NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Global PVD Market: Snapshot
The global PVD market is primarily driven by the high adoption of PVD technologies in microelectronics and architectural applications. Silver, copper, molybdenum, tungsten, and aluminum and aluminum alloys are used in the manufacture of sputter targets for coating application for semiconductors in microelectronics. High demand for microelectronics components in defense, automotive, and health care industries is expected to drive the PVD market. Environmentally-friendly characteristics of PVD make it a preferred choice over its substitutes. PVD coatings are also increasingly used to improve the efficiency of solar panels. This is expected to create lucrative growth opportunities for market players.
Transparency Market Research estimates that the global PVD market will exhibit a healthy 5.5% CAGR over the period between 2016 and 2024. If the numbers hold true, the market, which had a valuation of US$13,600.0 mn in 2015, is expected to rise to US$21,898.8 mn by 2024.
PVD Equipment to Continue to Contribute Significant Revenues to Market
The PVD market has been divided into three core segments: PVD equipment, PVD materials, and PVD services. PVD equipment primarily comprises vacuum, heating, condensation, and coating equipment. PVD equipment dominated the global market in terms of revenue in 2015, accounting for over 57% in 2015 and is expected to rise significantly in the next few years as well.
The segment of PVD materials comprise raw materials such as titanium, aluminum, and nitrogen, which are materials commonly used as target materials in PVD technology. The segment contributes significant share in the overall revenues of the PVD market. In order to cater to increasing demand for PVD materials in microelectronics and solar applications, PVD materials manufacturers are laying increased focus on capacity expansions and new capacity additions for the increased production of PVD materials.
The segment of PVD services include installation of equipment and coating services. Expansion in end-use industries such as microelectronics and solar power generation is projected to drive the PVD services market. PVD services is estimated to emerge as a rapidly growing segment during the forecast period.
Asia Pacific PVD Market to Benefit from Rising Investments in New Manufacturing Facilities
From a geographical standpoint, the global PVD market has been segmented in the report into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Of these, Asia Pacific and North America held the dominant positions in 2015, collectively accounting for more than 63% in the global market. Asia Pacific alone accounted for over 40% of the market in the said year. Demand for PVD in the regions is led by the large number of end-use industries. Owing to the high profit margins provided by the PVD market in Asia Pacific, PVD service providers are focusing on expanding their presence in the region. Significant investments in new manufacturing facilities in ASEAN are also anticipated to drive the PVD market in Asia Pacific.
A number of small-, and medium-scale domestic companies, including AJA International, Inc., KDF Electronics, Vacuum Aurora Scientific Corp., and Novellus Systems, and several large players operate in the North America PVD market, making the regional market more competitive. In Europe, which is considered to be another highly promising regional market for PVD services, materials, and equipment, the market is primarily driven by demand across the market for renewable energy generation.
The Europe PVD market is especially expected to benefit from the rising demand for PVD coatings in solar panels. High demand for PVD coatings in low emissivity or low-e glass, primarily used to reduce heat losses through architectural glass, is also expected to play an important part in PVD market's healthy growth in regions such as Europe and Middle East and Africa. The PVD market is Europe is likely to expand at a CAGR of 5.4% between 2016 and 2024.
Read the full report: http://www.reportlinker.com/p04313693-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: email@example.com
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/physical-vapor-deposition-market---global-industry-analysis-size-share-growth-trends-and-forecast-2016---2024-300361182.html