Tech-driven advancements in medical equipment has led to the incorporation of physical vapor deposition of high-performance coatings on medical devices. The ability of physical vapor deposition to maintain internal biomedical structures while enhancing surface protection is set to act as a growth factor.
The global physical vapor deposition market will grow 1.8X during the forecast period (2020 – 2030). Data storage components employ physical vapor deposition to increase product reliability. When grouped with advancements in material science and coating technology for large scale use-cases, these favorable trends will continue to propel the physical vapor deposition market.
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Key Takeaways of Physical Vapor Deposition Market Study
- PVR equipment holds the largest share of over 59% of the total market revenues. Soaring demand from automotive applications such as tool coating, decorative finishing, and large dies and broaches drive revenues from this segment.
- PVD services present the most value-generating opportunities with an impressive 7.5% CAGR during the projection period. Improved mechanical properties of coating materials coupled with advanced manufacturing processes are contributing significantly to market growth within this segment.
- Microelectronics will witness rampant adoption of physical vapor deposition with over 39% of the total market value. The need for high-performance microelectronic components in smart products such as solar energy solutions, medical devices, and new energy automotive is central to growing demand from this application segment.
- Medical equipment offers the most lucrative growth opportunities on the back of increasing healthcare expenditure globally. The segment will grow at a stupendous 8.7% CAGR through 2030.
- Owing to early adoption of advanced healthcare infrastructure, medical equipment, and automotive technology, North America maintains its hegemony over global sales. The region is accredited with more than ¼ of the total market demand share.
- East Asia proffers revenues with the highest growth rate among six regions. The strong 7.7% CAGR is a direct result of increasing demand for smart devices, and improved healthcare amid increasing disposable income of millennial consumers.
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“Upsurge in drilling, end-milling, grooving, and threading activities across the globe is accelerating demand for tough cutting edge tools. Market players are leveraging this opportunity through frictionless procurement of physical vapor deposition services and equipment.”-Says the Fact.MR Analyst
Semiconductor Packaging to Exhibit High-Growth Post COVID-19 Normalization of Economies
Semiconductor packaging in space, military, and satellite production is a major trend. These high performance components require physical vapor deposition coatings to ensure component reliability in extreme temperatures. Another trend that is driving growth is the multiplying demand for storage capacity and integrated chips in the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) products. The efficiency of physical vapor deposition coatings in maintaining surface integrity differentiates physical vapor deposition products and services from conventional supplement coatings.
However, growth is hampered by the rapid spread of coronavirus. Government imposed social distancing measures and trade suspensions disrupt the manufacturing and distribution of automotive, and electrical & electronics industry. Being the largest application segment for the physical vapor deposition market, market players will face cash flow difficulties in the first and second financial quarter of 2020. Recovery strategies targeting post COVID-19 normalization are prioritizing footprint expansion in less affected countries as these economies show strong signs of speedy recovery from the COVID-19 pandemic.
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