The metamaterial market was valued at USD 305 million in 2021 and is projected to reach USD 1,457 million by 2026. It is expected to grow at a CAGR of 36.7% during the forecast period. The variety in design functionalities, anti-laser coating application, and developments in radar and LiDAR for autonomous vehicles, the use of metamaterials in solar power systems, metamaterial-based radar for drones, and advancements in 5G are the key factors driving the growth of metamaterial market.
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The electromagnetic segment is estimated to account for the largest size of the metamaterial market in 2021. The frequency sletcive surface segment of the market is projected to grow at the highest CAGR during the forecast period. The growth of this segment is fueled by the major interest of the defense vertical for this class of metamaterials, as these materials are used to create radar covers called radomes. Radomes are bandpass FSS filters that are used to reduce the radar cross-section (RCS) of an antenna system outside its frequency band of operation. This is an important part of stealth technology.
The communication Antenna and Radar (Beam Steering) segment is estimated to account for the largest size of the metamaterial market from 2021 to 2026 in terms of value. Increasing demand for communication antennas for applications such as satellite communication, Wi-Fi routers, radar communication, and 5G communications is the major factor fueling the growth of the metamaterial market for communication antenna and radar application.
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In terms of geographic coverage, the metamaterial market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The metamaterial market in APAC is projected to grow at the highest CAGR from 2021 to 2026 owing to the increasing need for connectivity; growing demand for security in aerospace, defense, and military verticals; and rising number of advancements in automotive technologies. The key countries in APAC are China, Japan, and India. Institutes and universities such as IIT (India), the University of Tokyo (Japan), and the Institute of Optics and Electronics (China) are focused on R&D on metamaterials and their applications. End-use verticals such as consumer electronics, energy & power, and aerospace & defense are expected to lead the metamaterial market in this region post the commercialization of metamaterials.