iCrowd Newswire – Jul 17, 2020
Metamaterial Medium Market size is forecast to reach $1.5 billion by 2025, after growing at a CAGR of 24.8% during 2020-2025. Metamaterials are dielectric composites of metal, engineered on microscale or nanoscale to have unique electromagnetic properties that are not available in nature. Due to their excellent electromagnetic properties, they find applications in various end use industries like automotive, aerospace, defense, and electronics. Increasing demand for high-quality products with good durability and electrical properties are driving the growth of the metamaterial medium market globally. Moreover, government regulations for safety have also increased the demand of metamaterial medium in the automotive sector which augmented their market growth.
Type- Segment Analysis
Electromagnetic metamaterial segment dominated the metamaterial medium market with a share of more than 25% in 2019. These metamaterials have zero or negative permeability and negative refractive index. These types of metamaterials affect the electromagnetic waves and allow manipulating the wave propagation by modifying the unit cells. Electromagnetic metamaterials find wide applications in antennas, beam steerers, modulators, and bandpass filters, subsequently augmenting the metamaterial medium market during the forecast period.
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Application – Segment Analysis
Antenna segment holds the largest share of more than 40% of the metamaterial medium market in 2019. Metamaterial enhances the radiated power of an antenna and increases its efficiency. Metamaterial with negative permeability allows for properties such as high directivity and tunable operational frequency which in turn escalates its use in antennas. Zero refractive index materials are mostly used for making high directivity antennas. Furthermore, metamaterials-based antennas have improved efficiency-bandwidth performance compared to a conventional patch antenna.
End Use- Segment Analysis
On the basis of end use, the telecommunication segment holds the largest share of more than 30% in the metamaterial medium market in 2019. Increasing usage of antennas in applications such as satellites, telephone, and television networks have boosted the growth of metamaterial medium market. Aerospace & defense followed by optics segment has also shown significant growth in the metamaterial medium market. The use of metamaterials in sensors and imaging devices such as radars has also augmented their market growth.
Coronavirus has badly affected the growth of the metamaterial medium market. Manufacturing units are shuttered all around the world, supply chains have been disrupted and people stuck in their houses due to lockdown. Coronavirus has resulted in a decrease in purchasing capital which in turn impacted the sales of automotive and electronic equipment. According to the Cellular & Electronic Association of India, the lockdown would lead to a lack of $1309.2 Mn to $1963.8 Mn in 2020. Thus decreases in sales of electronic products have hampered the growth of the metamaterial medium market. Also according to the Society of India Automobile Manufacturers (SIAM), passenger vehicle sales declined by 51% to 143,014 units in March 2020 whereas the sales of commercial vehicles crashed 88% to 13,027 units, subsequently impacting the growth of the metamaterial medium market.
Geography- Segment Analysis
APAC region is projected to grow at the highest CAGR of 28% during the forecast period, followed by North America and Europe. Rapid industrialization coupled with an increase in aeronautical activities has driven the growth of the metamaterial medium market. Furthermore, the rise in disposable income and a higher standard of living has accelerated the use of wireless equipment which in turn increased the demand of metamaterials for antennas and receivers. Metamaterial medium has shown significant growth in developing nations like China, Japan and India due to neck-breaking expansion and strengthening of the defense sector. Moreover, rise in the use of solar energy to meet the power requirements of the exponentially growing population has also driven the metamaterial medium market in developing nations.
Drivers –Metamaterial Medium Market
Growing demand from end use industries
Increase in demand from various end use industries due to their ability to manipulate electromagnetic waves is driving the growth of the metamaterial medium market. Metamaterials are used in applications like vibration damping, anti-sonar, wireless power transfer, and seismic protection. The use of metamaterials in the medical sector for ultrasonic sensors and imaging devices has also contributed to the growth of the market.
Rising popularity of power generation by solar energy
With the increase in environmental concern and lack of non-renewables resources, power generation by solar energy is increasing. Metamaterials are sandwiched between glass and silicon layers in order to reduce optical losses due to reflection and increase the efficiency of silicon solar cells. According to the International Energy Agency (IEA), solar PV generation increased by 31% and represented the largest absolute generation growth (+136 TWh) of all renewable technologies in 2018. Thus, increase in the use of solar energy has also augmented the growth of the metamaterial medium market.
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Challenges –Metamaterial Medium Market
High Manufacturing Cost & inability over broad bandwidths
Metamaterials are heterogeneous structures consisting of solid base materials and elements of different materials, engineered on the microscopic level. Although metamaterials exhibit excellent electromagnetic properties, they require a lot of energy for their production, which further increases their cost. Due to their high cost, they are only used in high-quality products such as antennas, radars, and defense equipment’s for better efficiency. Moreover, their inability to function over broad bandwidths of light acts as a restraining factor for the growth of the metamaterial medium market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the metamaterial medium market. Major players in the metamaterial medium market are Kymeta Corporation, Metamaterial Technologies Inc., Metamagnetics Inc., Jem Engineering LLC, Fractal Antenna Systems Inc., Applied EM Inc., Nanosonic Inc., Alps Electric Co. Ltd., Teraview Ltd., and Plasmonics Inc., among others.
In March 2020, Metamaterial Technologies Inc. has partnered with Crossover Solutions to enter into automotive industry in order to increase demand of its touch sensors, holographic technology, transparent antennas, and lidar range enhancement applications.
In January 2019, Dalhousie University, Metamaterial Technologies Inc. (MTI) and Mitacs have partnered to explore a new area of light manipulation to enhance absorption of ultra-thin solar cells and develop optical filters based on metamaterials.
In July 2018, Metamaterial Technologies Inc. (MTI), has acquired Medical Wireless Sensing Ltd. (Mediwise). The acquisition has strengthened the company’s advanced material business and increased its market potential.
In October 2017, Metamaterial Technologies has announced the development of next-generation solar technology “metaSOLAR” for vehicles in land, air, and sea.
In February 2017, Metamaterial Technologies Inc. has partnered with Airbus to develop and commercialize metaAIR, which is a metamaterial optical filter, used for protection against harmful laser beams aimed at aircraft.
China followed by Japan has shown significant growth in the metamaterial medium market owing to increasing demand from applications such as automotive, defense, and aerospace industries.
Properties such as electrical permittivity, magnetic permeability, and refractive index are the major factors driving the growth of the metamaterial medium market.
Increasing awareness for safety and security among people has also accelerated the growth of metamaterial medium market.
Related Report :
A. Metamaterials Market
B. Advanced Materials Market
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