Ocean View, DE -- (SBWire) -- 06/12/2020 --Metamaterial technologies market has been experiencing widespread popularity all across the globe on the accounts of its extensive applications in communication and radar, imaging, acoustic devices, and solar. This potential growth is also rather evident from Fractal Antenna Systems' recent issuance of patent for its new breakthrough in metablade antenna technology, which has been deemed to be a superior alternative to Yagi-Uda antennas.
Official sources claim that the breakthrough was only possible via the use of company's fractal and metamaterial technology. This move is indicative of Fractal's relentless efforts towards the development of metamaterial technologies, thus strengthening its stance in the global market. Moreover, initiatives like these are also likely to propel the metamaterial technologies industry trends over 2017-2024.
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The mention of Fractal Antenna systems has further urged companies like Evolv Technologies, Echodyne, Kymeta Corporation, Medical Wireless Sensing Ltd., Luminus Devices Inc., and others, to come up with novel innovations which could revolutionize the overall metamaterial technologies industry in the years ahead.
As per Global Market Insights, Inc., report, the worldwide metamaterial technologies market size is expected to reach USD 2.5 billion by 2024, subject to proliferation of mobile wireless communication systems. According to estimates, the global mobile wireless penetration is anticipated to exceed 99 per cent by 2024 end, aiding metamaterials technologies market expansion.
Increasing penetration of solar energy is expected to drive metamaterial technologies market
The drive for renewable energy penetration in global economies has been witnessing a dramatic turn of late. In fact, China is currently working towards 30 per cent renewable energy penetration nationwide by 2030, which is eventually increasing the demand for solar photovoltaic cells, which has been termed as one of the primary drivers fueling the demand for metamaterials technologies market.
One of the fundamental reasons as to why is the demand for solar PV cells is drastically rising across the market is attributed to the product's ability to augment the absorption capacity of these cells along with reducing their price.
Unveiling key trends across the market
Metamaterial technologies market is defined by significant trends that are impelling its growth over the past few years. Enumerated below are few of these which are also likely to push the overall market to new heights in the upcoming years:
- Robust product segment
The worldwide metamaterial technologies market is characterized by a superior product segmentation which is bifurcated into terahertz, acoustic, photonic, and radio and microwave products. Of these, the terahertz segment is projected to account for USD 500 million by 2024, perhaps due to its high demand in security and medical imaging applications.
On the other hand, metamaterial acoustics is demonstrated to grow at a rate of 20 per cent through 20204, on the grounds of its intense applications in audio systems, soundproofing coatings, vibration dampers, sonar technologies, heat exchanges, and others.
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- Imaging applications to depict CAGR of 21%
Elaborating on the application spectrum, imaging applications have held a major prominence in the metamaterial technologies market, and to support the statement, it has been reported that the segment is acquiring over one-fifth of the overall market share. This growth can be ascribed to the metamaterials benefits over other materials in medical and industrial imaging.
- Regional trends in metamaterial technologies industry
In terms of the geographical landscape, Europe metamaterial technologies market is poised to reach USD 600 million by 2024, whose growth can be credited to the improved investment by EU Commission for research and development of these technologies in the solar and optics applications.
Meanwhile, Latin America is also predicted to emerge as a lucrative growth ground for metamaterial technologies industry in the due course of time, considering the expansion of regional IT and telecommunications sector. Also, numerous reports cite that the Latin America metamaterial technologies market would generate a remuneration of USD 30 million during 2017-2024.
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