The report "Metamaterial Market by Material Type (Electromagnetic, Terahertz, Photonic, Tunable, FSS, and others), Application (Communication Antenna, Windscreen, Solar Panel, sensors, Display, and Medical Imaging), Vertical and Geography - Global Forecast to 2026", 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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Communication antenna and radar (beam Steering) to account for the largest share of the metamaterial market

The communication antenna and radar (beam Steering) segment is estimated to account for the largest size of the metamaterial market in 2021. 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. Antennas that use metamaterials to increase or enhance the performance of their systems are called metamaterial communication antennas. As metamaterials can have a negative magnetic permeability, these materials allow antennas to have properties such as electrically small size, high directivity, tunable operational efficiency along with increased radiated power, and improved bandwidth efficiency performance.

Aerospace & Defense vertical accounted for the largest share of the metamaterial market in 2020

The Aerospace & Defense segment is estimated to account for the largest size of the metamaterial market in 2021 in terms of value. The defense vertical primarily requires customized solutions for communication. In the aerospace & defense vertical, the majorly adopted metamaterial-based devices are antennas, protective layers, windscreens, EMC shielding, and cloaking devices. Antennas based on metamaterials can be used for secure communications in the defense vertical as these can be tuned to different frequencies. The growth of the metamaterial market for aerospace and defense vertical is owing to the growing bandwidth requirement and need for secure communication.

North America to account for the largest share of the metamaterial market by 2026

North America is expected to hold the largest share of the metamaterial market in 2020, owing to increasing demand from the aerospace and defense vertical. Government agencies such as DOD, DARPA, and NASA are extensively funding research universities and industry players for the development of metamaterial-based antennas. The demand for metamaterials has significantly increased in recent years, primarily from the aerospace & defense, automotive, consumer electronics, medical, and energy & power verticals. US government agencies (DOD, DARPA, US Navy) and private entities (Bill Gates Foundation (US), Lux Capital (US), Kresge Foundation (US)) are funding research institutes, laboratories, and various companies for enhancing the metamaterial technology or for developing efficient and cost-effective electronic devices and applications.

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A few of the key players in the metamaterial market are Kymeta Corporation (US), Metamaterial Technologies Inc. (Canada), Metamagnetics (US), Jem Engineering (US), Teraview (UK), Echodyne Inc. (US), Multiwave (Europe), Nanohmics Inc. (US), Metashield LLC (US), and Mediwise (UK).