Physical Vapor Deposition Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis Through 2030

Due to the increasing adoption of the physical vapor deposition (PVD) technology in cutting tools, aerospace, firearms, and automotive applications, soaring utilization of semiconductors in consumer products, burgeoning need for physical vapor deposition services, and surging requirement for solar energy products, the global physical vapor deposition market generated a revenue of $20 billion in 2020. Furthermore, the market will exhibit huge expansion during 2021–2030 (forecast period), as per the estimates of the market research organization, P&S Intelligence.

With the rapid environmental degradation, increasing capacity of renewable power plants, falling setup costs, and improvements being made in the battery storage technology, the popularity of solar power is rising, which is, in turn, driving the expansion of the solar energy sector. Moreover, many countries such as the U.K., the U.S., Japan, India, Australia, Brazil, and France are launching initiatives and making huge investments for developing solar energy plants. This is subsequently propelling the advancement of the PVD market.

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Depending on component, the market is divided into service, material, and equipment. Amongst these, the equipment category contributed the highest revenue to the market in 2020, and it is predicted to register huge expansion in the forthcoming years as well. This will be because of the rapid advancements being made in PVD equipment and the surge in the solar energy sector across the world. The physical vapor deposition market is also classified, based on application, into data storage, microelectronics, cutting tools, solar products, and medical equipment.

Out of these, the microelectronics category is predicted to demonstrate rapid expansion throughout the forecast period. This will be because of the burgeoning requirement for the physical vapor deposition technology in the electronics industry in various devices such as ceramic resistors and solar panel components for electronic circuitry. Geographically, the Asia-Pacific (APAC) region dominated the PVD market during the last few years, and it is predicted to register rapid progress in the coming years as well.

This is credited to the increasing adoption of the PVD technology in several sectors and the boom in the semiconductors industry, owing to the high sales of smartphones and laptops in the region. Moreover, due to the growing requirement for dynamic random-access memory (DRAM) and flash memory in regional countries such as India, Japan, and China, the demand for the PVD technology is growing rapidly, thereby fueling the expansion of the physical vapor deposition market in the region.

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One of the major trends currently being witnessed in the industry is the soaring requirement for new coating materials. Moreover, the usage of carbon, aluminum, and magnesium-reinforced plastic materials has increased massively, on account of the soaring requirement for lightweight materials in the machine tool and automotive industries. Apart from mitigating the weight of the final end products, these coatings also strength automotive components and cutting tools and they are also being increasingly used as decorative coatings on various end products.

Thus, the market will surge rapidly in the coming years, owing to the growing adoption of solar power and the booming usage of semiconductors in various consumer products across the world.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.