Sellbyville, DE -- (SBWIRE) -- 11/13/2018 -- GMI presents a most up-to-date research on " Metamaterial Technologies Market – Global Industry Analysis, Size, Share, Products (Radio & Microwave, Photonic, Terahertz, Acoustic), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) and Forecast 2017 – 2024".

Metamaterial Technologies Market size will surpass USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc. 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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The price of solar electricity is almost five times higher than that of coal generated electricity. Most of this cost can be attributed to the silicon layers in the solar cells. Adding a metamaterial thin film coating can reduce the price significantly and will make solar cells more affordable. Global solar PV cell revenue was more than USD 110 billion and is projected to increase at a healthy rate driving the overall metamaterial technologies market in the forecast timeframe.

The product's ability to control the path of light and achieve negative refractive index has been used by the University of Central Florida (UCF) to create the first successful large-area invisibility cloak in 2014. Military and aerospace industries are on a look out for these types of cloaks and this may provide an incredible opportunity for metamaterial technologies market in future.

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One of the key regions that has been forecast to be a lucrative ground for the development of metamaterial technologies industry is North America. The region encompasses numerous venture capital firms that readily provide adequate funding to the start-ups that focus on exploiting the projected opportunities in metamaterial technologies market. Augmented by heavy product demand across the industrial & defense applications, the region accounted for more than 50% of the overall metamaterial technologies industry share in 2016, with a valuation of USD 300 million.

The regional governments of U.S. and Canada also provide adequate funding to startups and other entrants in this business space, pertaining to which North America metamaterial technologies market will grow at a profitable rate over 2017-2024.

Kymeta Corporation, one of major biggies accumulating a key share of metamaterial technologies industry, recently signed an agreement with Intelsat with a view to offer a superior, path-breaking satellite service. In addition, the company signed a deal with SKY Perfect JSAT to develop novel satellite connectivity options across APAC. These strategic ventures clearly depict the massive reach of global metamaterial technologies market currently.

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Since metamaterials are extensively used for radio frequency identification (RFID) system and antenna applications, business players have been striving to develop enhanced technologies to exploit the product usage in such applications. For the record, Kymeta is renowned for manufacturing software-based, metamaterials-deployed electronic antennas for satellite communications for connected transportation. Other key rivals of Kymeta include Echodyne, Luminus Devices Inc., Metamagnetics Inc., Evolv Technologies, Nanosteel Company, Alight Technologies, Fractal Antenna Systems, Metamaterial Technologies, and Medical Wireless Sensing Ltd.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.