Metamaterial Technologies Market Growth
Metamaterial Technologies Market by Manufacturers, Countries, Type and Application, Forecast to 2024 to its research database. The report presents a deep study of the market growth factors and drivers. The report spread across 85 pages with table and figures in it.
Metamaterial Technologies Market size will surpass USD 2.5 billion by 2024; according to a new research report.
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.
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Metamaterial Technologies Market: Manufactures Analysis:
Metamaterial technologies market is dominated by American companies like Echodyne, Metamagnetics Inc., Kymeta Corporation, and Evolv Technologies. Other key manufacturers include Alight Technologies, Applied EM Inc., Colossal Storage Corporation, Fractal Antenna Systems, Fianium, Inframat Corporation, Medical Wireless Sensing Ltd., Luminus Devices Inc, Nanosteel Company, Sandvik Materials Technology, and Opalux.
Scope of Report:
Metamaterial Technologies market research report includes in-depth coverage of the industry with estimates & forecast in terms revenue in USD from 2013 to 2024, for the following segments:
Metamaterial Technologies Market By Product
Radio & microwave
Metamaterial Technologies Market By Application
Communication & radar
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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.
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.
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