Dublin, May 12, 2020 (GLOBE NEWSWIRE) -- The "Global Metamaterial Market - Analysis By Product Type, Application, End-User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Metamaterial Market, valued at USD 599.75 million in the year 2019 has been witnessing unprecedented growth in the last few years on the back of mergers, acquisitions and collaborations as well as research and development activities to link the existing gaps in the product offerings, the end market requirements and the geographical constraints, thereby creating large customer and partner base in the market.
With the progressive growth of aerospace and defense, automotive, medical, energy and power and telecommunication industries, the global metamaterial market is expected to witness growth at a rapid pace in the coming years.
However, owing to the COVID-19 crisis, lockdown measures taken by governments of all the countries around the world has resulted in closure of all economic activities. As metamaterials are used in various end-user industries like aerospace & defence, medical, automotive, consumer electronics and energy & power, hence, the recent outbreak of COVID-19 on all these industries leads to halt in production unit while some of the units are operating with less labour and faces the shortage of raw materials due to lockdown.
Among the Product Type segment in the Metamaterial market (Electromagnetic, Terahertz, Photonic, Tunable, Frequency Selective Surface, Non-linear), Electromagnetic product type segment has been gaining popularity among various other segments and is expected to keep major market share in the forecast period. Electromagnetic metamaterials are comprised of structures, which have exceptionally built properties for applications in optical and microwave applications, including electromagnetic invisibility cloaks, microwave couplers, and beam steerers. Because of these properties showed by this product type, there is an inexorably enlarging extension in a few end-use verticals.
Antenna segment among the application segment holds the majority market share in year 2019. The expanding use in radio wires and radars have prompted expanding effectiveness of these final products, for the most part by virtue of the predominant properties offered by metamaterials. Based on End-User segment, Aerospace & Defense segment holds the major share in the Metamaterial market followed by Consumer Electronics and Medical segment. Metamaterials are used in consumer electronics in a variety of ways such as transparent antennas, touch screen, transparent EMI shielding, augmented reality, etc.
The North America region has the largest market share in year 2019 while it is estimated that North America will remain dominant during the forecast period with United States being the leading country in the region. The high growth can be attributed to the increasing demand from the aerospace and defense vertical. Government agencies, such as DOD (Department of Defense), DARPA (Defense Advanced Research Projects Agency), and NASA (National Aeronautics and Space Administration), are funding research universities and industry players for the development of metamaterial-based antennas.
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