According to a new market report published by Transparency Market Research “Physical Vapor Deposition (PVD Equipment, PVD Materials and PVD Services) Market for Microelectronics, Storage, Solar Applications, Medical Equipments, Cutting Tools and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, the global PVD market was valued at USD 10.94 billion in 2012 and is expected to reach USD 20.45 billion by 2019, growing at a CAGR of 9.5% over the forecast period from 2013 to 2019.
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The global PVD market is expected to witness rapid growth in the next few years due to growth in end-use industries such as microelectronics and medical equipment. Microelectronics is used in different applications such as computers, medical and defense. These applications require high precision and efficiency. Rising demand for technological advancements has led to increase in the microelectronics market, and thereby the PVD market. However, patent protected PVD technology may act as a barrier for the entry of new entrants and increase initial investment cost in the market. Solar applications have immense potential in the PVD market due to limited exploration in the segment.
Global PVD market is bifurcated into three key industry segments such as PVD equipment, PVD materials and PVD services. The three segments are estimated to grow significantly in the next few years due to operational benefits of PVD technology over other surface coating methods. PVD equipment was the largest segment with 65% of market share in 2012. PVD services is projected to be the fastest growing segment, expanding at a CAGR of 9.7% from 2013 to 2019.
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Major application segments for PVD equipment include microelectronics, storage, solar applications, cutting tools and others such as industrial, optics and packaging. Microelectronics was the major application segment with more than 45% of total revenue generated by the PVD equipment market in 2012. With rising demand for precision technology, demand graph for microelectronics is anticipated to rise in the next few years. The medical equipment segment is expected to be the fastest growing application, expanding at a CAGR of 10.2% from 2013 to 2019. Storage devices used in netbooks, laptops and computers, among others, occupied a significant share in the global PVD equipment market.
With the presence of a large number of end-use companies, Asia Pacific accounted for more than 50% of the global PVD market in 2012. A large number of PVD service providers are emerging in the region due to a significant increase in demand for PVD and attractive profit margins. Developed regions such as North America and Europe have significant number of PVD equipment and service providers. However, demand for PVD is low in these regions as compared to Asia Pacific due to the presence of a less number of end-use companies. Rest of the World including Latin America, the Middle East and Africa is projected to grow at a CAGR of 9.7% during the forecast period.