Markets for Metamaterials 2016-2023 Slides

Markets for Metamaterials 2016-2023
Nano-861
Issued January 2016
n-tech Research
PO Box 3840 Glen Allen, VA 23058
Phone: 804-938-0030
Email: info@ntechresearch.com
Web: www.ntechresearch.com

About n-tech Research
n-tech Research PO Box 3840 Glen Allen, VA 23058
Phone: 804-938-0030
• The rebrand of industry analyst firm NanoMarkets founded back in 2004
• Specialization in analyzing and forecasting market opportunities arising from advances in and application of
advanced materials. Special focus on functional and smart materials and coatings and their impact on markets
• Provide full length market reports, focused subject matter analysis and individualized consulting engagements with
emphasis on providing customer focused analytical content solutions
• Global client roster ranging from top tier multinational firms to start ups, research institutes and technology transfer
offices
• Founders have decades of experience in producing analysis of emerging technologies and markets

n-tech Research
In this report we identify the revenue generation potential over the next eight years for metamaterials. This analysis
includes a discussion of the commercial implications of the latest technological trends, and how new designs and
performance improvements are likely to expand the addressable markets for metamaterials.
Applications and Markets
• Aerospace and defense
• Medical
• Consumer wireless communications
• Infrastructure monitoring
Forecasts of metamaterials in volume (in square meters and units) and revenue (in $ millions), broken down by
• End application
• Type of metamaterial
• Product type
Companies included:
Airbus, Alcatel-Lucent, BMW, Boeing, Echodyne, Eureka, Evolve, Fractal Antenna Systems, Harris, Honeywell, HP,
Kymeta, Kyocera, Labcraft, Lamda Guard, Lamda Lux, LG, Lockheed Martin, Mediwise, Metamaterials Technologies,
Murata, Nano meta, NEC, NED, Netgear, Philips, Rayspan, Raytheon, Samsung, Sharp TE Connectivity, Toyota,
Vacuumschmelze and Xerox
About the Report
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n-tech Research
This report is divided into five chapters
The Executive Summary is intended to pinpoint the market opportunities that n-tech sees emerging in the
metamaterials space over the next decade. In that chapter, we provide a summary of our forecasts and analysis,
along with a listing of which companies we think will shape the market.
Chapter One is intended to set the scene for the rest of the report, including both setting out how the report is
structured and providing an introductory essay setting out why metamaterials is a commercially interesting area.
Chapter Two of the report examines the evolution of the materials themselves, specifically looking at how they are
being commercialized.
Chapter Three examines where are the markets for metamaterials-based products (“metaproducts”) will be found.
Finally, in Chapter Four we review and assess the product market strategies of the leading firms active in the
metamaterials space.
Report Plan
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n-tech Research
Executive Summary
E.1 Four reasons why metamaterials is a current opportunity:
up from cloaking
E.2 Barriers and challenges for the commercialization of
metamaterials
E.3 Ten-Year Forecasts of metamaterials
E.4 Funding for metamaterials
E.5 Six Companies that will shape the metamaterial business
Introduction
1.1 Background to this report
1.2 Objective and scope of this report
1.3 Methodology of this report
1.3.1 Outline of forecast methodology
1.4 Plan of this report
Metamaterials: Technology and Products
2.1 Core factors driving the commercialization of metamaterials
2.2 Electromagnetic metamaterials: dominant for now
2.3 Terahertz metamaterials
2.4 Photonic metamaterials
2.5 Tunable metamaterials
2.6 Frequency selective surface (FSS) metamaterials
2.7 Non-linear metamaterials
2.8 New platforms for metamaterials
Markets for Metamaterials
3.1 Aerospace and defense: the realities of revenue generation
3.2 Consumer electronics: Wi-Fi routers, cell phones and
beyond
3.3 Metamaterials in medical markets
3.4 Metamaterials and solar energy markets
3.5 Other market opportunities for metamaterials in sensing
3.6 Other market opportunities for metamaterials in optics
3.7 Emerging markets for metamaterials: automotive and
others
Analysis of Leading Metamaterials Firms
Report Outline
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• The market for metamaterials used for communications,
medicine, defense, aerospace, sensing and other applications
will exceed $1.0 billion by 2021 and reach $4.1 billion by 2025
• Government agencies continue to dominate metamaterials
funding, but venture capitalists are now taking an interest and
metamaterials are now also refocusing on large addressable
markets such as consumer electronics and medical imaging.
• Today almost 95 percent of the revenues in the metamaterials
space comes from electromagnetic metamaterials. However,
the commercial success of electromagnetic metamaterials
will result in increased funding for other metamaterials
including photonic tunable and terahertz metamaterials
• Although the focus of metamaterials R&D has been on
aerospace and defense, this R&D will not yield significant
revenues until after 2019– by 2021 revenues from
metamaterials for aerospace and defense will reach almost
$490 million. Most of these revenues will come from
antennas for advanced satellite and wireless communications
n-tech Research
Market Forecast
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Opportunity Possible Products Value Proposition Risks
New components R&D firms exist that are specifically using
metamaterials to develop new optical and electronic
components. These may be highly innovative
(superlenses) or merely improvements (improved
operating temperatures for electronic components)
Components are often where new technologies find revenues
first, because they are bought by OEMs at an early stage in market
development. Getting a component designed in at an early stage
