The global metamaterial technology market is anticipated to grow at a significant CAGR of around 3022.5% during the forecast period. The rising investment in defence sector by the major economies is the prominent factor accelerating the market growth. For instance, according to the Peterson Foundation report 2021, in the US, in 2020, defense spending accounts $778 billion or more than 10% of all federal spending and nearly half of the discretionary spending. The high spending in the US is attributed to strong investments in R&D and modernization of metamaterials technologies. The metamaterial devices such as antenna are utilized in the defence sector for soldiers to track enemy drones. Growing attacks of terrorists, force the defence sector to increases the safety measures in the country and on the borders. Electromagnetic metamaterials device helps defence industry to defend from enemies. Such devices are highly used in navy, satellites and defence. These devices reduces the chances of having border disputes and regional threats. Reliability on electromagnetic metamaterial devices and use of artificial intelligence leads to higher demand of electromagnetic metamaterials.
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The market growth is also backed by the presence of major players contributing to the market growth by launching new products and technology to the market. For instance, In November 2021, Israel introduce a new weapon which is invisible, enemy cannot be able to see it. It is a part of electromagnetic warfare called Scorpius. The missiles of scorpius damaged the enemy’s weapon whether it is radar, electronic bomb or any other devices.
Global Metamaterial Technology Market by Segment
By Technology
- Electromagnetic
- Terahertz
- Photonic (optical)
- Frequency Selective Service
- Others
By Application
- Communication Antenna and Radar (Beamsteering)
- Sensors
- Solar Panel and Absorbers
- Display
- Medical Imaging
- Others
By Vertical
- Automotive
- Aerospace and Defence
- Consumer Electronics
- Health Care
- Energy and Power
- Others
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Metamaterial Technology Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Alight Technologies
- Anywaves
- AplphaCore Inc.
- Dereegallera Holdings Ltd.
- Echodyne Corp
- Inframat Corp.
- Jem Engineering
- Kymeta Corp.
- Lumotive Inc.
- Metamegnetics Inc.
- Meta Materials Inc.
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