Metamaterial Technologies Market Size

Metamaterial Technologies Market Size

Metamaterial Technologies Market size was estimated over USD 500 million in 2016 and the industry will likely grow by a CAGR more than 20% up to 2024.

Worldwide increase in mobile wireless communication systems will propel the metamaterial technologies market from 2017 to 2024. These technologies are being increasingly used in wireless communications as their acoustic and electromagnetic characteristics are developed from their molecular structures. Conventional resonant and broadband antennas are being gradually substituted by metamaterial antennas in wireless communications as the latter can be used in emerging applications such as radio frequency identification (RFID) systems. Inability of conventional antennas in fulfilling the requirements of modern communication systems has led to a surge in demand for the product in recent years. Global mobile wireless penetration is expected to be beyond 99% in 2024 and will be a major boost for the metamaterial technologies market. Increase in funding by venture capital firms in North America for start-ups that are involved in this industry will also be a contributing factor for the industry growth during the forecast period. These firms provide financial capital, valuable expertise & advice, and industry connections to the product manufacturers.
 

Development of graphene-based products can lead to its usage in the medical sector, mostly in diagnosis and treatment of neurological diseases. Its unique properties such as superior mechanical strength, light weight, high electrical conductivity, elasticity, and surface area helps in its usage in functional neurosurgery, spinal surgery, cancer treatment, and intensive care unit monitoring. This may prove to be a tremendous opportunity for the global metamaterial technologies market in the future.
 

Majority of these products and technologies are in the prototype stage and may need years of R&D for commercialization. Lack of awareness on part of consumers regarding the benefits and advantages of these product may impede the industry growth and hamper the global metamaterial technologies market during the forecast period.