NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Global PVD Market: Snapshot The global PVD market is primarily driven by the high adoption of PVD technologies in microelectronics and architectural applications. Silver, copper, molybdenum, tungsten, and aluminum and aluminum alloys are used in the manufacture of sputter targets for coating application for semiconductors in microelectronics. High demand for microelectronics components in defense, automotive, and health care industries is expected to drive the PVD market. Environmentally-friendly characteristics of PVD make it a preferred choice over its substitutes. PVD coatings are also increasingly used to improve the efficiency of solar panels. This is expected to create lucrative growth opportunities for market players. Transparency Market Research estimates that the global PVD market will exhibit a healthy 5.5% CAGR over the period between 2016 and 2024. If the numbers hold true, the market, which had a valuation of US$13,600.0 mn in 2015, is expected to rise to US$21,898.8 mn by 2024. PVD Equipment to Continue to Contribute Significant Revenues to MarketThe PVD market has been divided into three core segments: PVD equipment, PVD materials, and PVD services. PVD equipment primarily comprises vacuum, heating, condensation, and coating equipment. PVD equipment dominated the global market in terms of revenue in 2015, accounting for over 57% in 2015 and is expected to rise significantly in the next few years as well.The segment of PVD materials comprise raw materials such as titanium, aluminum, and nitrogen, which are materials commonly used as target materials in PVD technology. The segment contributes significant share in the overall revenues of the PVD market. In order to cater to increasing demand for PVD materials in microelectronics and solar applications, PVD materials manufacturers are laying increased focus on capacity expansions and new capacity additions for the increased production of PVD materials.The segment of PVD services include installation of equipment and coating services. Expansion in end-use industries such as microelectronics and solar power generation is projected to drive the PVD services market. PVD services is estimated to emerge as a rapidly growing segment during the forecast period.