Metamaterial Technologies Market Update, Analysis, Forecast, 2016 – 2024
Metamaterial Technologies Market size will surpass USD 2.5 billion by 2024;
Growing need to improve the efficiency of solar photovoltaic (PV) cells is expected to drive the metamaterial technologies market in the forecast timeframe as the product has the ability to enhance the absorption capacity of solar cells. Rising demand for clean energy sources such as solar, wind, hydro, and tidal have led to a mounting necessity to increase the efficiency of solar cells. Many companies and research institutes have developed metamaterial products that can collect and absorb light from all angles and useful spectrums.
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The price of solar electricity is almost five times higher than that of coal generated electricity. Most of this cost can be attributed to the silicon layers in the solar cells. Adding a metamaterial thin film coating can reduce the price significantly and will make solar cells more affordable. Global solar PV cell revenue was more than USD 110 billion and is projected to increase at a healthy rate driving the overall metamaterial technologies market in the forecast timeframe.
The product’s ability to control the path of light and achieve negative refractive index has been used by the University of Central Florida (UCF) to create the first successful large-area invisibility cloak in 2014. Military and aerospace industries are on a look out for these types of cloaks and this may provide an incredible opportunity for metamaterial technologies market in future.
Technical challenges pertaining to development of practical metamaterial products is a major challenge for manufacturers. A product based on these materials can only be successful if it is smaller and more closely packed than the target radiation wavelength. This requires manufactures to invest on technologies that can dynamically change the properties of such materials. Hence, it may take a few years before prototype products based on these materials are fully commercialized for large scale applications and this may hinder the metamaterial technologies market growth slightly in the forecast timeframe.
Metamaterial technologies market product segmentation has five categories including radio & microwave, photonic, terahertz, acoustic, and others. Terahertz segment will likely generate revenue above USD 500 million by 2024. This segment will grow at a healthy rate in the forecast years owing to the product usage in security applications and medical imaging. Acoustic segment is anticipated to gain by a CAGR above 20% till 2024. Product demand for applications in audio systems, soundproofing coatings, thermal insulators, heat exchangers, vibration dampers, sonar technologies, etc. will drive the growth of this segment in the forecast timeframe.
Acoustic devices, imaging, communication & radar, and solar are the four major applications in the metamaterial technologies market. Acoustic devices application segment is anticipated to gain by a CAGR above 20% in the forecast years. The segments growth will be augmented by their use in sonar avoidance, architectural acoustics, stealth technology, acoustic hyper lenses, etc. Imaging application segment market share is anticipated to cross one fifth of the total market and it will likely grow by CAGR above 21%. The segments growth will be driven due to its advantages over other materials in medical and industrial imaging.
Europe metamaterial technologies market size will likely exceed USD 600 million by the end of 2024. The regional market will be augmented by increased funding by the European Commission on development and research on metamaterial technologies, mostly in solar and optics applications. Latin America metamaterials market will experience gains due to growing information & technology and telecommunications sector. The region will likely generate revenue above USD 30 million by the end of 2024.
Metamaterial technologies market is dominated by American companies like Echodyne, Metamagnetics Inc., Kymeta Corporation, and Evolv Technologies. Other key manufacturers include Alight Technologies, Applied EM Inc., Colossal Storage Corporation, Fractal Antenna Systems, Fianium, Inframat Corporation, Medical Wireless Sensing Ltd., Luminus Devices Inc, Nanosteel Company, Sandvik Materials Technology, and Opalux.