Metamaterial Technologies Market trends for 2017 & industry forecast to 2024North America is a major metamaterial technologies market accounting for more than half of the global share in 2016 and earning a revenue over USD 300 million.
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.
Global Market Insights has a new study based report titled " Metamaterial Technologies Market Size By Product (Radio & Microwave, Photonic, Terahertz, Acoustic), By Application (Communication & Radar, Imaging, Solar, Acoustic Devices), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024".
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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.
The Metamaterial Technologies Market Report Consists of,
1. Methodology and Scope
2. Executive Summary
3. Metamaterial Technologies Market Industry Insights
3.1 Industry segmentation
3.2. Industry size, forecast and growth expectations, 2016 - 2024
3.3. Industry ecosystem analysis
3.4. Raw material insights
3.5. Technology insights
3.6. Regulatory framework
3.7. Industry dynamics
3.8. Key growth opportunities
3.9. Porter's analysis
3.10. Company market share, 2015
3.11. PESTEL analysis
3.14. Regional price trends
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4. Metamaterial Technologies Market Product Insights
Global metamaterial technologies market is segmented, based on product types, into photonic, radio & microwave, acoustic, terahertz, and other products such as infrared, ultraviolet (UV), etc. This radio & microwave product segment is expected to occupy a significant share of the metamaterial technologies market during the forecast period owing to the products usage in radar & communication, navigation and spectroscopy applications. In 2016, this segment generated revenue more than USD 250 million and will witness a fast-paced growth at a CAGR of more than 22%.
5. Metamaterial Technologies Market Application Insights
There are four major application categories in the global metamaterial technologies market which include communication & radar, imaging, solar, acoustic devices, and other applications such as cloaking devices, seismic protection, etc. Solar application segment revenue in 2016 was more than USD 30 million and is expected to grow at a substantial rate in the coming years. The growth of this segment will be propelled by rising clean energy demand and the product’s advantages over other solar panel coating materials.
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6. Metamaterial Technologies Market Regional Insights
Asia Pacific metamaterial technologies market was valued above USD 85 million in 2016 and is expected to grow healthily in the forecast spell. China, India, Japan, Singapore, and South Korea will be the chief contributors to the industry growth in this region. Heightened research activity, mostly in the field of medical application of the product, is expected to propel the metamaterial technologies market in Asia Pacific.
7. Competitor Profiles
Global metamaterial technologies market is highly fragmented with U.S based companies accounting for a major chunk of the market. Kymeta Corporation, Echodyne, Evolv Technologies, Metamagnetics Inc., and Metamaterial Technologies are the major product manufacturers. Other important industry players include Applied EM Inc., Alight Technologies, Colossal Storage Corporation, Fianium, Fractal Antenna Systems, Inframat Corporation, Luminus Devices Inc, Medical Wireless Sensing Ltd., Nanosteel Company, Opalux, and Sandvik Materials Technology AB.
About Global Market Insights, Inc.:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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