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Know How Metamaterial Technologies Market is Thriving Worldwide? Key Players Kymeta Corporation, Echodyne corp, Metamagnetics Inc., Metamaterial Technologies Inc., Alight Technologies
Metamaterial Technologies Market
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Metamaterial Technologies Market size will surpass USD 2.5 billion by 2024. 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.
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Applied EM Inc
2. Alight Technologies ApS
3. Colossal Storage Corporation
4. Echodyne Corporation
5. Evolv Technology
6. Fianium Ltd
7. Fractal Antenna Systems, Inc. (FRACTAL)
8. Inframat Corporation
9. Kymeta Corporation
10. Luminus Devices Inc
11. Medical Wireless Sensing Ltd. (MediWiSe)
12. Metamagnetics Inc
13. Metamaterial Technologies Inc
14. Nanosteel Company Inc
15. Opalux Inc
16. Sandvik Materials Technology AB
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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.
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