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