD 4,634.8 Million by 2025 from USD 30.1 Million in 2016, at a CAGR of 63.1% between 2017 and 2025. The objective of the report is to provide a detailed analysis of the market based on material type, application, vertical, and geography; information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges); and a detailed value chain analysis. Major factors driving the growth of the metamaterial market include variety in design functionalities, anti-glare coating application, and invisibility cloak for stealth aircraft.

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By application, communication antenna expected to hold a larger market share during the forecast period

The metamaterial market has been categorized on the basis of applications into communication antenna, windscreen, solar panel, sensing, display, and medical imaging.

Communication antenna accounted for a larger share of the overall metamaterial market in 2016 and is expected to hold a larger market share during the forecast period. This is mainly because the communication antenna is ideal for major communication applications such as satellite communication, Wi-Fi routers, and radar communication.

However, the metamaterial market for the medical imaging is expected to grow at the highest CAGR during the forecast period. This growth is mainly attributed to the applicability of super lens, MRI, and X-ray in the medical vertical.

By material, electromagnetic metamaterial to hold the largest market share during the forecast period

The metamaterial market has been segmented on the basis of material type into electromagnetic, photonic, terahertz, tunable, and frequency selective surface (FSS) metamaterials.

The electromagnetic metamaterial accounted for the largest market share in 2016. The market for electromagnetic metamaterial is expected to grow during the forecast period because the electromagnetic material is suitable for the communication antenna application, which is the widely used metamaterial application.

The metamaterial market for frequency selective surface is expected to grow at the highest CAGR because of the major interest of the defense vertical for this class of metamaterials, where these materials are used to create radar covers called radomes. Radomes are bandpass FSS filters that are used to reduce the radar cross-section (RCS) of an antenna system outside its frequency band of operation. This is an important part of stealth technology.

By industry, aerospace and defense expected to hold the largest market share during the forecast period

The metamaterial market has been segmented on the basis of verticals into aerospace & defense, consumer electronics, energy & power, medical, and automotive. Aerospace and defense currently hold the leading position in the overall metamaterial market. This can be attributed to the rising funds from DOD, DARPA, and NASA for satellite communication and radar applications.

The metamaterial market for the automotive application is expected to grow at the highest CAGR because of the growing usage of communication antenna applications owing to the needs in connected cars concept.

The market for the energy and power is expected to grow at the second-highest CAGR due to the rising demand for the usage of solar energy for power generation, which ultimately generates a huge demand for solar panels in the industry.

APAC to be the fastest-growing region in the metamaterial market during the forecast period
The metamaterial market has also been broadly classified on the basis of region into the Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW). The APAC region is expected to be the fastest growing market for metamaterial during the forecast period. This growth is attributed to the increasing demand for communication applications and solar energy usage, as well as the ongoing research activities in this region for the development of metamaterial.

However, Americas accounted for the largest share of the overall metamaterial market in 2016 due to the increasing demand from the aerospace and defense vertical. Government agencies, such as DOD, DARPA, and NASA, are extensively funding research universities and industry players for the development of metamaterial-based antennas.

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