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 PVD 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.
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 PVD market is also classified, based on application, into data storage, microelectronics, cutting tools, solar products, and medical equipment.
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.
