NOC - Global Metamaterials Market Size is Estimated to Reach USD 5700 Million by 2030 Growing at a CAGR of 31.3%: Straits Research | Benzinga
New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Metamaterials are synthetic materials with unique and distinctive properties resulting from the structure of the constituent materials, as opposed to their chemical composition. The component sizes, shapes, geometries, and orientations are variable. These components can be arranged in any configuration, which affects the electromagnetic radiation of the resulting metamaterial in an atypical manner and gives the metamaterial exceptional properties, such as negative permeability and permittivity, that are impossible to achieve with conventional materials. Due to their enhanced electromagnetic properties, metamaterials are used in various end-use applications, including automotive, consumer electronics, medical, and other areas. In addition, the expanding use of metamaterials in the consumer electronics and healthcare industries is predicted to boost the market growth.
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High Demand from Aerospace and Defense Industry Spur the Market for Metamaterials
According to Straits Research, "The global metamaterials market size was valued at USD 645 million in 2021. It is estimated to reach an expected value of USD 5,700 million by 2030, registering a CAGR of 31.3% during the forecast period (2022–2030)." Reliable aerospace, defense, and military communications depend on improved antenna technologies. The effectiveness of network-centric operations in the digital battlefield demands dependable, efficient, and real-time communications to convey accurate information to the relevant personnel. The antenna is vital, if not sometimes disregarded, a component of military, aerospace, and defense systems. Additionally, military antennas are employed in radars to offer missile guidance for accurate target tracking. Factors such as a rise in border infiltration, terrorism activities, inter-country conflicts, and attack-prone frontiers are projected to fuel the demand for military antennas, which is expected to further enhance the need for metamaterials in aerospace and defense applications.
Furthermore, all countries have invested in their defense sectors to ensure peace and security. Moreover, every year, in their budgets, governments allocate a set amount toward the country's defense industry. Now, the aerospace and military industry is in a "supercycle," partly due to substantial order backlogs, which may drive production in the industry over the next decade. Hence, all the above factors are increasing the demand for metamaterials from this industry, which will be a significant driver for the market in the latter part of the projected period.
Demand for Wireless Mobile Communication Creates Fruitful Opportunities for Metamaterials
The need ...