According to OurWorldInData, the installed solar energy capacity of the world increased from 580.76 gigawatts (GW) in 2019 to 707.50 GW in 2020. Further, the International Energy Agency (IEA) forecasts that China, the U.S., Europe, India, and Latin America will add 35.3 GW, 18.8 GW, 23.6 GW, 11.1 GW, and 6.8 GW to their net solar photovoltaic (PV) capacity, respectively, in 2022. The surging adoption of solar energy products, on account of the soaring preference for clean and green energy, will facilitate the use of physical vapor deposition (PVD) components in the coming years.

Moreover, the large-scale integration of advanced technologies in automobiles, especially electronics and semiconductors, will help the physical vapor deposition market grow during 2021–2030. According to P&S Intelligence, the market generated $20 billion in 2020. PVD, a vacuum deposition process, is used to fabricate thin films and micro-structure and nanostructured coatings, which are used in semiconductors and coatings of automobiles. The ongoing advancements being made in nanoscience will augment the use of PVD technology-based coatings in vehicles globally.

Browse detailed report - Physical Vapor Deposition Market Analysis and Demand Forecast Report

Globally, the Asia-Pacific (APAC) region was the dominant user of PVD components and processes in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be primarily credited to the surging adoption of flash and dynamic random-access memory (DRAM) in Japan, India, and China. Additionally, the booming semiconductor industry, on account of the growing penetration of smartphones and laptops, will also propel the use of PVD technology in the region.

Thus, the rapid shift toward solar energy and the widescale integration of semiconductors in vehicles will fuel the adoption of PVD components in the foreseeable future.