can also result in substantial revenues later
At this stage in the evolution of
metamaterials, R&D firms are highly reliant
on government contracts. In addition, R&D
can lead nowhere
Product improvement Longer range, more reliable Wi-Fi and cell phones.
More accurate and effective medical diagnostics,
etc.
Higher functionality of products can garner premium prices or
help products to enter new markets
Does market really need improved products
or are actual addressable markets quite
happy with what they have now?
Potentially disruptive products Very low cost radar or satellite phones Entirely new product categories for which there may appear to be
pent up demand. Could consumer satellite phones take off in the
way that cell phones did – cell phones replace expensive non-cell
radio phones for cars
With entirely new products it is easy to
misjudge demand. For example, low-cost
radar is seen as having a market in robotics
and driverless cars. But this is an uncertain
demand in an uncertain market
Extending the range of
frequencies that can be
manipulated by metamaterials
Terahertz, optical and acoustic wave metamaterials
seem likely to be the next big thing. May also
involve the use of novel materials
Depends on specific metamaterials, but the possibility of
extending the capabilities of metamaterials into optical
components for consumer and communications applications seem
important
Most of the applications appear to embrace
new market areas, which are inherently risky
New active metamaterials Frequency selective and tunable metamaterials Opens up entirely new options for metamaterials in
communications
n-tech Research
Opportunities
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Cost Lengthy Development Cycles Market Awareness Technical Issues
Currently expensive and likely to
remain that way for some time.
Certainly will impact their
deployment in the markets.
Medical and military less cost
sensitive than consumer markets
which may give the materials a
foothold to grow from.
Introducing new materials to market
is always a lengthy process and
beyond the traditional issues of
developing proper formulations and
testing, the capital expenditures can
be rather large.
This will require patient
management and investors and
leaders who can continue to drive
progress and innovation while
placating the people overseeing the
cash.
Metamaterials are not well known to the
OEMs beyond certain segments. This will
require careful messaging from the
suppliers as well as engagement with the
customers. There are a multitude of
applications within large scale sectors
where they could be deployed and with
potentially great benefit
One thing to consider is that as smart
materials continue to become more widely
known and understood that anyone
pushing a more highly functional material
is going to benefit
Lack of effective manufacturing
processes are holding back the
commercialization of metamaterials.
The most famous application for
metamaterials is cloaking and
although such cloaking has been
demonstrated in labs, the state of the
art in cloaking currently suffers from a
number of serious problems.
n-tech Research
Obstacles
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Company Main Products Funding Reasons to Watch
Echodyne
High-performance radar suitable for drones,
robots, and self-driving cars. Company is trying
to improve upon current radar systems in
terms of cost, size, weight, and performance.
In 2014 Echodyne received a Series A funding of $15 million
from Bill Gates, Madrona Ventures Group, Vulcan, Lux Capital
and the Kresge Foundation.
Low-cost radar has the potential to be a genuinely disruptive
technology, but this is far from certain. In addition, it has the
ability to add a new class of sensing to robotics systems if various
kinds.
Evolv
Metamaterial based imagining/security
systems for use in airports and similar spaces
Recently closed an $11.8 million funding round in August 2013
with investments from Bill Gates, General Catalyst, Lux Capital
and Osage University Partners
Market that this firm is currently addressing seems likely to grow
fast in the current geopolitical environment
Kymeta Satellite antennas based on metamaterials
Best funded metamaterials start-up. Received $20 million at the
end of 2014 and in addition to the $62 million received since
spinning out of Intellectual Ventures in 2012. Investors include
Bill Gates, Lux Capital, the Kresge Foundation and Liberty Global.
May start entirely new consumer/small business service based on
its products and competing with 4G cell. Working with Sharp,
which may give the company supply chain advantages in the long
term.
Metamaterial
Technologies
The company operates through three divisions
– Lamda Guard (protection from laser light),
Lamda Lux (enhanced LED bulbs), Lamda Solar
(solar panels with improved efficiency
MTI closed a $3.1 million round of funding in 2015, which will be
used in part to establish a metamaterials R&D and pilot
production facility. Innovacorp (an early stage VC firm) provided
$2 million of this investment. The company also raised $1.1
million from private investors.
The company claims to be the first firm to commercialize
metamaterials in the large scale, claiming that “until now these
materials have been expensive to produce and only available in
small sizes, which has limited their commercial applications.”
MediWise
Developing medical diagnostic devices:a blood
sugar meter for diabetics, a breast cancer
diagnostic systems and a radiation detection
systems for those undergoing radio therapy
Appears to be looking for financing
One of the few firms focused on using metamaterials in the
medical space
Xerox PARC
In June 2015, Xerox PARC was awarded $1 Million from ARPA-E to develop self-cooling metamaterials. Xerox
PARC has also worked on metamaterials based material that convert heat directly to electricity.
The one large company on this list and it can draw on the huge
resources of Xerox
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Six Companies to Watch
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