- Electromagnetic
- Terahertz
- Tunable
- Photonic
- Frequency Selective Surface
- Others
Metamaterials Market size was valued at USD 928.2 million in 2023 and is projected to grow at a CAGR of 22.1% from 2024 to 2030. The primary factor that will boost the metamaterials market is the capital investment made by the public and private sectors. Metamaterials are in huge demand in the medical and telecommunication sector due to the rare properties that the metamaterials inherit. The use of metamaterials in solar systems and metamaterial-based radars for drones offers a beneficial opportunity for the market. Government agencies spend heavily on research and development of metamaterials for aerospace and defense applications. Therefore, the demand for metamaterials in a huge range of applications which is driven by the variety of design features. Metamaterials are also used in various end-user applications due to improved electromagnetic properties, such as automotive, consumer electronics, medical, and other industries. In addition, the rising application of metamaterials in consumer electronics and healthcare is expected to drive market revenue growth. some of the opportunities for metaphysical market growth are high investment from both the public as well as private sectors to commercialize products. However, a lack of understanding of the advantages of metamaterials and the related technical complexities of their appropriateness for various applications is expected to hinder the growth of the market. Moreover, the lack of technology available for mass production and high raw material cost is a major challenge for market growth.
Recent Market Developments:
- In April 2022 – Plasma App Ltd. was acquired by Meta Materials Inc. A technology enabling high-speed coating of solid materials was developed by Plasma App which Meta Materials Inc. will apply in its production process for NANOWEB films as well as for KolourOptik security films.
- In June 2018 - UK based start-up Meta boards Limited over an investment round raised US$ 5 million for advanced development.
Metamaterials Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
22.1%
Largest Market
North America
Fastest Growing Market
Asia pacific
Metamaterials Market Dynamics
Increasing demand for the use of metamaterial in the medical and telecommunication industry for the advancement of metamaterial lenses, antennas, and sensors that are more efficient than conventional systems is likely to drive market growth over the forecast period. Furthermore, sensors and microwave antenna are the prime components of telemetry systems and metamaterials comprise of electromagnetic properties, due to which the metamaterials are majorly adopted in the telecom sector. Moreover, the demand for antennas and radars is projected to rise over the forecast period, due to increasing safety requirements in the defence sector. Metamaterials are majorly adopted for antennae and radars. which are further expected to fuel demand for antennas and radars, thereby driving the growth of the market over the forecast period.
North-America Got Significant Share
Metamaterials Market Regional Analysis
Based on regions, the market share is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA. The metamaterials market in the North American region is anticipated to hold the largest market share due to the increasing demand from aerospace and defence sectors. The demand for metamaterials has considerably increased in recent years from the aerospace and defence, automotive, consumer electronics, medical, and energy & power sectors due to which the government agencies such as DOD, DARPA, and NASA are broadly funding the research universities and industry players for the development of metamaterial based antenna. The Asia Pacific metamaterials market is considered the fastest-growing market in terms of revenue, due to the increasing attention on the advancement of new metamaterials for applications in telecommunication and power industries.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario.
Metamaterials Market Segmentation
By Type
By Application
- Antenna & Radar
- Cloaking Devices
- Sensors
- Light & Sound Filtering
- Superlens
- Others
By End User
- Consumer Electronics
- Healthcare
- Telecommunication
- Aerospace & Defense
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
Increasing prevalence of RTA, huge number of people belonging to the geriatric population and Plastic & plastic surgery procedures are the drivers for Metamaterials market.
The North American region will lead the Metamaterials market
The leading players in the Metamaterials Market are Acoustic Metamaterials Group Ltd, Metamagnetics Inc., Echodyne, Inc., Advanced Research Projects Agency, Fractal Antenna Systems Inc., Kymeta Corporation, JEM Engineering, Metaboards Limited, TeraView, Nano-Meta Technologies, Inc., Metamaterial Technologies Inc., Palo Alto Research Center Incorporated and Others.
Historic years considered for the market study are 2019 to 2022, 2023 is considered as the base year for market estimation and the forecast presented from 2024 to 2030.
