Albany, NY -- (SBWIRE) -- 10/12/2018 -- The global metamaterials market will exhibit a CAGR of 21.6% from 2014 through 2020. The market was valued at US$322.6 mn in 2013. It is expected to reach US$1.27 bn by the end of 2020, according to a research report released by Transparency Market Research. The report is titled, "Metamaterials Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020".
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According to the report, the global metamaterials market is being propelled by a rising demand for wireless mobile communication. The market is also flourishing due to a demand for increasing the efficiency of solar PV cells, along with a growing interest in investments by venture capital firms.The future of the global metamaterials market also lies in medical applications through the use of graphene-based metamaterials. Even so, the global metamaterials market is hampered by the lack of awareness regarding the commercial uses of metamaterials. Another hindrance to the global metamaterials market is the set of problems faced in mass producing metamaterials.
In terms of products, the global metamaterials market was dominated by microwave and radio frequency electromagnetic metamaterials. This segment held almost 50.0% of the market in 2013.From an applications perspective, the global metamaterials market was led by communications and radar, a segment that held more than 60.0% of the market in 2013. It is expected to retain its dominant role in the global metamaterials market for the report's forecast period. The second-largest application segment of the global metamaterials market in 2013 was industrial and medical imaging.
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The global metamaterials market was dominated by North America, from a geographical perspective. This region held more than 55.0% of the global metamaterials market in 2013. It is expected that North America will remain the topmost revenue-generating region in the global metamaterials market through the report's forecast period. The region's growth rate is attributed to high approval rates of government grants, high investment rates by venture capital firms in startups, and a large defense budget, which is one of the bigger application segments of metamaterials.