Metamaterial Medium Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $1,387 million by 2022, registering a CAGR of 39.7% during the period 2016-2022. North America held more than half share in the global metamaterial medium market in 2015. Anteena was the leading market segment in 2015, whereas frequency selective surfaces is projected to be fastest growing segment during analysis period.
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Metamaterial medium is defined as a macroscopic composite having a man-made, three dimensional, and periodic cellular architecture designed to produce an optimized combination, not available in nature, of two or more responses to a specific excitation. It possesses exceptional physical properties such as negative permeability and permittivity, and is often regarded as artificial medium with negative refractive index. The most efficient metamaterial medium possesses zero permeability and permittivity, and thus are best used to manufacture antennas to achieve high directivity. A metamaterial medium provides super-resolution in the far-field across image magnification, negative refraction of wavelengths, and enhanced spontaneous emission. Negative index metamaterial medium is an effective medium since it is made up of ordered macroscopic material, generally synthesized from the bottom up and yields emergent properties beyond its components as a single entity. The market for metamaterial medium has considerably increased in the recent past due to rise in demand for efficient sensing and transmitting systems across various end-use industries.
There is an increase in demand for metamaterial medium, especially in optics industry as an alternative of its conventional counterparts. Moreover, increase in capital investments from public and private sectors along with rise in demand for materials with unique physical properties drives the overall market. However, insufficient research in spite of huge investments in R&D of metamaterial medium and high initial costs required to manufacture the metamaterial medium restrain the growth of the market.
Telecommunication is the largest end user of metamaterial medium globally, due to its ability to modify the performance of the electromagnetic spectrum to elicit capabilities that were not previously possible in nature. The telecommunications market is expected to register a CAGR of 25.2% during 2016-2022.
Antenna is the largest application of metamaterial medium globally, due to its miniaturizing property for antenna modules and ability for tracking satellites across the globe without any repositioning of the physical antenna.
Key Findings of the Metamaterial Medium Market
- Europe is anticipated to the fastest growing segment during the forecast period, registering a CAGR of 45.7% throughout 2016-2022.
- As of 2015, only the antenna segment was the one with commercialized products.
- Sensing is expected to be the fastest growing segment, during the forecast period, once the commercialization of products starts.
- Telecommunication is expected to lead the market during the forecast period, accounting for half of the market share by 2022.
- The antenna market is expected to grow at a CAGR of 17.7% during 2016-2022.
Optics segment is anticipated to grow at the fastest rate during the analysis period. In terms of market share, Asia-Pacific is estimated to continue to lead the market, growing at a CAGR of 43.3% during the forecast period. Asia-Pacific and Europe collectively accounted for more than two-fifths share of the global metamaterial medium market in 2014, and are expected to maintain this trend in the future. This is due to presence of key players and raw material suppliers in these regions as well as increase in government efforts towards the enhancement of sensing and telecommunication industry.
Major companies profiled in the report include Kymeta Corporation, Metamaterial medium Technologies Inc., Metamagnetics Inc., Jem Engineering LLC, Fractal Antenna Systems Inc., Applied EM Inc., Nanosonic Inc., Alps Electric Co. Ltd., Teraview Ltd., and Plasmonics Inc.