ALBANY, New York, May 9, 2017 /PRNewswire/ --
The global market for physical vapor deposition is competitive and is characterized by a high level of consolidation, states a research study by Transparency Market Research. Some of the leading players operating in the market are IHI Ionbond AG and Oerlikon Balzers (Oerlikon Group) are expected to account for a key share of the overall market in the coming few years. The increasing number of collaborations and strategic acquisitions is one of the major factors anticipated to encourage the growth of the overall market over the forecast period. In addition, the rising number of applications of physical vapor deposition across diverse industries is estimated to benefit the leading players as well as encourage the growth of the overall market in the coming years.
According to the research study by Transparency Market Research, in 2015, the global market for physical vapor deposition was worth US$13,600.0 mn. The market is estimated to reach a value of US$21,898.8 mn by the end of 2024, registering a healthy 5.50% CAGR between 2016 and 2024.
Developing Economies in Asia Pacific to Offer Promising Opportunities
In the last few years, Asia Pacific and North America held a major share of the global physical vapor deposition market and are likely to remain in the leading positions throughout the forecast period. The rising demand for physical vapor deposition from a large number of end use industries is anticipated to fuel the growth of the market in these two regions. In addition, the increasing number of players targeting the developing nations of Asia Pacific is predicted to contribute significantly towards the growth of the market in the near future. Furthermore, Europe is expected to witness a promising growth in the next few years. The increasing demand for physical vapor deposition for solar panels is estimated to accelerate the market's growth in near future.
Among the key product types, the global physical vapor deposition market has been categorized into physical vapor deposition equipment, services, and materials. In the last few years, the physical vapor deposition equipment segment led the overall market and is likely to continue its dominance throughout the forecast period. The increasing emphasis of key players on the expansion of the application areas is estimated to fuel the overall development of the market in the near future. Additionally, technological advancements in this field are projected to bolster global market in the near future.
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Increasing Application Areas to Encourage Market Growth
The rising awareness among the consumers concerning the advantages of using of physical vapor deposition is the key factor estimated to encourage the growth of the overall market in the coming years. The benefits of using this type of coating in comparison with the conventional coating technologies are expected to accelerate the growth of the market in the near future. Furthermore, technological advancements and the rising focus on innovations are anticipated to encourage the growth of the global physical vapor deposition market in the near future.
On the other hand, the requirement of high initial investment for development of new product is estimated to restrict the growth of the global physical vapor deposition market in the next few years. Nonetheless, the rising number of investments for research and development activities is predicted to generate promising opportunities for key players operating in the physical vapor deposition market across the globe. The rising number of growth prospects in developing economies are anticipated to augment global market in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Physical Vapor Deposition Market (Type - PVD Equipment, PVD Materials, and PVD Services; Applications - Microelectronics, Storage, Solar, Medical Equipment, and Cutting Tools) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global physical vapor deposition market has been segmented as below:
Physical Vapor Deposition Market Analysis
- PVD Equipment
- PVD Materials
- PVD Services
Physical Vapor Deposition Market: Application Analysis
- Medical Equipment
- Cutting Tools
Physical Vapor Deposition Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research