Metamaterials show electromagnetic properties at frequencies which is expected to attract interests form physicist and microwave engineers . These factors are anticipated to drive the market growth and provide a potential base to metamaterials in the next seven years . The global metamaterials market is driven by surge in wireless mobile communication , to improve the efficiency of solar photovoltaic cells and increasing investments by venture capital firms in the market . Metamaterials absorb a wide range of light with exceptionally high efficiency , which is expected to generate optical sensors and solar cells . These metamaterials can be extremely thin , saving weight and cost . Rising demand and awareness of benefits that solar cells provide to generate energy is expected to drive this technology .
These materials can be extremely thin , saving both cost and weight . Lack of inadequate customer awareness of metamaterials are expected to pose a major challenge to the global market . Technical difficulties coupled with high cost and time taken for development cycle can be attributed as major challenges to the growth of the global market . Based on the metamaterial types , the global market is segmented into terahertz , acoustic , photonic , microwave and radio metamaterials , other types include infrared and ultraviolet metamaterials . Microwave and radio frequency electromagnetic metamaterials are expected to contribute the largest market share owing to increase in wireless broadband , mobile communications and technological advancements in communication infrastructure .
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On the basis of product type . The market is segmented into super lens , antennas , absorbers and cloaking devices . Metamaterial antennas are expected to have the largest market share than other segments . They provide efficient performance and size , high tunable directivity , operational efficiency coupled with improved bandwidth and radiation . The fastest growing segment is attribute to cloaking devices . These devices are stealth technology that provides objects with wholly or partially invisible properties to the electromagnetic spectrum which are widely used in defense and aerospace .
Based on the application the global market can be segmented into medical , optic , sensing , radar , telecommunication and aerospace & defense . Radar and communication were the largest application segment in 2014 and are likely to dominate the market over the forecast period . Medical imaging is expected to grow at a significant growth rate owing to various innovations and product development in this field . Optics and sensing are expected to emerge as the fastest growing markets for metamaterials over the next seven years . North America is expected to be the largest market for metamaterials owing to government research investments , particularly in communication infrastructure and defense sector . The intensity of active association between companies , universities and metamaterials technologies to develop various products for civilian use is estimated