Metamaterials Market Size, Share, Opportunities, And Trends By Product (Photonic Metamaterials, Radio and Microwave Metamaterials, Acoustic Metamaterials, Terahertz Metamaterials, Others), By Application (Imaging, Acoustic Devices, Communication and Radar Systems, Solar Panels, Others), And By Geography - Forecasts From 2023 To 2028

The metamaterials market is projected to grow at a CAGR of 31.44% over the forecast period, increasing from US$3.237 billion in 2025 to US$12.702 billion by 2030.

Metamaterial is a type of 3D structure that generally comprises at least two multiple or different materials. It has a response of function that is impossible to achieve with any individual material. Metamaterial offers multiple advantages in multiple industries, like construction. It helps to reduce metal consumption and also increases the stiffness and strength of the metals.

What are the drivers of the Metamaterials market?

• Increase in renewable and sustainable energy

The growth of the renewable and sustainable energy market worldwide is estimated to fuel the global metamaterial market. In the global renewable energy market, metamaterial is used in solar panels, as it is used in optical metamaterial. The metamaterial offers greater control of the solar cell and also helps to reduce its size and weight.

The Ministry of New and Renewable Energy of the Indian Government, in its report, stated that from April 2024 to July 2024, the total capacity of renewable energy installed in the nation grew significantly. The ministry also stated that during this timeline, the government installed about 5,394.37 MW of solar power and about 1,188.92 MW of wind power. 

• Growth of the telecommunication sector.

One of the major driving factors pushing the growth of the metamaterial market globally is the telecommunication market’s growth. Metamaterial is used across multiple sectors in the telecommunications sector.

In the telecommunication sector, metamaterial has multiple applications in wireless antennas, which offer wireless communication, space communications, GPS, and satellite technologies. The International Telecommunication Union stated in its report that about 62% of the global population, or about 4.9 billion individuals, had access to the Internet in 2021, which increased to about 5.1 billion in 2022, or about 64% of the global population. The total number of individuals using the internet globally was recorded at about 67% or about 5.4 billion in 2023. 

• Rising demand for solar panels

Features of metamaterials have the potential to enhance the solar panels segment. These man-made materials can help to enhance the performance, cost-effectiveness, and design possibilities of solar energy systems by absorbing more light and being more efficient, cheaper, and versatile.

Several factors result in the integration of metamaterials into solar panel systems. On one hand, metamaterials offer the prospect of considerably higher efficiency and substantial cost reductions, not forgetting the opportunity to create completely new forms of solar panels; all of this constitutes the promise of future growth of solar energy applications. Moreover, the improvements in efficiency, wider usage of solar panels, and reduction of costs are contributing to the targets of greenhouse gas emission reduction and deployment of renewable energy sources worldwide.

SEIA data indicates that the installed solar power capacity in the United States has been upsurging at a substantial rate. The cumulative U. S. Solar Installations for utilities increased to 124,524 MWdc in 2023 from 94,296 MWdc in 2022. Nevertheless, the regional solar installations increased to 134,370 MWdc as of 2024. 

On the other hand, constant progress in research works and development on metamaterials and the growing governmental support for renewable electricity projects, are leading to the deployment of metamaterials in the solar energy segment. In line with this, in June 2023, BASF Venture Capital announced its commitment to funding the innovative technology company Phomera Metamaterials Inc. The company is specialized in photonic crystal metamaterials and microsphere manufacturing.

These materials have several applications in the photovoltaic, automotive, packaging, consumer electronics, and apparel industries. For BIPV, attaching the materials to the solar panel adhesive encapsulation layer creates a desirable surface finish while still maintaining a high level of light passing and power conversion efficiency, in which pigments or dye are not required.

The Metamaterials market is segmented into five regions worldwide:

The increasing investment in the defense and military segment in the North American region is anticipated to propel the metamaterials market in the projected period. For instance, according to the Stockholm International Peace Research Institute (SIPRI), the United States defense expenditure is expected to increase by US$55 billion from 2022 to 2023. Additionally, the country invested approximately US$916 billion in national defense in 2023. Hence, the rising investment in defense and military is expected to impact the metamaterials market positively in the coming years. Following this, according to the Department of Defence, the total budgetary expenditure available for this sector was US$1.635 trillion in FY2022, which has increased to US$2.09 trillion in FY2024. The rising funding in the defense sector is anticipated to boost the market for metamaterials in the coming years.

Increased research and development expenditure on metamaterials is another reason for boosting the market in the United States in the coming years. For instance, in September 2023, the United States National Science Foundation announced an investment of US$72.5 million to design revolutionary materials. The project is known as the e Designing Materials to Revolutionize and Engineer our Future program, and it will fund 37 projects. One of these projects is a Magneto-electro-optically coupled hybrid metamaterial thin film platform for photonic integrated circuits from Purdue University.

Moreover, in February 2023, the National Aeronautics and Space Administration (NASA) funded metamaterial research and found that metamaterial optical fiber could become a new cornerstone of new sensors and spectral cameras for observing atmospheric composition. These are some of the critical tools for improving air quality, weather, and climate models. Hence, such increasing applications of nanomaterials are expected to have a positive impact on the metamaterials market in the forecasted period.

Metamaterials Market Key Developments:

In April 2024, BASF Venture Capital (BVC) announced that it had invested in Phomera Metamaterials Inc. (Phomera) during the company's Series A financing round to further promote the development of the photonic crystal metamaterial industry. In general, this investment would go towards the expansion of capacity, the development of the downstream market, and product upgrading for Phomera.

The Metamaterials market is segmented and analyzed as follows:

• By Product
  • Photonic metamaterials
  • Radio and microwave metamaterials
  • Acoustic metamaterials
  • Terahertz metamaterials
  • Others 
• By Application
  • Imaging 
  • Acoustic Devices 
  • Communication and Radar Systems
  • Solar Panels
  • Others 
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits for the Stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Supplier

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. METAMATERIALS MARKET BY PRODUCT

5.1. Introduction

5.2. Photonic metamaterials

5.3. Radio and microwave metamaterials

5.4. Acoustic metamaterials

5.5. Terahertz metamaterials

5.6. Others 

6. METAMATERIALS MARKET BY APPLICATION

6.1. Introduction

6.2. Imaging 

6.3. Acoustic Devices 

6.4. Communication and Radar Systems

6.5. Solar Panels

6.6. Others 

7. METAMATERIALS MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Others

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Spain

7.4.5. Others

7.5. The Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. UAE

7.5.3. Israel

7.5.4. Others

7.6. Asia Pacific

7.6.1. Japan

7.6.2. China

7.6.3. India

7.6.4. South Korea

7.6.5. Indonesia

7.6.6. Thailand

7.6.7. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Echodyne Corp.

9.2. Fractal Antenna Systems Inc.

9.3. Kymeta Corporation

9.4. Metamaterials Inc.

9.5. Multiwave Technologies AG

9.6. Nanohmics Inc.

9.7. NKT Photonics A/S

9.8. TeraView Limited

9.9. Metawave Corporation

9.10. Metamagnetics

9.11. Nanoscribe GmbH & Co. KG 

9.12. Riken

Echodyne Corp.

Fractal Antenna Systems Inc.

Kymeta Corporation

Metamaterials Inc.

Multiwave Technologies AG

Nanohmics Inc.

NKT Photonics A/S

TeraView Limited

Metawave Corporation

Metamagnetics

Nanoscribe GmbH & Co. KG 

Riken