The Physical Vapor Deposition (PVD) Equipment Market was valued at USD 19.35 billion and is expected to reach USD 25.93 billion, at a CAGR of 8.9% over the forecast period. The rise in the demand for medical devices and equipment, growing demand for microelectronics in several applications are some of the factors influencing the growth of PVD equipment market while the need for high capital investment is expected to hinder the growth of the market during the forecast period.
– PVD is a vacuum coating process, in which, the surfaces of various products, such as microelectronics, cutting tools, storage devices, medical equipment, solar products, etc., are bombarded by energetic ions to improve coating structure and enhance coating adhesion. Various coatings used in the process comprise oxides, nitrides, carbides, ceramics, metals, etc.
– PVD technology has gained widespread recognition over the past few decades. Recent advancements in the technology, in this field, have revealed new enterprises. Various mathematical models and numerical simulation are being studied to improve the process that can lead to the reduction of cost, in addition to improving the mechanical properties of the coating. Numerous players are emerging in this market with the hopes to navigate it toward mainstream adoption.
– Increasing demand for durable consumer electronics and the need for PVD coatings has skyrocketed in the past few years. GFK Global estimates that the global expenditure on consumer electronics products has increased from USD 946 billion in 2016 to USD 1,014 billion in 2018. Smartphones, TV, and Mobile PC are some of the consumer electronics devices that have generated significant revenue over the past few years. Consumer Technology Association estimates that the global sales of 4K UHD TVs could reach 108 million units by 2019 and the smartphone shipments could reach 1574 million units by 2022.
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Scope of the Report
The PVD Equipment Market is segmented by deposition techniques, end-user, and geography. By deposition technique, the market studied is segmented into cathodic arc deposition, electron beam PVD, sputter deposition, and others. By end-user, the market studied is segmented into microelectronics, medical devices & equipment, storage equipment, cutting tools, solar products, and others. The covers detailed information pertaining to major factors influencing the PVD equipment market, such as drivers and restraints. The study of the market also focuses on various trends in the market, such as the rise in the demand for medical devices & equipment and its effects on the market.
Key Market Trends
The rise in the Demand for Medical Devices and Equipment
– PVD coatings on medical devices provide several benefits that include improved wear resistance, reduced friction, biocompatibility, decorative colors & aesthetic, chemical barrier, nickel sensitivity, saline solutions, and sterilization.
– Various medical devices like orthopedic implants, pacemakers, surgical instruments, orthodontic appliances, and dental instruments are coated with wear-resistant thin-film that is expected to modify the surface properties without changing the underlying material properties and biomechanical functionality.
– The demand for medical devices is driven by the growth of the geriatric population looking for medical treatment. A study conducted by an investment bank in 2018 indicated that the aging baby-boomer population and various technological factors could stimulate a 2.7% growth (approximately USD 29.5 billion) in domestic medical devices market. The US Census Bureau estimates that the global aging population could roughly reach 95 million by 2060, representing almost 23% of the total population.
– Emerging economies are one other factor driving the demand for medical devices and equipment. Healthcare consumption, including medical devices and related procedures, have seen a significant rise owing to improved economic prosperity, growing medical awareness, and increasing geriatric population. These emerging economies can be considered as a potential avenue for the growth of the medical device market with the increasing health expenditure. World Bank statistics revealed that all the regions had witnessed a rise in healthcare spending as a percentage of total output over the last few years.
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