| 1. Executive Summary |
| 2. Global Metamaterials Market Introduction |
| 2.1. Global Metamaterials Market Taxonomy |
| 2.2. Global Metamaterials Market Definitions |
| 2.2.1. Type |
| 2.2.2. Application |
| 2.2.3. End-use |
| 3. Global Metamaterials Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Metamaterials Market Dynamic Factors - Impact Analysis |
| 3.6. Global Metamaterials Market Competition Landscape |
| 4. Global Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Metamaterials Market Forecast, By Type, 2019 - 2023 and Forecast, 2024 - 2030 |
| 5.1. Electromagnetic |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Terahertz |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Tunable |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Photonic |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Frequency Selective Surface |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. FSS |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. Other |
| 5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 6. Global Metamaterials Market Forecast, By Application, 2019 - 2023 and Forecast, 2024 - 2030 |
| 6.1. Antenna and Radar |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Cloaking Devices |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Sensors |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Light and Sound Filtering |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Superlens |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Other Applications |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 7. Global Metamaterials Market Forecast, By End-Use, 2019 - 2023 and Forecast, 2024 - 2030 |
| 7.1. Consumer Electronics |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Healthcare |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Telecommunication |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Aerospace and Defense |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Other End-user |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8. Global Metamaterials Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use, and Region, 2024 - 2030 |
| 9. North America Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.1.1. Electromagnetic |
| 9.1.2. Terahertz |
| 9.1.3. Tunable |
| 9.1.4. Photonic |
| 9.1.5. Frequency Selective Surface |
| 9.1.6. FSS |
| 9.1.7. Other |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Antenna and Radar |
| 9.2.2. Cloaking Devices |
| 9.2.3. Sensors |
| 9.2.4. Light and Sound Filtering |
| 9.2.5. Superlens |
| 9.2.6. Other Applications |
| 9.3. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Consumer Electronics |
| 9.3.2. Healthcare |
| 9.3.3. Telecommunication |
| 9.3.4. Aerospace and Defense |
| 9.3.5. Other End-user |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use, and Country, 2024 - 2030 |
| 9.6. North America Metamaterials Market Dynamics Trends |
| 10. Europe Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 10.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.1.1. Electromagnetic |
| 10.1.2. Terahertz |
| 10.1.3. Tunable |
| 10.1.4. Photonic |
| 10.1.5. Frequency Selective Surface |
| 10.1.6. FSS |
| 10.1.7. Other |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Antenna and Radar |
| 10.2.2. Cloaking Devices |
| 10.2.3. Sensors |
| 10.2.4. Light and Sound Filtering |
| 10.2.5. Superlens |
| 10.2.6. Other Applications |
| 10.3. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Consumer Electronics |
| 10.3.2. Healthcare |
| 10.3.3. Telecommunication |
| 10.3.4. Aerospace and Defense |
| 10.3.5. Other End-user |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Russia |
| 10.4.7. Poland |
| 10.4.8. Rest of Europe |
| 10.5. Europe Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use and Country, 2024 - 2030 |
| 10.6. Europe Metamaterials Market Dynamics Trends |
| 11. Asia-Pacific Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 11.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.1.1. Electromagnetic |
| 11.1.2. Terahertz |
| 11.1.3. Tunable |
| 11.1.4. Photonic |
| 11.1.5. Frequency Selective Surface |
| 11.1.6. FSS |
| 11.1.7. Other |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Antenna and Radar |
| 11.2.2. Cloaking Devices |
| 11.2.3. Sensors |
| 11.2.4. Light and Sound Filtering |
| 11.2.5. Superlens |
| 11.2.6. Other Applications |
| 11.3. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Consumer Electronics |
| 11.3.2. Healthcare |
| 11.3.3. Telecommunication |
| 11.3.4. Aerospace and Defense |
| 11.3.5. Other End-user |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. Japan |
| 11.4.2. China |
| 11.4.3. India |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use and Country, 2024 - 2030 |
| 11.6. Asia-Pacific Metamaterials Market Dynamics Trends |
| 12. Latin America Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 12.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.1.1. Electromagnetic |
| 12.1.2. Terahertz |
| 12.1.3. Tunable |
| 12.1.4. Photonic |
| 12.1.5. Frequency Selective Surface |
| 12.1.6. FSS |
| 12.1.7. Other |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Antenna and Radar |
| 12.2.2. Cloaking Devices |
| 12.2.3. Sensors |
| 12.2.4. Light and Sound Filtering |
| 12.2.5. Superlens |
| 12.2.6. Other Applications |
| 12.3. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Consumer Electronics |
| 12.3.2. Healthcare |
| 12.3.3. Telecommunication |
| 12.3.4. Aerospace and Defense |
| 12.3.5. Other End-user |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Argentina |
| 12.4.4. Rest of Latin America |
| 12.5. Latin America Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use and Country, 2024 - 2030 |
| 12.6. Latin America Metamaterials Market Dynamics Trends |
| 13. the Middle East and Africa Metamaterials Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) |
| 13.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.1.1. Electromagnetic |
| 13.1.2. Terahertz |
| 13.1.3. Tunable |
| 13.1.4. Photonic |
| 13.1.5. Frequency Selective Surface |
| 13.1.6. FSS |
| 13.1.7. Other |
| 13.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Antenna and Radar |
| 13.2.2. Cloaking Devices |
| 13.2.3. Sensors |
| 13.2.4. Light and Sound Filtering |
| 13.2.5. Superlens |
| 13.2.6. Other Applications |
| 13.3. End-User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Consumer Electronics |
| 13.3.2. Healthcare |
| 13.3.3. Telecommunication |
| 13.3.4. Aerospace and Defense |
| 13.3.5. Other End-user |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. Israel |
| 13.4.3. South Africa |
| 13.4.4. Rest of MEA |
| 13.5. MEA Metamaterials Market - Opportunity Analysis Index, By Type, By Application, By End-use and Country, 2024 - 2030 |
| 13.6. MEA Metamaterials Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Feedstock Material & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. Metamaterial Technologies Inc. |
| 14.2.2. Kymeta |
| 14.2.3. JEM Engineering |
| 14.2.4. Microwave Measurement Systems LLC |
| 14.2.5. NKT Photonics |
| 14.2.6. Applied EM, Inc. |
| 14.2.7. TeraView Ltd |
| 14.2.8. Fractal Antenna Systems Inc. |
| 14.2.9. Echodyne Corp |
| 14.2.10. MetaShield LLC |
| 14.2.11. Multiwave Technologies AG |
| 14.2.12. Nanohmics Inc. |
| 14.2.13. Plasmonics Inc |
| 14.2.14. TeraView Ltd |
| 14.2.15. Antrum Ltd |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
- Metamaterial Technologies Inc.
- Kymeta
- JEM Engineering
- Microwave Measurement Systems LLC
- NKT Photonics
- Applied EM, Inc.
- TeraView Ltd
- Fractal Antenna Systems Inc.
- Echodyne Corp
- MetaShield LLC
- Multiwave Technologies AG
- Nanohmics Inc.
- Plasmonics Inc
- TeraView Ltd
- Antrum Ltd