Increasing interest on developing tunable and re-configurable artificial electromagnetic materials is the key factor contributes the growth of global metamaterials market. Metamaterials are artificially structured materials used to control and manipulate sound, light, and other physical phenomena. Typically, metamaterials include several classes of electromagnetic composites including negative index materials, photonic crystals, zero index materials, low index materials and chiral metamaterials.
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The desired properties of the metamaterials are derived from the inherent properties of their constituent materials and the geometrical arrangement of those materials. Metamaterials are utilized in various devices including Sensors, Superlensing, Cloaking, and Light emitting diodes. Some of the prominent modeling methods of metamaterials are finite difference time domain (FDTD) method, finite-element method (FEM), and transmission line method (TLM). Metamaterials are utilized across various applications, including high frequency battle field communication, sensor detection, improving ultrasonic sensors, solar power management, and high gain antennas and also in various remote aerospace applications
Global Metamaterials Market: Market Dynamics
Growing interest for utilizing metamaterials in various Information and communication technology applications, rising demand for modeling & simulation of metamaterial-based devices for industrial applications, and increasing focus on developing efficient solar power solutions are the prominent factors drives the growth of global metamaterials market. Rising research and development spending to utilize metamaterials in various aerospace defense applications and growing focus on utilizing metamaterials in various healthcare & biomedical applications, accelerates the growth of global metamaterials market.
Also, increasing focus on utilizing metamaterial technology for developing passive radiative cooling solutions for power plants, electronically scanned array platform for self-driving cars & drones, and smart metamaterial antennas for 5G networks and satellites, further expected to fuel the growth of global metamaterials market. However, lack of awareness , high research and development cost for successful integration of metamaterials in real time applications, and complications related to design & fabrication, are the factors identified as restraints likely to deter the progression of global metamaterials market.
The metamaterials market in North America followed Western Europe are expected to be dominate, due continuous funding on research & development for utilizing metamaterials across various applications, and increasing focus on metamaterials research study by various universities. Among all the regions, in terms of revenue, Asia Pacific metmaterials market is identified as the fastest growing, due to growing focus on developing new materials to revolutionize telecommunication and power industry.
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Global Metamaterials Market: Competition Landscape
Some of the prominent vendors in the global metamaterials market, includes Metamaterial Technologies, Kymeta Corporation, Echodyne, Inc., Nano-Meta Technologies, Inc., TeraView, JEM Engineering, Advanced Research Projects Agency, Metamagnetics, Fractal Antenna Systems Inc. and Palo Alto Research Center Incorporated